Totally Hip Software, the folks behind products such as LiveStage Professional and HipFlics, is seeking consent for a proposed consolidation of its common share capital on a one for 10 basis at the upcoming Annual General Meeting of members on Feb. 26. It will also be ask for a change of name to Consolidated Totally Hip Software or another name as the Board of Directors may approve.
One new share in the common share capital will be issued for every 10 common shares outstanding prior to the effective date of the consolidation. There are currently 21,085,456 common shares outstanding and 2,108,545.60 common shares will be outstanding after the consolidation. Incidental to the consolidation, Totally Hip will be increasing its post-consolidation authorized common share capital to 100,000,000 shares.
The share consolidation is apparently being proposed in order to allow greater flexibility in future financings. The share consolidation and change of name are subject to member approval and being accepted for filing by the Canadian Venture Exchange.
The move follows a company loss of US$0.03 per share or $588,000 compared with a pre-tax loss of $0.01 per share or $166,000 for fiscal 2000. Financial reports show $603,000 in sales for 2001 compared to $952,000 for the previous fiscal year Approximately half of the sales decrease was the reduction in license revenues with 2001 reporting $19,000 and 2000 having previously recorded $196,000.