Replies to post #45115 on North West Oil Group, Inc. (NWOL)

[runcaly]

Another example

Magna board approves 20-1 reverse stock split
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Jul 04, 2008 04:30 AM
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Horse track operator Magna Entertainment Corp. said yesterday its board of directors has approved a reverse stock split.

Every 20 shares of MEC class B stock and class A stock will be consolidated into one share of MEC class B stock and class A stock, respectively.

The board and the company approved the move to allow the company to regain compliance with the Nasdaq's $1.00 (U.S.) minimum bid price continued listing requirement.

Magna Entertainment class A shares closed unchanged at 45 cents in Toronto yesterday.

The change affects all shares of common stock, stock options and convertible securities of MEC outstanding before the reverse stock split. The approximately 58.4 million outstanding class B shares and 58.1 million outstanding class A shares will be reduced to approximately 2.92 million class B shares and 2.91 million class A shares.

[stevieberliner]

Good job Runcaly!

Though, whether we got screwed again or this is kinda compensation via additional shares in favor of shareholders.