Consolidation27 Dec 2017 15:07
Whist this exercise is a legitimate one, the effect is for PGY to pocket all consolidated shareholdings of less than 500 for a cost close to zero. And any PI wanting to buy in again is subject to a 25% spread.
I realise that consolidations are necessary but why are they so often accompanied by an exclusion of the smallest (and most vulnerable) shareholders? I think we all know why and it does not feel like ethical practice.
The indifference of the regulator to such practice is one reason I have not purchased pure AIM stocks (the worst offenders) for some years.
It is very disappointing, but was perhaps predictable from such a perennial underperformer. We can only hope the Directors and their Advisers reap what they sow somewhere down the line.