NEWS:
Form 8-K for ASIA GLOBAL HOLDINGS CORP.
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2-Dec-2008
Change in Directors or Principal Officers, Financial Statements and Ex
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 29, 2008, the Company accepted the resignation of Michael Mak as the President, Chief Executive Officer, Interim Chief Financial Officer and member of the Board of Directors due to health reasons. The Company filed with the Commission a Form 8-K on October 30, 2008 discussing this.
On August 18, 2006 the Company entered into an Employment Agreement with Mr. Mak. As part of his compensation, Mr. Mak received 500,000 shares of the Company's Series A Convertible Preferred Stock ("Series A Stock").
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On October 9, 2007, Mr. Mak converted 100,000 shares of his Series A Stock into 20,000,000 144 Restricted shares of the Company's Common Stock. This left Mr. Mak with 400,000 shares of the Series A Stock.
On November 17, 2008, Mr. Mak notified the Board of Directors that he was surrendering 150,000 shares of Series A Stock back to the Company for cancellation. The Board of Directors approved the surrendering of the 150,000 shares of the Series A Stock. After the return of the 150,000 shares of the Series A Stock, Mr. Mak still controls 250,000 shares of the Series A Stock,
The Company has contacted its transfer agent to cancel the 150,000 shares of the Series A Stock and will include the appropriate disclosures in its upcoming Form 10-K for the fiscal year ended December 31, 2008.
Item 9.01. Financial Statements and Exhibits
Exhibit No. Description
99.1 Board of Director Resolution authorizing the cancellation of
the Series A Shares dated November 17, 2008
