RE:Multiple bagger.- this is a NON-STARTER for me:
AKT.A are NON-VOTING Shares
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14. Share Capital Authorized:
• An unlimited number of Series Preferred shares, issuable in series, designated as First Preferred shares, no par value
• An unlimited number of Series Preferred shares, issuable in series, designated as Second Preferred shares, no par value
• An unlimited number of Class A Non-Voting shares, no par value • An unlimited number of Class B Common shares, no par value Issued:
• All issued shares are fully paid
The shares outstanding at September 30, 2023 and December 31, 2022 are:
Number of shares Class A Non-Voting Class B Common Total Shares outstanding 37,996,407 1,653,784 39,650,191
Each Class B Common share may be converted into one Class A Non-Voting share at the shareholder’s option.
The holders of Class A Non-Voting shares have no right to participate if a takeover bid is made for Class B Common shares unless:
• an offer to purchase Class B Common shares is made to all or substantially all holders of Class B Common shares;
• at the same time, an offer to purchase Class A Non-Voting shares on the same terms and conditions is not made to the holders of Class A Non-Voting shares; and
• holders of more than 50% of the Class B Common shares do not reject the offer in accordance with the terms of AKITA's articles of incorporation.
If these three pre-conditions are met, then the holders of Class A Non-Voting shares will be entitled to exchange each Class A Non-Voting share for one Class B Common share for the purpose of depositing the resulting Class B Common shares pursuant to the terms of the takeover bid.
The Class A Non-Voting shares and Class B Common shares rank equally in all other respects.
Incremental costs attributable to the issue of new shares or options are recorded as a reduction in equity, net of income taxes.
Shares repurchased by the Company are recorded as a reduction of shareholders’ equity based upon the consideration paid, including any directly incremental costs, net of income taxes. All shares repurchased by the Company are cancelled upon repurchase.
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