Business
PHI Group Designates Preferred Stock to Prepare for the Closing of Vinafilms Acquisition
PHI Group Designates Preferred Stock to Prepare for the Closing of Vinafilms Acquisition.
About this update from Phi Group Inc. (wy)
[{"type":"text","content":"\nNew York, NY, Sept. 27, 2018 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com) (OTCQB: PHIL), a U.S. diversified holding company focused on mergers and acquisitions and investments in select industries and special situations, today announced that the Company has filed a Certificate of Amendment to Certificate of Designation with the Nevada Secretary of State to Designate Class A Series III Cumulative Convertible Redeemable Preferred Stock of PHI Group, Inc. to prepare for the closing of the acquisition of 51% of Vinafilms Joint Stock Company (www.vinafilms.com.vn).\n According to the filed Certificate of Amendment to Certificate of Designation, the Company has designated 50 million shares of the previously authorized 100 million shares of Preferred Stock as Class A Series III Cumulative Convertible Redeemable Preferred Stock with the following features: Total number of shares: 50 million shares Class A Series III Cumulative Convertible Redeemable Preferred Stock. Dividends: Each holder of Class A Series III Preferred Stock is entitled to receive eight percent (8%) cumulative dividends per annum, payable semi-annually. Conversion: The entire Class A Series III Preferred Stock may be convertible into eighty percent (80%) of American Pacific Plastics, Inc.’s Common Stock which will have been issued and outstanding immediately after such conversion or exchange on a pro rata basis. Redemption rights: The Company, after a period of two years from the date of issuance, may at any time or from time to time redeem the Class A Series III Preferred Stock, in whole or in part, at the option of the Company’s Board of Directors, at a price equal to one hundred twenty percent (120%) of the original purchase price or value of the Class A Series III Preferred Stock, plus any accumulated and unpaid dividends to the date fixed for redemption. Voting rights: Class A Series III Preferred Stock shall have no voting rights. According to the Stock Swap Agreement dated September 20, 2018 between the Company and Vinafilms’ majority shareholder, PHI Group will issue 50 million shares of its Class A Series III Preferred Stock in exchange for 51% of Vinafilms JSC. This transaction is scheduled to close by the end of September 2018. Vinafilms has been in business for more than 13 years and, in accordance with its audited annual repo...