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Direct from the RNS:-
“each Existing Ordinary Share of £0.001 nominal value each will be subdivided into two new shares, a Redenominated Ordinary Share and a Deferred Share;”
And
“every 100 Redenominated Ordinary Shares will then be consolidated into one New Ordinary Share with a nominal value of £0.001 (being 100 * £0.00001).“
So existing shares are £0.001 and the new shares will be £0.001
Each share will be worth 100 times the current price at the time of consolidation so if that’s 0.085p then they will be worth 8.5p
Yes, I agree Seawolf. The share price after consolidation will be well above the nominal value. It will prevent a delisting from AIM, presenting an opportunity to get more money from Atlas and inturn allowing Atlas to dilute, convert and sell to get their dosh back.
Deckchairs arranged but the iceberg hole still remains. No spoilers as to what happens though please.
GIT, GUG, the nominal value won't matter in the future, they are having to consolidate because the SP has fallen below the nominal value which is not permitted. It does matter how this is managed going forward and MM is on a final warning, perform or get out!
Getinthere, read my post again and check the position of the decimal point ;-)
Tounguesten
I thought I would give you another chance, to behave reasonably, clearly I was wrong to do so so it’s the filter for you again.
GUG
Thank you for your agreement:-
“You're correct Getinthere. The nominal will be 0.01p on the newly created share”
It doesn’t make me feel better or worse only right , after all I will still be miles underwater until we produce a lot more.
That was a troajan type response with misinformation in it BTW :-)
Does that make you feel better ?
You're correct Getinthere. The nominal will be 0.01p on the newly created share
Y
Tounge / GUG
So please tell me, when this is done will the share denomination be as I stated 0.1p or as GUG stated 1p ?
GUG, the original wording of that saying was; you can’t eat your cake and have it too. Some dude thought it had better meaning the other way round. All semantics I suppose.
It occurs to me that it’s a good job we are not Hittites. They had a hexadecimal system. So multiplying by a decimal 100 would get right complicated, now that would be a conversion. However, we are not Hitites, so I will divide me number of shares by a hundred to estimate how many I will have. Similarly, I will multiply the SP by a hundred to get the SP.
You can't have your cake and eat it Getinthere. Unless its a jam sponge and there will be more jam in it tomorrow
1 new share for every 100 current shares.
Current share price 0.85p x 100 = 8.5p
1 million current shares x 0.085p = £850
10,000 new shares x 85p = £850
The RNS doesn’t state that the nominal value of the shares will alter, it’s the reduction in the number of shares that puts the share price up.
Some people clearly haven’t understood what the RNS means.
It’s not puzzling if you read it carefully and take a careful look at where the decimal point is in each of the paragraphs.