MFC Shares definition
Examples of MFC Shares in a sentence
All MFC Shares to be sold pursuant to Section 5.2 shall be pooled and sold as soon as practicable after the Effective Date, on such dates and at such prices as the Transfer Agent determines in its sole discretion.
After the Effective Date there shall be no further registry of transfers on the records of MFC of MFC Shares and if a certificate evidencing such shares is presented to CYNG, it shall be canceled and exchanged for a certificate evidencing New CYNG Shares as provided in Section 1 herein.
The Transfer Agent shall not be obligated to seek or obtain a minimum price for any of the MFC Shares sold by it.
Neither certificates nor scrip for fractional New CYNG Shares will be issued, rather each fractional share resulting from converting the MFC Shares to New CYNG Shares pursuant to Section 1.3 herein, shall be rounded up to a full New CYNG Share.
For greater certainty all fractional MFC Shares which a Trimble Shareholder is entitled to receive shall be aggregated and only any fraction remaining thereafter shall be the subject of a cash payment under this Section 5.1(c).
At the Effective Date, each issued and outstanding share of MFC common stock with $.001 par value ("MFC Shares")(currently 25,000,000 MFC Shares are issued and outstanding) shall be converted into New CYNG Shares, at the ratio of 0.18 New CYNG Shares to one (1) MFC Share.
Any person from whom Trimble Shares are acquired pursuant to the Arrangement will be removed from the Trimble register of shareholders and each Trimble Shareholder who made the Share Election will be added to the registers of allotments and members shareholders of MFC at the Effective Time in respect of the MFC Shares that it received pursuant to the Arrangement.
Notwithstanding the foregoing, if it appears to MFC, acting reasonably, that it would be contrary to applicable law to issue MFC Shares pursuant to the Arrangement to a person that is not a resident of Canada or the United States, the MFC Shares that otherwise would be issued to that person shall be issued and delivered to the Transfer Agent for sale by the Transfer Agent on behalf of that person.
Each person that otherwise would have received an MFC Share pursuant to this Arrangement shall receive a pro rata share of the cash proceeds from the sale of the MFC Shares sold by the Transfer Agent, less any amount withheld in respect of Canadian taxes, in lieu thereof in consideration for the Trimble Shares.
After the Distribution Date, upon the request of the Agent, MFC shall provide all book-entry transfer authorizations that the Agent shall require in order to issue shares certificates to evidence the MFC Shares.