Bayside Corp (OTCMKTS:BYSD) has made public that the common stocks of one of its subsidiaries Bayside Petroleum Company, Inc. have been sold to Technis Energy, LTD. After this sale, Bayside Petroleum Company, Inc. has become the wholly owned subsidiary of Technis Energy, LTD.
Insights On The Matter:
The sale of the common stocks includes preferred stocks worth $5.0 million of Bayside Petroleum Company, Inc, and some cash amount. After initiation of this transaction, all the common stockholders of BYSD will be entitled to receive a pre-specified stock dividend of Bayside Petroleum Company, Inc. BYSD doesn’t want to leave any stone unturned this time; hence, it has decided to file a Corporation Action, with FINRA as soon as possible. Once this Corporation Action is active, the shareholders of Bayside Corp (OTCMKTS:BYSD) will be eligible to get stock dividend as a result of this sale transaction between BYSD and Technis Energy, LTD.
All the details of this transaction have been kept private as of now. Once FINRA approves the transaction, BYSD management will make available all the details of this transaction to the shareholders. Quite a few formalities are supposed to take place in the near future. After getting the approval from FINRA, the Bayside Petroleum Company, Inc. will seek to form a new management team to take care of all the operations. The highest rated responsibility of this management team would be to apply for the registration statement in order to start the quotation of company’s common stock for the first time on the OTC Bulletin. Gaining shareholders’ trust will be a pain in the neck for the new management.
The entire team of BYSD is pleased to announce this news and expects to finish all the formalities within a few days time. Shareholders can find further details on the official website of the company.