RE:RE:What exactly is this?Art35 wrote: This is the conversion of 16mil shares to $4 mil cash. Correct me if I'm wrong.
You're wrong. He owned/comntrolled 4.6 million
non-voting shares which were obtained once upon a time (old financing???) and he simply excercised an option to convert these shares to
voting shares. The exchange involves no money (unless the company charged an administration fee for this) and it gives him shares that he can now vote (handy in case of a takeover, shareholder revolt or whatever). These were the only non-voting common shares the company had issued and that category is now gone. All the common shares in the company are now full voting shares.
This has no impact on anything. It is just a movement of shares from one category to another for whatever reason and shows up in the records as two transactions, 4.6 million non-voting shares being disposed of and a matching and offsetting 4.6 million voting shares being acquired.