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HXWWF > SEC Filings for HXWWF > Form 8-K on 5-Nov-2012All Recent SEC Filings

Show all filings for HUIXIN WASTE WATER SOLUTIONS, INC. | Request a Trial to NEW EDGAR Online Pro



Material Modification to Rights of Security Holders

Item 3.03 - Material Modification to Rights of Security Holders

On October 30, 2012, two of the Company's holders of Class A 6% Convertible Preference Shares (the "Preference Shares"), Access America Fund, LP (holder of 52.46% of all Preference Shares, "AAF")) and Taylor International Fund, Ltd (14.99% of all Preference Shares, "Taylor Fund") signed a Release Agreement with the Company (the "Release Agreement"). Pursuant to the Release Agreement, in consideration of the issuance of 27,051 shares and 7,728 shares of the Company's Preference Shares as payment in kind of the dividend, respectively, AAF and Taylor Fund irrevocably, fully and unconditionally released and forever discharged the Company of its obligation to pay a cumulative annual dividend in cash equal to six percent (6%) of the amount credited as paid up on the Preference Shares by them.

On October 30, 2012, AAF and Taylor Fund as holders of greater than two-thirds of all of the Company's issued Preference Shares adopted a written resolution to modify and amend Section 3.2 of the Rights, Privileges and Restrictions of the Preference Shares (the "Amendment"). Pursuant to the Amendment, dividends of the Preference Shares shall be paid in kind instead of in cash.

On October 30, 2012, the Company's Board of Directors unanimously approved the above-mentioned modifications and changes to the Rights, Privileges and Restrictions of the Preference Shares.

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