Supreme will face legal action for debenture bunglePrevious news release to debenture holders dated Sept 2:
In order for eligible Debentureholders to receive freely-trading Consideration Shares, such Debentureholders are reminded to instruct their CDS participants to make the appropriate election with respect to jurisdiction of residency through CDS before the election deadline (the "Election Deadline"), which is expected to be on or around September 8, 2020. Any eligible Debentureholder that fails to elect prior to the Election Deadline will receive 100% of the Consideration Shares subject to a four-month restricted period.
CDS representatives are instructing debenture holders that the companies election had to be made by Sept 4th 2020.
Thus, any debenture holder electing to action debentures from Sept 4 - Sept 8th will not be able to exercise their option to hold 50% of the consideration shares to be freely trading.
Was this a screw up by the Supreme Cannabis Company to only allow the debenture holders to exercise their right to recieve free trading shares on Sept 2-4th... Or was this a sneaky way for certain debt holders whom were in the know to get their election submitted on this early date deadline.
By Supreme not giving a deadline date, they have opened themselves up to legal recourse.
Not a good way for Beena to start her tenure.