GREY:NKRSF - Post by User
Post by
Manthebullon Aug 29, 2018 9:47pm
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Post# 28540009
Totally forgot about this preferred share
Totally forgot about this preferred shareThe consent of the holder of the outstanding Series I Preferred Share is required prior to: (a) altering, changing or amending the preferences, privileges or rights of the preferred shares; (b) increasing or decreasing the authorized number of directors constituting the Board; (c) amending the Company’s articles or bylaws, to the extent that any such amendment adversely affects the preferred shares; or (d) authorizing, creating and/or issuing any new senior or pari passu class or series of securities of the Company. In the event of the liquidation, dissolution or windingup of the Company, the holder of the Series I Preferred Share shall be entitled to receive a distribution of capital in priority to the holders of common shares equal to $1.00. The holder of the Series I Preferred Share is entitled to receive an annual preferential cumulative dividend, when, as and if declared by the Board, at the rate of 0.00001 percent per annum on the redemption price of the Series I Preferred Share. Upon the occurrence of the earlier of: (a) December 31, 2025; and (b) the date by which the Company’s interests in certain oil and gas producing regions located in India are disposed of and distribution of the related proceeds is completed, all voting rights attached to the Series I Preferred Share shall expire and the Series I Preferred Share shall become redeemable.