Aug. 2, 2010 -
PRLog -- TaxMasters, Inc. filed a Current Report on Form 8-K on Wednesday, July 7, 2010 to announce that Patrick Cox, its founder, CEO and majority shareholder, voluntarily entered into a Financial Reorganization Agreement in which Mr. Cox deposited 200 million shares of his TaxMasters common stock with TaxMasters’ transfer agent, Olde Monmouth Stock Transfer Co., Inc. These shares will be held in escrow by Olde Monmouth for a five year period ending June 30, 2015. During that time, Mr. Cox has waived his right to vote the escrowed shares and he has also waived his right to receive any dividends or other distributions by TaxMasters with respect to the escrowed shares. As a result of Mr. Cox’s voluntary escrow of shares, there are now 139,676,105 shares of common stock that can be voted or can receive dividends or other distributions. The 139,676,105 shares will also be the number of shares used to calculate earnings per share for TaxMasters financial statements. After each fiscal year during the five years that Mr. Cox’s shares are being held in escrow, Mr. Cox may claw back a portion of the escrowed shares based on a formula linked to the financial performance of TaxMasters. Any shares Mr. Cox does not claw back prior to June 30, 2015 will be turned over to the Company for cancellation. As a result of the Financial Reorganization Agreement, shareholders will have an increased voting power in their stock. For example, a shareholder owning 1,000,000 shares of TaxMasters common stock will have an increase of the voting power of such stock from 0.3% of the voting power to 0.7% of the voting power.
In a recent press release from H&R Block, the Board of Directors have declared a quarterly cash dividend of $0.15 per share, payable October 1, 2010, to shareholders of record September 10, 2010.
The October 1 payment marks the company’s 192nd consecutive quarterly dividend.
About H&R Block
H&R Block Inc. is one of the world’s largest tax services providers, having prepared more than 550 million tax returns worldwide since 1955. In fiscal 2010, H&R Block had annual revenues of $3.9 billion and prepared more than 23 million tax returns worldwide, utilizing more than 100,000 highly trained tax professionals. The Company provides tax return preparation services in person, through H&R Block At Home™ online and desktop software products, and through other channels. The Company is also one of the leading providers of business services through RSM McGladrey. For more information, visit our Online Press Center at www.hrblock.com.
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