Business
Next Group Holdings Rewards Shareholders with Special Dividend
Next Group Holdings Rewards Shareholders with Special Dividend.
About this update from Cuentas Inc.
[{"type":"text","content":"\n\n\n\nNext Group Holdings Rewards Shareholders with Special Dividend\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\nNext Group Holdings Rewards Shareholders with Special Dividend\nPR Newswire\nMIAMI, FL, June 1, 2016\n\n\n\nBy August Patterson, Senior Staff Writer, Online Media Group, Inc.\n\n\n\nMIAMI, FL, June 1, 2016 /PRNewswire/ - Investors often take positions in companies with pending litigation, hoping that a favorable judgment will load corporate coffers and provide a boon in market valuation. On Friday, May 27, Next Group Holdings, Inc. (OTCQB: NXGH) put a unique spin on the pending lawsuit of plaintiffs Next Communications, Inc. (an affiliate of NXGH) and NxtGn, Inc. (a subsidiary of NXGH) versus defendant Viber Media, Inc.  \n\nThe litigation, being heard in New York Southern District Court, asserts that Viber misused confidential information that the plaintiffs communicated to Viber pursuant to a non-disclosure agreement. Publicly available documents show that on March 30, 2106, District Judge Richard J. Sullivan denied Viber's motion to dismiss on three of the four claims in the lawsuit.\n\nIn any lawsuit, the outcome is always pure speculation, but Next Group Holdings intends to share any net proceeds from a favorable ruling with its shareholders. This is being committed to through the issuance of a special dividend of newly created Class D Redeemable Preferred Stock. NXGH shareholders are eligible to receive one share of the new class of stock for each share of NXGH common stock held as of the record date of June 10, 2016. Only non-insiders of NXGH are eligible for the special dividend.\n\nOTC Markets shows 28.78 million shares of NXGH in the public float.\n\n\"Redeemable\" stock simply means that the company is going to buy the shares back. Within six months of the final resolution of the lawsuit, Next Group will redeem the Class D preferred stock at the greater of two defined prices. On the low end, should the litigation deliver an unfavorable result, the shares will be redeemed at par value, which is fixed at $0.001 per share....