Replies to post #109921 on Bancorp International Group Inc (fka BCIT)

[nwsun]

then what was the proxy all about? it certainly did suggest that the rs was just an option.. i dont have the wording in front of me but if i recall it did say they may or may not do the rs but if they do it will by some june date... why all the mystery i wonder..was it being used as some kind of leverage?

[Art2Gecko]

Reverse Stock Split. At the Annual Meeting the shareholders voted to give the Board of Directors authority to effect a 1-for-200 reverse stock split as to the Company’s common stock providing the following terms (the “Reverse Stock Split”):

· The Board of Directors may implement the Reverse Stock Split at any time prior to June 30, 2008.



· If implemented by the Board of Directors, the Reverse Stock Split will be effected simultaneously and the ratio will be the same for all of the Company’s common stock.



· The number of shares of the Company’s common stock issued and outstanding will be reduced proportionately based on the Reverse Stock Split ratio of 1-for-200.



· Shareholders otherwise entitled to receive fractional shares because they hold a number of pre-Reverse Stock Split shares not evenly divisible by 200 will be entitled, upon surrender to the Company’s transfer agent of certificates representing such shares, to a cash payment (without interest) in lieu thereof, equal to the fraction to which the shareholder would be otherwise entitled multiplied by $.0001, which is the par value of one share of the Company’s common stock.



· For purposes of the Reverse Stock Split, the Company will recognize all shares of its issued and outstanding common stock, whether reflected on the Company’s record books or not, including the shares that the Company believes were invalidly issued, but which the holders thereof may consider to be outstanding.



Pursuant to the authority granted by the shareholders at the Annual Meeting, on June 11, 2008, the Board of Directors approved the implementation of the Reverse Stock Split to be effective on June 27, 2008, and the filing of a Certificate of Amendment to the Company’s Restated Articles



Art's Bored
#board-9480

[janice shell]

6 hours 8 minutes left to do it; or no R/S, period.

Not necessarily. Megas has no control over when the divvy notice appears on the Daily List. Here's an example:

On 26 May, CRLJ held a shareholders' meeting at which a 1:1000 r/s was approved.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29180969

Notice of that just appeared on the Daily List today:

http://www.otcbb.com/asp/dailylist_detail.asp?d=06/27/2008&mkt_ctg=NON-OTCBB

So perhaps it takes FINRA/Nasdaq a month or so to process these things.