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Replies to post #83898 on Tytan Holdings Inc (TYTN)
Anvil
06/13/12 12:41 PM
#83899 RE: Nooneother #83898
The holders of Class A Preferred Shares shall have the right, but not the obligation, to convert their shares into Common Stock at the ratio of four hundred share of Common Stock for each Class A preferred Share (400:1) at any time and upon not less than sixty (60) days’ written notice to the President of the Corporation. In
The holders of Class A Preferred Shares shall, in case of voluntary or involuntary liquidation,dissolution or winding up of the business and affairs of the Corporation, be entitled to receive infull, out of the assets of the Corporation, including capital, before any amount shall be paid or distributed among the holder of any share ranking junior to Class A Preferred Shares, an amount equal to Thirty Dollars ($30.00) per share. In case the net assets of the Corporation legally available therefore are insufficient to permit the payment upon all outstanding shares of Class A Preferred Shares of the full preferential amount to which they are respectively entitled, then such net assets shall be distributed ratably upon outstanding shares of Class A Preferred Shares in proportion to the full preferential amount to which each such share is entitled.
Preferred Class B Shares The Preferred Class B shares have all the rights set forth in Division A (ii) of Article II of the Company’s Articles of Incorporation (Item 19, pages 53-55 of this filing) and the April 1, 2009 Minutes of the Company’s Board of Directors (Exhibit G hereto).