The dividend structure will be as follows. We are creating three new classes of preferred stock; Class A, par value $0.25, Class B, par value $0.50, and Class C, par value $1.00. These new classes of preferred stock will have a CUSIP number and we will register the shares to trade in the market. The Class A preferred shares will be convertible into shares of Global Franchising Corp. at a conversion price of $0.25 per share for a period of twenty four (24) months.
CASH PORTION OF DIVIDEND:
Fifteen percent (15%) of the net income after expenses for the period of twenty four months after operations commence of Global Franchising Corp. shall be set aside and paid as a cash dividend, ("the CASH DIVIDEND").
Shareholders of record date December 25, 2006 shall receive one (1) share of preferred stock, Class A, par value $0.25, for each share of GOIH owned and receive the right to twenty five (25%) percent of the Cash Dividend.
Shareholders maintaining continuous ownership of shares of GOIH for a period of twelve months after December 25, 2006 to December 25, 2007 shall receive an additional right to receive twenty five percent (25%) of the Cash Dividend; and shareholders maintaining continuous ownership of GOIH from December 26, 2007 to December 25, 2008 shall receive one (1) share of Class B preferred shares and the right to receive the remaining fifty percent (50%) of the Cash Dividend.
Posts: 157 | From: pa, usa | Registered: Oct 2006
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