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Replies to post #12021 on OTC/PINK Breaking Material Events
STHC new WB Partners stock
STHC is WB Partners new RM
On June 11th we sent out an email stating that in August we would provide you additional information on our real estate company. We acquired the Company in April 2014 and filed the Form 10 on May 13, 2014. The Form 10 went effective on July 13, 2014. W+B Partners owns approximately 95% of the outstanding shares and Joseph Wade and Matt Billington are its officers and directors. The name of the Company is SouthCorp Capital and the ticker is STHC.
For those of you that are still reading this, the Company has 249,057,315 shares outstanding of which W+B Partners owns 231,444,001 shares. Of these shares 211,444,001 shares are restricted for 10 years and cannot be resold into the public until 2024. The Company has 29,051,699 free trading shares of which approximately 27,000,000 are owned by Joseph Wade and Matt Billington. However only 102,259 have been deposited with brokers and available to be purchased on the open market. Matt and I have each agreed to sell up to 1% of the total outstanding share count over the next 3 months from our personally owned shares. As officers/directors of the Company we are limited to the selling 1% of the outstanding share count during any rolling 90-day window. As such, the Company has a current trading float of approximately 5,000,000 shares. Matt and I have agreed to reinvest the majority of the proceeds of the sale of our stock back into the Company to allow the Company to purchase additional properties. As disclosed in the Form 10, there are no convertible notes or convertible preferred shares. The intent of us selling our own shares and reinvesting the majority of the capital back into the Company is to allow us to provide capital to grow the Company without the need to issue additional shares to finance that growth. Additionally, Matt and I do not take a salary from the Company (as disclosed in the Form 10) but expect our income to be generated through the cash dividends the same as any other shareholder.
On July 31, 2014, the Company announced it would distribute a cash dividend of $.0008 per share to shareholders of record as of August 15, 2014. The dividend reflects the proceeds from the sell of properties owned by the Company during the month of July. The Company intends to continue to distribute cash dividends to its shareholders. The Company is not a REIT under tax law but intends to operate as a REIT thereby distributing up to 80% of the profits from its properties to our shareholders.
We have spoken with a number of you over the phone and have expressed our desire to work with (and own) companies that provide its shareholders with as much information that is possible and to provide and increase shareholder value by expanding its business and revenues through a slow bottom up mentality. Which means (similar to our properties) we will only be as successful as our foundation allows us to and we hope to provide a solid foundation to grow from.
Please don’t hesitate to email us any questions to info@southcorpcapital.com and we look forward to what we hope will be a bright future.
Sincerely,
Joseph Wade
