ForexMinute.com – In a recent press release published at Business Wire, renowned investment firm RM Investors (RMII), Inc. announced to procure Idaho-based regional produce distributor 20/20 Produce Sales, Inc. By December 31st 2013, the latter banked the net profit of $0.4 million from its total sales of $15.9 million.
Prior to the announcement, RMII had inked a document that mentions to issue a whopping 4,836,000 shared of its stock to take over 20/20 as its wholly owned subsidiary. Among the total shares issued, 832,400 shares has been sold to 20/20’s shareholders and a third person. Once the acquisition is through, RMII will be remained with 6,076,000 shares of common stock issues and outstanding, and the former shareholders of 20/20 will have a total of 5,468,400 shares.
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As per stated in the RMII’s released document, the company’s new Board of Directors group will have Mark D Williams, Tom Wason, Robert T Williams and Colin Gibson – in which most of them are the 20/20’s directors and shareholders. Upon the acquisition, 20/20 Produce Sales, Inc. will also be renamed to 20/20 Global, Inc., as approved by the new board.
“The new Board has also approved a 2-for-1 forward stock split of the 6,076,000 issued and outstanding shares of common stock to increase the outstanding stock to 12,152,000 shares. The record and effective dates of the forward stock split will be announced when they are determined.â€
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
