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GNCC Capital, Inc. Re-Domiciling to Effect Stock Buyback Program
GNCC Capital, Inc. Re-Domiciling to Effect Stock Buyback Program.
About this update from Gncc Capital, Inc.
[{"type":"text","content":"\n \n GNCC Capital, Inc. (OTC:GNCP) (“The Company”) announced today that its \n management and board of directors intend to recommend re-domiciling the \n Company as a Wyoming corporation.\n \n \n Common shareholders and preferred shareholders of each class having a \n vote sufficient to approve the re-domiciliation have indicated to the \n Board their intention to approve this corporate action. The Company has \n been incorporated in Delaware since 2008; prior to then it was a Nevada \n corporation. Following formal Board and Shareholder approval, the \n requisite filings will be made in Wyoming and Delaware and a \n notification of corporate action will be filed with FINRA, to be \n effective upon FINRA approval.\n \n \n Wyoming corporate law is clear in that Wyoming corporations may engage \n in stock buy-back programs without restriction; the restrictions that \n apply to payment of corporate dividends are not included in the \n provision of Wyoming law that specifically authorizes stock buy-backs. \n The legal certainty provided by Wyoming law on this point is a clear \n advantage over the present state of Delaware corporate and case law. \n Additionally, there are substantial savings on state franchise tax.\n \n \n The Company’s Directors have legal opinion that recommends that the \n Company effect this re-domiciling to Wyoming, given provisions of \n Delaware Law; that in the Opinion of Legal Advisors to the Company, \n currently prohibit the Company from implementing its authorized Stock \n Buyback Program.\n \n \n The Company’s Directors authorized a Stock Repurchase Program of up to \n $750,000 on January 13, 2014 and amended on September 26, 2014. The \n Company secured the necessary funding for this Stock Repurchase Program \n without utilizing any of the Company’s existing loan agreements and \n expressly without utilizing any of the existing Company’s various \n Subsidiary Companies’ profits and cash. The full details of which were \n filed on the OTC Markets Filing & Disclosure Service on January 13, 2014.\n \n \n The full details of which were filed on the OTC Markets Filing & \n Disclosure Service, today, include a basic FAQ Review of these Rules. A \n link to this filing: http://www.otcmarkets.com/financialReportViewer?symbol=GNCP&id=127017.\n \n \n Followi...