I heard a long time ago that............
The Former CEO had to give up half his holdings in MLXO for the deal to go down with the New Buyers, (New Board/Company). So hes still Involved, (approx. 25% shareholder Maybe?), but only as a Part Owner/Investor, now. Thats how I see it anyways.
The Dilution thats being talked about "HAPPENED A LONG TIME AGO" When the A/S was Maxed out, with the Float at 820Mil. What isn't known, is "How Many of these Convertible Debentures, HAVE BEEN SOLD"?
Shares that were issued to NIR as part of the Convertible Loan agreement that the former CEO had with them, Shares that were Restricted for a year when issued, (From what I was told anyways), and that Restriction Expired a long time ago. But that doesn't mean that NIR has sold all of their shares? They are already part of the Free Trading Float, because they are unrestricted Shares, as of a year from the date they were issued.
Bottom Line; "NO NEW DILUTION CAN HAPPEN UNLESS THE AUTHORIZED NUMBER OF SHARES IS INCREASED PRIOR TO ANY NEW SHARES BEING ISSUED".
And I believe that the Company may have to give notice to shareholders of record, if the A/S is going to be Increased, I'm not 100% sure if Pink Sheet stocks have to do that or not? I'd have to look that up, don't have time right now, maybe someone else can? Or maybe someone thats posts regularly here knows what the Rule for Pinks is on that one?
