def14c
SCHEDULE 14C INFORMATION
Information Statement Pursuant to Section 14(c)
of the Securities Exchange Act of 1934 (Amendment No. )
Check the appropriate box:
o Preliminary Information Statement
o Confidential, for Use of the Commission Only (as permitted by Rule 14c-5(D)(2))
þ Definitive Information Statement
CABELTEL INTERNATIONAL CORPORATION
(Name of Registrant As Specified In Its Charter)
Payment of Filing Fee (Check the appropriate box):
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Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11. |
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Title of each class of securities to which transaction applies: |
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Aggregate number of securities to which transaction applies: |
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Per unit price or other underlying value of transaction computed pursuant to
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Proposed maximum aggregate value of transaction: |
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Fee paid previously with preliminary materials. |
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Check box if any part of the fee is
offset as provided by Exchange Act Rule 0-11(a)(2) and identify the
filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
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Amount Previously Paid: |
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Form, Schedule or Registration Statement No.: |
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Filing Party: |
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Date Filed: |
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CABELTEL INTERNATIONAL COPORATION
1755 Wittington Place, Suite 340
Dallas, Texas 75234
(972) 407-8400
INFORMATION STATEMENT
Pursuant to Section 14(c) of the Securities Exchange Act of 1934
Approximate Date of Mailing: February 16, 2007
THIS INFORMATION STATEMENT IS BEING PROVIDED TO YOU BY
THE BOARD OF DIRECTORS OF THE COMPANY.
WE ARE NOT ASKING YOU FOR A PROXY, AND YOU ARE
REQUESTED NOT TO SEND US A PROXY.
This Information Statement is first being furnished on or about February 16, 2007, to the
holders of record as of the close of business on February 16, 2007 of shares of Common Stock, par
value $0.01 per share (the Common Stock) of CabelTel International Corporation (formerly
Greenbriar Corporation), a Nevada corporation (the Company or GBR) to notify such stockholders
that on February 2, 2007, the Company received written consents in lieu of a meeting of
stockholders from holders of more than a majority of the shares of Common Stock representing in
excess of 58% of the total votes of the Company (the Majority Stockholders) approving a
Certificate of Amendment to the Articles of Incorporation of the Company pursuant to which the
authorized Common Stock of the Company under the Articles of Incorporation, as amended, will be
increased from 4,000,000 shares up to 100,000,000 shares of such Common Stock (the Authorized
Common Stock Increase). This Information Statement describing the approval of the Authorized
Common Stock Increase is first being mailed or furnished to the Companys stockholders on or about
February 16, 2007 and such matters shall not become effective until at least twenty (20) calendar
days after this Information Statement as first sent or given to stockholders pursuant to the
requirements of Rule 14c-2(b) under the Securities Exchange Act of 1934, as amended (the Exchange
Act).
General
The Company will pay all costs associated with the distribution of this Information Statement,
including the costs of printing and mailing. The Company will reimburse brokerage firms and other
custodians, nominees and fiduciaries for reasonable expenses incurred by them in sending this
Information Statement to the beneficial owners of the Common Stock.
The Company will only deliver one Information Statement to multiple stockholders sharing an
address unless the Company has received contrary instructions from one or more of the stockholders.
Upon written or oral request, the Company will promptly deliver a second copy of this Information
Statement and any future annual reports and information statements to any stockholder or
stockholders sharing an address to which multiple copies are now delivered. You should direct any
requests to the following address:
- 1 -
CabelTel International Corporation
1755 Wittington Place, Suite 340
Dallas, Texas 75234
Attn: Investor Relations
Telephone: 972-407-8400
Interests of Certain Persons in or Opposition to Matters Acted Upon
No director, officer, nominee for election as a director, associate of any director, officer
of nominee or any other person has any substantial interest, direct or indirect, by security
holdings or otherwise, resulting from the matters described herein which is not shared by all other
stockholders pro rata in accordance with their respective interest.
APPROVAL OF AUTHORIZED COMMON STOCK INCREASE
Pursuant to the requirements of Nevada Revised Statutes (NRS) Section 78.2055, on
February 1, 2007, the members of the Board of Directors of the Company proposed and recommended to
the stockholders the Authorized Common Stock Increase. The proposal is an amendment to the
Articles of Incorporation to increase the number of shares of Common Stock authorized up to
100,000,000 shares. The original Articles of Incorporation of the Company filed May 30, 1991
provided for an authorization of 100,000,000 shares of Common Stock. Pursuant to a Certificate of
Decrease in Authorized and Issued Shares filed with the Nevada Secretary of State on January 10,
1996, the number of authorized shares of Common Stock was reduced down to 20,000,000 shares
authorized. Subsequently, pursuant to an amendment approved by the stockholders, on August 20,
1996, a Certificate of Amendment was filed with the Secretary of State of Nevada again increasing
the number of shares of authorized Common Stock to 100,000,000 shares which effectively overrode
the January 10, 1996 decrease. Again, in connection with a reverse split of the stock on the basis
of one share for each twenty-five shares held, on November 30, 2001, a Certificate of Decrease in
Authorized Shares was filed with the Secretary of State of Nevada decreasing the number of shares
of Common Stock authorized from 100,000,000 shares down to 4,000,000 shares. The Board of
Directors has now determined that in connection with future acquisitions of assets or businesses,
it may be necessary to issue Common Stock in payment therefore and the Board of Directors is
concerned that, at the present level, there may not be enough shares authorized. Therefore, the
Board of Directors proposed to the stockholders an amendment to the Articles of Incorporation to
again increase the number of authorized shares of Common Stock to 100,000,000 shares.
The Board of Directors believes that the increased authorized number of shares of
Common Stock contemplated by the Authorized Common Stock Increase is desirable to make available
shares of Common Stock for future issuance by allowing the Company greater flexibility with respect
to general corporate purposes and in considering potential future actions involving the issuance of
stock, including, without limitation, raising capital, acquisitions, stock dividends or splits, potentially
providing equity incentives to employees, officers and directors. The Company currently does not
have any specific agreements or plans that would involve the issuance of additional shares of
Common Stock that would be authorized by the Authorized Common Stock Increase although the Company
has in the past considered, and intends to consider transactions from time to time that could
result in such issuances. The Board of Directors also believes that an increased authorized number
of shares of Common Stock would be desirable to make additional unreserved shares of Common Stock
available for issuance or reservation without further stockholder authorization, except as may be
required by law or by the rules of the American Stock Exchange. Section 712 of the American Stock
Exchange (AMEX) company guide requires stockholder approval as a prerequisite to approval of
applications to list additional shares to be issued where the present or potential issuance of
Common Stock (or securities convertible into Common Stock) could result in an increase in
outstanding common shares of 20% or more.
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Authorizing the Company to issue more shares than currently authorized by the Articles of
Incorporation will not affect materially any substantive rights, powers or privileges of the
holders of shares of Common Stock. Holders of shares of Common Stock are entitled to one vote per
share on all matters submitted to the stockholders
and do not have cumulative voting rights or pre-emptive rights for the purchase of additional
shares of any class of capital stock. The additional shares of Common Stock for which
authorization is sought are identical to the shares of Common Stock now authorized. However, the
issuance of additional shares of Common Stock may, among other things, have a dilutive effect on
the earnings per share and on equity and voting power of existing stockholders and may adversely
affect the market price for the Common Stock. Although the Board of Directors has no present
intention of issuing any additional shares of Common Stock or Preferred Stock for such purposes,
the proposed increase in the number of authorized shares of Common Stock could enable the Board of
Directors to render more difficult or discourage an attempt by another person or entity to obtain
control of the Company. However, the Company does not view the Authorized Common Stock Increase as
part of an anti-takeover strategy. The Authorized Common Stock Increase is not being advanced as
a result of any known effort by any party to accumulate shares of Common Stock or to obtain control
of the Company.
If the proposal had not been adopted by the Majority Stockholders, it would have been
necessary for this action to have been considered by the Companys stockholders at a special or
annual stockholders meeting convened for at least the purpose of approving the Authorized Common
Stock Increase. The elimination of the need for a meeting of the stockholders to approve the
Authorized Common Stock Increase is authorized by NRS 78.320, which provides that the written
consent of the holders of outstanding shares of voting capital stock having not less than the
minimum number of votes which would be necessary to authorize or take the action at a meeting of
which all shares entitled to vote on a matter were present and voted, may be substituted for the
special meeting. According to NRS 78.390, a majority of the outstanding shares of voting capital
stock entitled to vote on the matter is required in order to amend the Companys Articles of
Incorporation. In order to eliminate the costs and management time involved in the holding of a
special meeting, and in order to effectuate the Certificate of Amendment as early as possible in
order to accomplish the purposes of the Company, the Board of Directors of the Company decided to
utilize the written consent of the Majority Stockholders of the Company.
On February 2, 2007, the Majority Stockholders, by written consent in lieu of a meeting,
approved a Certificate of Amendment to the Companys Articles of Incorporation. No further
consents, votes or proxies are or were necessary to effect the approval of the Certificate of
Amendment to the Companys Articles of Incorporation.
Under Nevada law, any dissenting stockholder is not entitled to appraisal rights with
respect to the Certificate of Amendment covering the Authorized Common Stock Increase and the
Company will not independently provide stockholders with any such right.
OUTSTANDING SHARES AND VOTING RIGHTS
As of February 2, 2007, the date of action by the Majority Stockholders, the
Companys authorized capitalization consists of 4,000,000 shares of Common Stock, par value $0.01
per shares, of which 986,954 shares are issued and outstanding, and 10,000,000 shares of Preferred
Stock, par value $0.10 per share, of which 100,000 shares have been designated as the Series B
Preferred Stock which presently only has 615 shares issued and outstanding which have the right to
vote together with the holders of Common Stock, and not as a separate class on matters to come
before a vote of the stockholders, with each share of outstanding Series B Preferred Stock being
entitled to one vote per share. Each share of Common Stock outstanding entitles its holder to one
vote on each matter submitted to the stockholders. Accordingly, based upon the 986,954 shares of
Common Stock
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outstanding and the 615 shares of Series B Preferred Stock outstanding, 493,785 votes
will constitute a majority of the votes outstanding on any matter brought before the stockholders.
As noted below, the Majority Stockholders have voted 577,385 shares (and votes) in favor of the
approval of the Certificate of Amendment covering the Authorized Common Stock Increase, which
constitutes approximately 58.5% of the Votes in favor of such amendment.
SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT
As of February 2, 2007, according to the stock transfer records of the Company and
other information available to the Company, the following persons where known to be (i) the
beneficial owners of more than five percent (5%) of the outstanding shares of Common Stock fo the
Company, and (ii) the directors and officers of the Company and their respective share ownership,
individually and as a group:
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Amount and |
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Notice of |
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Approximate |
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Capacity with |
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Beneficial |
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Percent of Class |
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Name of Beneficial Owner |
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Company |
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Ownership (a) |
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(b) |
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Number of Votes |
Roz Campisi Beadle |
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Director |
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100 |
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* |
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100 |
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Gene S. Bertcher |
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Director, |
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President, Chief |
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Executive and |
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Financial Officer |
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71,811 |
(c) |
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7.28 |
% |
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71,811 |
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James E. Huffstickler |
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Director |
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Dan Locklear |
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Director |
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Victor S. Lund |
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Director |
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HKS Investment Corporation |
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Stockholder |
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108,994 |
(d) |
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11.04 |
% |
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108,994 |
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International Health
Products, Inc. |
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Stockholder |
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9,970 |
(e) |
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1.01 |
% |
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9,970 |
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JRG Investment Co. Inc. |
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Stockholder |
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156,884 |
(f) |
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15.90 |
% |
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156,884 |
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TacCo Financial, Inc. |
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Stockholder |
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228,726 |
(g) |
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23.17 |
% |
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228,726 |
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All Executive Officers
and Directors as a Group
(5 persons) |
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71,911 |
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7.29 |
% |
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71,911 |
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(a) Beneficial ownership is determined in accordance with the rules of the Securities
and Exchange Commission and generally includes voting or investment power with respect to
securities. Shares of Common Stock subject to options or warrants currently exercisable or
convertible within 60 days of the date in question are generally deemed to be outstanding for
computing the percentage of the person holding such option or warrant but
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are not deemed
outstanding for computing the percentage of any other person. TacCo Financial, Inc. presently
holds an exercisable option to purchase up to 40,000 Shares of Common Stock at an exercise price of
$2.60 per Share which is not included in the table.
(b) Based on 986,954 Shares of Common Stock outstanding at January 26, 2007.
(c) 71,811 Shares are owned direct by Gene S. Bertcher.
(d) According to an original Statement on Schedule 13D dated January 9, 2006, the group
consists of HKS Investment Corporation, David Hensel, John Kellar and Marshall Stagg, each of whom
are deemed to be the beneficial owner of all 108,994 Shares. Hensel is stated to be a Shareholder,
Director and President of HKS Investment Corporation; Kellar is a Shareholder, Director, Vice
President and Treasurer of HKS Investment Corporation and Stagg is a Shareholder, Director and
Secretary of HKS Investment Corporation.
(e) International Health Products, Inc., a Nevada corporation (IHPI) is owned by
a separate
trust established for the benefit of the wife and children of Gene E. Phillips. Its officers and
directors are R. Neil Crouch II, Director, President and Treasurer; Bradford A. Phillips, Vice
President and Jamie Cobb, Treasurer. IHPI is one of the Reporting Persons listed in Amendment No.
9 to Schedule 13D filed on behalf of a group on June 1, 2006.
(f) JRG Investment Co., Inc., a Nevada Corporation (JRGIC) is a wholly-owned subsidiary of
TacCo Financial, Inc. and is another Reporting Person listed in Amendment No. 9 to Schedule 13D
filed June 1, 2006; its directors and officers are the same as the directors and oddicers of TacCo
Financial, Inc.
(g) TacCo Financial , Inc., a Nevada Corporation (TFI) is owned by Electrical Networks, Inc.
(75%) and Starr Investments, Inc. (25%). Its officers and directors are J. T. Tackett, Director,
Chairman and Chief Executive Officer and Wayne Starr, Director, President and Treasurer. TFI is
also one of the Reporting Persons listed on Amendment No. 9 to Schedule 13D filed by a group on
June 1, 2006. The direct ownership by TFI listed in the table above does not include 156,844
Shares held by its wholly-owned subsidiary JRGIC or an option to purchase 40,000 Shares of Common
Stock at an exercised price of $2.60 per share.
The total combined votes of all stockholders listed in the foregoing table is 577, 485 votes
out of a total of 987,569 votes (986,954 shares of Common Stock and 615 shares of Series B
Preferred Stock) or 58.4754% of the voting power.
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WHERE YOU CAN FIND MORE INFORMATION
The Company files annual, quarterly and special reports, proxy statements and other
information with the Securities and Exchange Commission (the SEC). You may read and copy any
document filed at the Public Reference Room of the SEC, 450 Fifth Street, N.W. Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further information on the Public Reference Room.
The Companys SEC filings are also available to the public from the SECs website at
http://www.sec.gov/. Included in the information available is audited financial statements
of the Company in comparative form as of December 31, 2005 and 2004 which are contained in the
Companys Form 10-K/a for the fiscal year ended December 31, 2005 (the 2005 Form 10-K) to the
SEC. Neither
the 2005 Form 10-K nor the financial statements contained in it are to be considered part of
any solicitation. At the end of this Information Statement is information on how to obtain a copy
of the 2005 Form 10-K/a if desired. It is also available on the SECs website. Such filings are
also available on the Companys website at http://www.cabeltel.us.
STOCKHOLDER COMMUNICATIONS WITH DIRECTORS
Stockholders who wish to communicate with the Board of Directors or with a particular
director may send a letter to the Company at 1755 Wittington Place, Suite 340, Dallas, Texas 75234.
Any communication should clearly specify it is intended to be made to the entire Board of
Directors or to one or more particular director(s). Under this process, the reccipient of the
communication will review such correspondence and will forward to the Board of Directors a summary
of all such correspondence and copies of all correspondence that, in the opinion of the reviewer,
deals with the functions of the Board of Directors, or that the reviewer otherwise determines
requires their attention. Directors may at any time review a log of all correspondence received by
the Company that is addressed to the members of the Board of Directors and request copies of such
correspondence. Concerns relating to accounting, internal controls or auditing matters are
immediately brought to the attention of the Board of Directors or the appropriate Committee
thereof.
NO SOLICITATION OF PROXIES
This Information Statement is furnished to stockholders pursuant to the requirements of
Section 14(c) under the Exchange Act to report action taken by written consent of the Majority
Stockholders. No action is required upon the part of any other stockholder, and no proxy is being
solicited. The cost of this Information Statement will be borne by the Company.
COPIES OF THE COMPANYS ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 ON FORM 10-K
ARE AVAILABLE TO STOCKHOLDERS WITHOUT CHARGE UPON WRITTEN REQUEST TO CABELTEL INTERNATIONAL
CORPORATION, 1755 WITTINGTON PLACE, SUITE 340, DALLAS, TEXAS 75234, ATTN: INVESTOR RELATIONS.
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Dated February 16, 2007 |
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By order of the Board of Directors, |
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By: |
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/s/ Oscar Smith |
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Oscar Smith, Secretary
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