Business
Bayside Corp. Announces Spin Out and Dividend Payment to Common Stock Shareholders of its Subsidiary Company
Bayside Corp. Announces Spin Out and Dividend Payment to Common Stock Shareholders of its Subsidiary Company.
About this update from Bayside Corp.
[{"type":"text","content":"\n\n\n\n\n\n\n\nBayside Corp. Announces Spin Out and Dividend Payment to Common Stock Shareholders of its Subsidiary Company\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nBayside Corp. Announces Spin Out and Dividend Payment to Common Stock Shareholders of its Subsidiary Company\n\nBayside Corp Spins Out Subsidiary Company Bayside Petroleum, Inc.\n\nPR Newswire\n\nDALLAS, July 31, 2013\n\n\n\n\n\n\n\nDALLAS, July 31, 2013 /PRNewswire/ -- Bayside Corporation (OTC: BYSD) an energy exploration, development and production company Bayside Corporation announces that the Board of Directors of the company in a meeting held February 25, 2013 authorized the dividend of its wholly owned subsidiary, Bayside Petroleum Company, Inc., to its shareholders as of February 28, 2013. Further, a Written Consent of a Majority of Shareholders, with 82% of the voting stock voting in favor thereof, approved this spin out. \n\n\nThe dividend will take place on August 1, 2013. The oil and gas properties will be retained by Bayside Petroleum. Gordon H. Johnson will assume the role of President and Chairman of the Board of Directors of the company. Further, Mr. Johnson will also retain his position as Chairman of Bayside Corporation.\n\n\nBayside Petroleum will issue shares of Common Stock to its shareholders on a basis to be determined by the Board of Directors at its next meeting.\n\n\nThe Chairman states that this move is being made in order to allow Bayside Petroleum to continue with its business plan of acquiring oil properties containing wells in need of reworking and/or re-completion in zones known to be productive of oil behind the pipe, and to further increase the value for the shareholders.\n\n\n\nAbout Bayside\n\n\n\nBayside Corporation is an energy exploration, development and production company building oil & gas reserves and production in some of the most prolific hydrocarbon bearing regions of the United States. The Company specializes in the business of reworking & re-completing 'marginal' oil & gas wells located in th...