SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): July 27, 1999
Consolidated Technology Group Ltd.
(Exact name of Registrant as Specified in its Charter)
New York 0-4186 13-1948169
(State or other jurisdiction (Commission (IRS Employer
of incorporation File No.) Identification No.)
700 Gemini Street, Houston, Texas 77058
(Address of Principal Executive Office)
Registrant's telephone number, including area code: (281) 488-8484.
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Item 5. Other Events.
On July 22, 1999, Consolidated Technology Group, Ltd. ("consolidated", the
"Registrant" or the "Company") held its annual meeting of shareholders. At such
meeting the following matters, which represent all matters put to a shareholder
vote, were ratified by the shareholders.
1. Election of Directors - The shareholders re-elected Frank DeLape and
Richard Young to serve as directors of the Company until the next annual meeting
of shareholders and until their respective successors are duly elected.
2. One-for-Thirty Reverse Stock Split - The shareholders approved a one-for-
thirty reverse stock split of the Company's common stock. The reverse split
will become effective upon on the date of the filing of an amendment to the
Company's Certificate of Incorporation with the Secretary of State of New York.
3. Change in Number of Authorized Shares of Common Stock - The shareholders
approved the amendment to the Company's Certificate of Incorporation changing
the number of authorized shares of Common Stock, par value $0.01 from 50,000,000
shares to 25,000,000 shares.
4. Change in the Company's Name - The shareholders approved an amendment to
the Company's Certificate of Incorporation to change the Company's name form
Consolidated Technology Group Ltd. to The Sagemark Companies Ltd.
5. 1999 Long-Term Incentive Plan - The shareholders approved the adoption of
the Company's 1999 Long-Term Incentive Plan covering 1,600,000 shares of common
stock (post reverse split). Pursuant to the 1999 Long-Term Incentive Plan,
current executive officers and employees of the Company have received options to
purchase an aggregate of 670,000 shares of the Company's common stock.
The Company is in the process of filing the required documentation with
the State of New York in order to effectuate the matters that were approved at
the shareholders meeting.
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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.
CONSOLIDATED TECHNOLOGY GROUP LTD.
Date July 24, 1999 /S/_______________________________
Richard Young
President and Chief Operating Officer
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