Business
RJK Explorations Ltd. Announces Agreement Regarding the Treatment of Class B Shares
TORONTO, ON / ACCESSWIRE / August 2, 2016 / RJK Explorations Ltd. (TSXV: RJX.A) (" RJK " or ...
About this update from Rjk Explorations Ltd. Class A
[{"type":"text","content":"RJK Explorations Ltd. Announces Agreement Regarding the Treatment of Class B SharesTORONTO, ON / ACCESSWIRE / August 2, 2016 / RJK Explorations Ltd. (TSXV: RJX.A) (\"RJK\" or the \"Company\"), announces that it has entered into an agreement to treat the multiple-voting Class B Voting Shares (the \"Class B Shares\") of the Company (the \"Agreement\") on an as-consolidated basis until such time as the Company is able to complete a consolidation of the Class B Shares to correspond to the recent consolidation of the Class A subordinate voting shares of the Company (the \"Class A Shares\").\nThe Company's issued and outstanding Class A Shares were consolidated (the \"Consolidation\") at a ratio of ten (10) pre-Consolidation shares to one (1) post-Consolidation share (the \"Consolidation Ratio\") effective July 22, 2016. The Class B Shares were not similarly consolidated and as a consequence the votes associated with the multiple voting Class B Shares have increased ten-fold. As it was always the intention of the Corporation and the Class B Shareholder that Class B Shares be consolidated in conjunction with the Class A Shares, until such time as the Company may complete a consolidation of the Class B Shares, the Company proposes to seek at its next shareholder meeting authorization to consolidate the Class B Shares on the same ratio as the Class A Shares (the \"Class B Consolidation\"). However, to immediately restore the balance of rights between the share classes, the Company has entered into the Agreement with Mr. Glenn Kasner, the President and a director of the Company and the sole holder of the Class B Shares.\nThe Agreement has the objective of placing Mr. Kasner, as the sole holder of the Class B Shares, in effectively the same position as he would have been had the Class B Shares been consolidated. In particular, the Agreement provides that Mr. Kasner and the Company shall act in all respects as though the Class B Shares had been consolidated in the same proportion, in the same manner and at the same time as the Class A Shares. Mr. Kasner has already approved, in his capacity of sole holder of the Class B Shares, the Class B Consolidation, and has agreed to vote in favour of the Class B Consolidation at a shareholders meeting called for the purpose of considering the Consolidation. Mr. Kasner has further agreed not to sell an...