Yeah, I'd made a posting with very similar observations to yours. Those 2.4M preferred shares do give voting control over the company (2.4B votes vice the A/S of 2B), so the CEO can do what he wants, also being the sole director. The share structure is what it is until he "votes" to change it. Hard to believe he is going to share the ownership of his company with the holders of those 1.2B shares (aka - bags from the prior business of the company). That would be dumb, and if you give him "credit" for knowing what he's doing, you have to assume he'll re-arrange that share structure to his and the company's benefit. He has no obligation to those shareholders, isn't his fault the previous business more or less went under.
That being said, the share structure is what it is until he announces a change. Those "restricted" shares are probably not anymore (or soon will not be), since they've been held past the 1 year requirement and the owner (prior CEO) is no longer a company affiliate. 350M shares at today's PPS is $2.8M, nice chunk of change for running a paper company for 3-4 years, eh?