Plandai Biotechnology Inc (PLPL)

[Kool Aid Man]

"Series A Preferred Shares are convertible to six hundred shares of the Company’s common stock for each one share of preferred stock."

So Tad swapped 39 billion restricted common shares --plus-- all 100,000 "Series A Preferred Shares" which will be "unaffected by a reverse split."

So let's say Rick pulls a big RS and lifts the stock to $5. What, if anything, would prevent him from then converting those 100,000 Preferred A's into 60 MILLION common which --at $5 each-- would be worth a cool $300 MILLION??? (100,000 X 600= 60million x $5= $300 million). Yes? No?

Preferred do not normally split. The wording of the filings determines if the preferred shares spit with a reverse.

Plandai currently has no such wording in place. The last quarterly simply says- "These Series A Preferred Shares are convertible to six hundred shares of the Company’s common stock for each one share of preferred stock." Which would imply the 600 shares number would not change with an RS.
And-
"In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, the holders of the Series A Preferred Shares shall be entitled to receive in cash out of the assets of the Company"