Wednesday, December 12, 2018 6:09:56 PM
For example if the common drops to a quarter their preferred investment has a stated value of 333,000 x $.25 = $832,500 so SIGO would need to issue 167,500/.25 worth of preferred shares (67,000).
You know the conversion deal from our previous conversation (10 for 1 whenever they like) which happens to be the same conversion rate as the Series A. The last time the Company made a filing about that Series they said:
"On October 26, 2017, Valerie Baugher transferred her 920,000 shares of Series A Preferred Stock to BMG Group, LLC. Ms Baugher is the managing member of BMG Group, LLC. TJ Magallanes sold 3,036,000 shares of his Series A Preferred Stock to BMG Group, LLC. TJ Magallanes retained 644,000 shares of the Series A Preferred Stock. The terms of the Series A preferred stock have not been changed or modified. This is part of an on-going discussions with an investment group to use the officers’ shares as collateral for an investment into the Company."
We haven' heard anything to the contrary (have we?) so must assume that those Preferred A shares are still outstanding.
I bring them up because of the issue of dividends. Both the A and the C have the same dividend rights. Basically if a dividend is declared on the common, then the A and C holders are entitled to the same dividend as if they had converted the preferred.
Since there are 4,500,000 Preferred A out (at last report) and 333,000 Preferred C out, those holders would be entitled to 48,330,000 common shares worth of dividends.
(I don't remember if the Fife deal prohibits the issuance of a dividend while he has payments due on his note but I wouldn't be surprised.)
But can it core A apple?
Yes Ralph, of course it can core A apple.
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