TGI Declares Special Stock Dividend of European Subsidiary to US Shareholders
NORTH BRUNSWICK, NJ / ACCESSWIRE / May 8, 2020 / TGI SOLAR POWER GROUP INC. (OTC PINK:TSPG) ("TGI"), a diversified technology company, announced today that its Board of Directors declared a Stock dividend of 1 for 1000 per share on TGI Solar Power Group Inc. Common Stock. The dividend is payable June 10, 2020 to stockholders of record at the close of business May 11, 2020. For every 1000 common shares of TSPG held one (1) share of TGI GROUP PLC, TGI European Subsidiary of the new European subsidiary. Our new transfer agent VStock transfer will assist us in our efforts to accomplish this task.
Our view on economic impact of COVID19 pandemic is first and foremost a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy. The months ahead will probably be quite volatile and dynamic. The pandemic's economic challenges are unprecedented, McKinsey states.
Demand suffers as consumers cut spending throughout the year. The financial system suffers significant distress, but a full-scale banking crisis is averted because of banks' strong capitalization and the macroprudential supervision now in place. Fiscal and monetary-policy responses prove insufficient to break the downward spiral. The global economic impact is severe, approaching the global financial crisis of 2008-09. GDP contracts significantly in most major economies in 2020, and recovery begins only in Q2 2021.
TGI management is continuing with its efforts to proceed with the latest projects started prior to start of pandemic at slower pace. Ben Hedenberg, from our European sub, continues spearheading our fund-raising efforts.
We are continuing with TGI's plan of an Electric Vehicles assembly plant. We are in constant contact with our local partners making plans of post pandemic developments and plan to resume developments with regards to EV as soon as restrictions are lifted.
Big Ben Capital proposal calls for pre-IPO placement of €2.5MM ($2.9MM) and follow up financing in-order to prepare for becoming a publicly traded entity on the Nordic Growth Market NGM AB, MIC Code XNGM (NGM), a regulated Swedish Stock Exchange in Stockholm and subsidiary to Boerse Stuttgart (SWB) in Germany. Management estimates, based on proposed business developments, and targets a EUR 1price for the future IPO.