Hi INITTOWINIT,
Nice research as usual. I mis-read it the first time you posted.
I thought it was another R/S for LEIC, instead it appears to be a 10:1 split for the (Mr. Cheng Cheng and Pak Ying Cheng Cheng).
Its becoming clearer now, the reason for the 2018Mar R/S, plus the 1.8 billion shares increase. Plus went dormant for a year, due to the 1 yr share maturity.
Very interesting indeed.
Pursuant to the letter of agreement, the sellers (Mr. Cheng Cheng and Pak Ying Cheng Cheng), have agreed to sell all of their shares in Lil Macau representing 72.4% of total issued and outstanding shares of Lil Macau in exchange for convertible preferred shares of the issuer. The preferred shares shall be convertible after 18 months from issuance at a conversion rate of 10 common shares for each $1 of preferred shares. The amount of
preferred shares to be issued shall be determined prior to closing of the transaction. The required Macau government approvals have been obtained and a closing date of April 26, 2019 has been determined.
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