We wish to confirm that the following reductions are being made to the Pref F Shares currently owned by myself, Louise Bennett, and James Gibbons.
The Pref F shares are being reduced as follows: • John-Paul Backwell – reduction from 1,050,000 to 250,000 • Louise Bennett – reduction from 1,500,000 to 200,000 • James Gibbons – reduction from 2,500,000 to 250,000 The above amendments are being made and should take effect in the coming days.
The shares were issued previously at around the time as the designation was changed from 1:10 to 1:100 and unfortunately there was not a correction made at the TA. This correction is now being made at the same time as additional adjustments are being made to my shares and those of Louise Bennett to reflect our updated management compensation table, and in preparation for incorporating the Short-Term Incentive Program for management as stipulated in our recently filed Form 10-12G Registration Statement.
The shares for James Gibbons which were purchased for cash are simply being converted to the corrected number based on the original designation and his shares are not affected by any additional adjustments. Let me remind again that management has still not sold a single share and has no intention of selling shares in the short or medium-term future. As we will be a fully reporting company in 60 days, in the most unlikely event that even if this was done, it would have to be declared and would take place in a highly controlled manner.
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