Replies to post #27905 on Plandai Biotechnology Inc (PLPL)

[DR. EVIL]

It’s a stock exchange. Nothing is being issued as far as I can tell.

[zombywolf]

The 100,000 preferreds are the control shares. Tad has them and will transfer them to the new company. According to the OTCM, there are about 72 million restricted shares. Those should be the restricted shares referred to in the PR.

[bri123]

No new shares would need to be issued in this case. It would be a 1 to 1 transfer. Tad would transfer his 100K shares of series A preferred to the new guy (which allows him total voting control), and all common shares would transfer also (to the company as a whole). You would see an SEC filing about "change in beneficial ownership". If you have an existing order with your broker (buy or sell) your order will be cancelled by your broker when the "corporate action" takes place due to the change in ticker symbol. The 100K of series A preferred number comes from the last quarterly filing, which constitutes 100% of ownership.

While it is possible for "the company" (with new name) to issue series B preferred shares to Tad for partial control during the transfer of power, there is no indication Tad would be involved in the new company name / new ticker / new share structure, so Tad may not be involved at all after the corporate action.