Well that leaves one scratching their head doesn't it? lol
They say they can consolidate at any time, so hopefully they don't do it at these prices, but with only 13.5 million shares out, why the need to consolidate down to 3.5 million?
What's with the name Chinook? Are they looking at wind power, or salmon fishing, lol?
Global Railway proposes consolidation, name change
2013-07-15 20:08 ET - News Release
Mr. Tom Kusumoto reports
GLOBAL RAILWAY INDUSTRIES LTD. ANNOUNCES PROPOSED SHARE CONSOLIDATION AND NAME CHANGE
Global Railway Industries Ltd. shareholders will be asked to approve a consolidation of the company's issued and outstanding Class A voting common shares at a ratio of up to four preconsolidation shares to one postconsolidation share at the annual general and special meeting of shareholders to be held on Aug. 8, 2013. Additionally, the company proposes to change its name to Chinook Tyee Industry Ltd.
The company currently has an aggregate of 13,890,965 common shares issued and outstanding. If the consolidation were undertaken at the ratio of 4-to-1, the issued and outstanding common shares would be approximately 3,472,741.
The board of directors believes that it is in the best interests of the company to reduce the number of outstanding common shares by way of the consolidation. The board believes that the current issued capital structure is too large for the growth strategy of the company.
If the consolidation is approved, the board of directors will have the authority to implement the consolidation at the ratio of up to 4-to-1 at any time. Notwithstanding approval of the consolidation by the shareholders, the board of directors, in its sole discretion, may abandon the consolidation without further approval from, action by or prior notice to shareholders.
The proposed consolidation is subject to the approval of the shareholders of the company, and both the proposed consolidation and the name change are subject to the approval of the TSX Venture Exchange.