So everyone’s shares will be divided by up to 200, everyone except the authorized unissued and unreserved shares that will be divided by up to 66. So I am not a math expert but my 10 year old daughter recognizes this is not fair to the shareholders. All these extra shares that are being given to Chesapeake CEO and board will just be used to dilute the common shareholders or used as a poison pill. I say every including authorized, unissued and unreserved shares be divided the same. Or better yet, eliminate the currently authorized unissued unreserved shares so the CEO and Board cannot dilute the common share holders like they have done in the past. Why not include more reasonable options:1, divide all shares by same number, 2 eliminate all unissued unreserved shares.
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The CEO and BOD control the authorized, unissued, unreserved shares and can issue them at any time, resulting in stock dilution and loss in shareholder value as evidenced in the past when Wild Horse was acquired with diluted shares and stock immediately crashed as a result of dilution.
What are the authorized unissued and unreserved shares? Are you saying just the CEO & Board gets those?