The poison pill: Please vote NO and indicate what a bad deal this is!
Normally a reverse split would affect everyone equally. But what KT is proposing has a huge impact on the ownership of the company.
If you read the 8K, his 2 Class A Preferred Shares will retain their 200,000,000 voting power. Suppose we reverse split at a factor of 10. There are 85 million normal votes and 400 million Preferred Share votes.
Right now, KT has around 600 million votes and the rest of us have around 600 million votes. He is on the cusp of losing his controlling interest. After the reverse split, he would be in complete control of the company until he retired his shares, or we diluted by selling an additional 400 million reverse-split shares.
This is the worst news I could have imagined for the company. I don't understand why the number of votes associated with his 2 preferred shares isn't discounted like the rest of the shares. Reading the 8K, this is addressed explicitly.
A power grab if I've ever seen one.
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