Past year: ▲ 0%(0.01c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Aug 2013capital raising announcement▼ BadMajor
On July 30, 2013 the board approved converting all 3,721,036 Series F preferred shares into 21,154,478 common shares, issued as restricted stock. This resolves the open thread about Series F conversion: the former TransCoastal holders' preferred stake becomes common stock, and existing holders are diluted accordingly. The filing does not state the resulting total shares outstanding.
30 Apr 2013capital raising announcement● NeutralMajor
On April 24, 2013 Claimsnet and TransCoastal amended their March 18 deal: instead of up to 23,401,590 post-split common shares, TransCoastal's shareholders would get up to 4,000,000 new Series F preferred shares, each convertible into 1,170.076 common shares and voting with the common on an as-converted basis. The preferred class could elect three directors (a board majority) while at least 1,000,000 are outstanding. The amendment drops the name change, and the reverse-split information statement was abandoned because the amended deal needs no shareholder vote. The May 31, 2013 deadline, the plan to sell the claims business to debt holders (expected to be Thomas Michel, National Financial and J.R. Schellenberg) for debt cancellation, and the board changes at closing (Michel and Willems out, May, Hagler and Westmoreland in) remain. The company also borrowed $25,000 from Schellenberg on April 29 on a 1.75% demand note, to pay costs of the TransCoastal deal.
22 Mar 2013capital raising announcement● NeutralMajor
On March 18, 2013 Claimsnet.com (the healthcare claims-processing company) agreed to buy all shares of TransCoastal Corporation, a Texas oil and gas exploration and production company, paying with up to 23,401,590 new post-split Claimsnet shares; closing is targeted by May 31, 2013, after which the agreement lapses. A 200-to-1 reverse split would leave existing Claimsnet holders with about 178,000 shares in total (adjusted upward if TransCoastal's fair market value is under $53 million), all directors except Don Crosbie would resign, and the company would be renamed TransCoastal Corporation. The existing claims business is to be moved into a subsidiary and sold to certain debt holders in exchange for cancelling debt owed to them. This turns a long-running borrowing story into a reverse takeover that would sharply dilute current shareholders (the share counts support this).
