As outlined in the Notice of Annual General Meeting dated 25 March 2015, and following the passing of the relevant resolution at the Annual General Meeting held on 24 April 2015, it is expected that the subdivision of each of the Company's existing ordinary shares of 5 pence each into 10 new ordinary shares of 0.5 pence each ("New Ordinary Shares") (the "Subdivision") will become effective at 8.00 a.m. on 18 May 2015 (the "Effective Date"). On the Effective Date, the Official List of the UKLA will be amended to reflect the Subdivision. The issued ordinary share capital of the Company immediately following the Subdivision becoming effective will comprise 869,393,180 New Ordinary Shares of 0.5 pence each.
Oil price will force this lower, recent broker report out suggests 60% of group revenue is impacted by falling oil price, falling revenue and ultimately profits. Falling share price also attributed to company not meeting its 5% organic growth target in third quarter (4th quarter normally strong)...sanctions against Russia also hurting.
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