PHI Group Inc (PHIL)

[gemmerling]

Yes, the buyback could be complete based on the method highlighted below in the buyback agreement. An open market purchase by $PHIL can only be done if the company is current but the negotiated transactions can be done at anytime.

Replying to
@PHIGROUP
Regarding share buyback, to clarify, the Company is not able to start buying back shares on the open market until our filings are current with the SEC. We have evaluated a number of options to increase shareholder value and will do what is in the best interest of our shareholders
8:29 AM · Feb 18, 2021

Regarding share buyback, to clarify, the Company is not able to start buying back shares on the open market until our filings are current with the SEC. We have evaluated a number of options to increase shareholder value and will do what is in the best interest of our shareholders

— PHI GROUP INC (@PHIGROUP) February 18, 2021

WHEREAS, in light of the adverse effects due to the prevalent coronavirus pandemic as well as the Company’s current corporate priorities, its Board of Directors has determined that it is in the best interests of the Company and its shareholders to further extend the Common Stock repurchase period to June 30, 2021.



BE IT RESOLVED, that the Corporation is authorized to repurchase its own shares of common stock from the open market from time to time in accordance with the terms mentioned below:



1. Purpose of Repurchase: To enhance future shareholder returns.
2. Details of Repurchase:
a. Class of shares to be repurchased: Common Stock of PHI Group, Inc.
b. Total number of repurchasable shares: Up to 15 billion shares, or more as may be needed.
c. Total repurchase amount: To be determined by prevalent market prices at times of transaction.
d. Methods of repurchase: Open market purchase and/or negotiated transactions.
e. Repurchase period: As soon as possible until June 30, 2021.
f.
The Company intends to fund the proposed share repurchase program with the proceeds from the disposal of a portion of certain non-core assets and from anticipated revenues of the Company.

g.
The share repurchase program will be in full compliance with state and federal laws and certain covenants with the Company’s note-holders.

https://www.otcmarkets.com/filing/html?id=14587044&guid=44eUk6tgVvP_uyh