SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 1, 2000
--------------
GLOBALNET FINANCIAL.COM, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware
------------------------------
(State of Incorporation)
33-21443 06-1489574
------------------------ ------------------------
(Commission File No.) (I.R.S. Employer
Identification No.)
7284 W. Palmetto Park Road, Suite 210, Boca Raton, Florida 33433
----------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(561) 417-8053
--------------
(Registrant's telephone number, including area code)
<PAGE>
Item 2. Acquisition or Disposition of Assets.
On August 1, 2000, GlobalNet Financial.com, Inc., a Delaware
corporation ("GLBN"), acquired 100% of the outstanding common stock of Dalton
Kent Securities Group, Inc., a New York corporation ("Dalton Kent"), a full
service broker dealer offering stocks, bonds, options and mutual funds to United
States (U.S.) and non-U.S. investors. As consideration, the Company issued to
the eleven stockholders of Dalton Kent an aggregate of 1.45 million common
shares having a fair market value at the time of issuance of $14.00 per share or
an aggregate value of $20.3 million. The consideration was the product of arms
length negotiations and was based on the prior operating history of Dalton Kent
and its prospects when integrated into the operating and business model of the
Company. The transaction is subject to National Association of Securities
Dealers ("NASD") approval as a change in control.
A copy of the Agreement and Plan of Merger is filed herewith as Exhibit
2.1 and incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired.
It is impracticable for the Registrant to file the financial
information of the business acquired at this time and such
financial information will be filed by amendment to this
Current Report on Form 8-K not later than 60 days from the
date hereof, in accordance with Item 7 of Form 8-K.
(b) Pro Forma Financial Information.
It is impracticable for the Registrant to file the pro forma
financial information required hereunder at this time and such
pro forma financial information will be filed by amendment to
this Current Report on Form 8-K Pro not later than 60 days
from the date hereof, in accordance with Item 7 of Form 8-K.
(c) Exhibits.
Exhibits not included in this Report will be filed by
amendment not later than 60 days from the date hereof, in
accordance with Item 7 of Form 8-K.
Exhibit No.
-----------
Description
-----------
2.1 Agreement and Plan of Merger dated as of July
31, 2000 by and among GlobalNet Financial.com,
Inc., GlobalNetSecurities Mergerco, Inc., Dalton
Kent Securities Group, Inc., and the
stockholders of Dalton Kent Securities Group,
Inc.
<PAGE>
Exhibit Index
Index No. Description
--------- -----------
2.1 Agreement and Plan of Merger dated as of July 31, 2000 by and
among GlobalNet Financial.com, Inc., GlobalNetSecurities
Mergerco, Inc., Dalton Kent Securities Group, Inc., and the
stockholders of Dalton Kent Securities Group, Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: August 15, 2000
GLOBALNETFINANCIAL.COM, INC.
By: s/s Stanley Hollander
--------------------------------------
Stanley Hollander
Chairman of the Board, President
and Chief Executive Officer
