Paim Dividend Preferred Shares Update Information!

There is a lots of confusion with preferred shares of paim.
Many people owned billions of preferred shares. The preferred shares were paid in March 2006.
Even at this point there is no known procedure to convert these preferred shares to common shares.
I do know the preferred shares should be able to be converted to common shares!

If anyone has any update information on this pls post it here.

I was chatting with my broker for a month .. they still can't find any information on how the conversion procedure works. They still can't find a way to convert preferred shares to common shares ..

Does anyone have the agency related to this dividend paid's phone number of email??

i agree but paim is not going to do it without anything kicking it..
we need to call brokers to force them to handle this

I called that US number .. no one response!..
I sent an email to that .. still waiting for response!!

I received some new information from other boards..
I still haven't confirmed this information:
It is said that paim's preferred shares can only be converted to common shares after when there is a new trading symbol for preferred shares..

I doubt this information is correct .. there is a pr saying the preferred shares will only be given a symbol after 5 years

Well, I sent another email to paim .. requesting this information .. hopefully i will get a response soon to share with u all

I got the solution .. i received an email from pearl asian mining ..

See attached resolution!

Please be informed that this has been sent to DTC ( USA Depository Trust), CDS ( Canadian Depository Systems Trust) and NASD...

And therefore your broker must know this hard fact as they are member of the CDS and DTC.. and are fully aware of this special matter!!

However, please suits yourself and let your broker know that he has to help you as this is your asset portfolio and entitled to exercise your options..

Best of Luck!

Maranatha!

Ms. pearl

From: Zhi Yu Mei
To: IR@PearlAsianMining.com
Subject: Fwd: Dividend information requested!
Date: Tue, 22 Aug 2006 10:46:43 -0700
>Dear paim,
> I sent a email to IR@PearlAsianMining.com .. a couple of days ago .. i am still waiting for an answer.
> Please reply my message asap .. please

From: Zhi Yu Mei
To: IR@PearlAsianMining.com
Subject: Dividend information requested!
Date: Sat, 19 Aug 2006 20:14:11 -0700
>Dear Pearl Asian Mining,
>
> I am one of the investor in Canada. I own some preferred dividend shares. Just recently, i try to convert my preferred shares to common shares. When i call my broker and told them i should be able to exchange 10000 preferred shares to 1 common shares of paim. My broker response me as "they can't find any information on how the conversion procedure. Can paim please send me an email on how to convert preferred shares to common shares ?


Attachments:
MINUTES OF THE SPECIAL BOARD MEETING & DIRECTOR’S RESOLUTIONS
of
Pearl Asian Mining Industries, Inc.
(Stock Symbol: PAIM)

The Board of Directors and Shareholders collectively holding more than 50% of the voting shares, having consented to waiver of notice of shareholders’ meeting, met this 26st day of March, 2006 and as the controlling shareholders of Pearl Asian have resolved the following:

BE IT RESOLVED THAT Pearl Asian Mining Industries, Inc., Wyoming Corporation

Allow the preferred shareholders the right to immediately convert 10,000 preferred shares for 1 common share.
Allow the preferred shareholders that hold their shares for 5 years the right to convert their common shares at the rate of 500 preferred for 1 common share.
Allow the preferred shareholders that hold their preferred shares for 1 year the right to convert their common shares at the rate of 5000 preferred for 1 common share.
Allow the preferred shareholders that hold their shares for 2 years the right to convert their common shares at the rate of 2500 preferred for 1 common share.
Allow the preferred shareholders that hold their preferred shares for 3 years the right to convert their common shares at the rate of 1250 preferred for 1 common share.

BE IT FURTHER RESOLVED THAT: The Preferred Shares will only be convertible into Common Shares after the Preferred shareholders are properly endorsed and surrender this original preferred share certificates to any of the Company’s addresses in Canada, Philippines or the U.S.A.

BE IT FURTHER RESOLVED THAT: The Preferred Shares have unlimited authorized shares with a par value of $0.00000001; and that the Preferred Shareholders have the same voting rights as the Common Shareholders.

That the undersigned Chairman of the Board of Director certifies that the above is a true and accurate copy of the MINUTES OF THE SPECIAL BOARD MEETING & DIRECTOR’S RESOLUTIONS on this 26th day of March, 2006.


PearlAsian
E. Pearl Asian
Founder, Chairman Of the Board
Pearl Asian Mining Industries, Inc.

preferred shares were given out in March 2006
preferred shares were paid 1000 times the common shares during that time
.. as dividend
the pps during that time ran up to 0.0004

preferred shares cannot be sold .. but it can be convert to common shares to trade in the open market

there is also a conversion ratio ..
now 10000 to 1
1 year 5000 to 1
2 year 2500 to 1 ..

welll u get the point ..

also i believe because of this preferred shares .. paim didn't do a r/s
but they did a buyback restrction very similar to r/s

I believe the broker won't send the certificate to u directly .. the broker will keep the certificate .. if u ask your broker did the certficiate come .. i think they will say yes .. the part of the converting procedure is for you the shareholder to give the permission to the broker to send your certificate of preferred shares to the TA .. then they will do the conversion for u..

well, i don't know about u people i have a feeling the preferred dividend won't be there long .. they take it away asap .. if this paim is goign to go to dollars they won't let shares to be converted to increase the OS ..