PHI Group Extends Record Date for Shareholders and Deadline for Creditors to Convert Debt to Common Stock as Part of Corporate Restructuring
(firmenpresse) - LOS ANGELES, CA -- (Marketwire) -- 06/14/12 -- PHI Group, Inc., (OTCQB: PHIL) (PINKSHEETS: PHIL), a company focused on energy and natural resources, announced today that the board of directors has extended the record date for shareholders to receive the special stock dividend and the deadline for creditors to convert their debts into common stock.
The company originally set the declaration date for the special stock dividend for
March 16, 2012 followed by a record date of June 15, 2012 and a payment date
of September 17, 2012.
The company has also authorized creditors and the company to convert all or any portion of the company's debts in common stock at a conversion price equal to a 25% discount to the 10-day average closing price prior to the conversion.
The new resolution extends the deadline for the company's creditors to convert their debts into common stock to July 31, 2012. In addition, the new record date is reset for July 31, 2012 with the new payment date reset to November 30, 2012 for the special dividend. All eligible shareholders of common stock as of the new record date shall receive three new shares of common stock for each share held as of July 31, 2012.
PHI Group Chairman Henry Fahman said, "We believe this restructuring is in the best long-term interests of our shareholders. As we continue to work toward successfully completing negotiations for the purchase, production and sale of coal assets in Indonesia, this will strengthen our position in the market place. In addition, we are continuing to work on several renewable energy projects and coal-fired power plants in Southeast Asia."
PHI Group, In. (OTCQB: PHIL) (PINKSHEETS: PHIL) focuses on energy, renewable energy and natural resources. Website:
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Contact:
Henry Fahman
+1-714-843-5455
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Datum: 14.06.2012 - 10:00 Uhr
Sprache: Deutsch
News-ID 156402
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contact information:
Town:
LOS ANGELES, CA
Kategorie:
Alternative Energy
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