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If you have a holding in this and an un round number that cant be divided by 5000
any amount left over will be claimed by the company
5000 fir 1 then 1 for 200
so if you first division leaves say 4999 then the co will get them to accumulate all and then do the 5000 for 1 and 1 for 200 then sell them on the open market.
Must be for the tea and biscuit fund!
O'dear what next.
I take it the share value is near or passed the paper value so they are unable to raise more funds at this stage.
I think i will vote against the reorganisation as the co has made no effort to increase share value for holders so its about time we put a spanner in the works
Also a name change to prospect energy, that makes sense.
5000 shares , that’s 5 quid then lost
I like the way at the start of the notice it says 1 for every 25
Then you go to the actual part ref consolidation their you find the real way they intend to do it.
not exactly 1 for every 25 you hold.
ÂŁ5 quid
I know is not a lot but after being as s banged by the co for so long it is a real p take
They are only consolidating the shares because they know it’s going down a lot further. I’ve seen it all before. Anyone who persists with this needs their head examining. Move on for gods sake.
Vauch can you point me in direction of notice.
12m buys to 3.5m sells not a lot of movement.
http://www.prospexoilandgas.com/cms/wp-content/uploads/2020/06/PXOG-Notice-of-AGM-2020.pdf
Existing Ordinary Shares in issue as at the date of the Document 2,213,593,136
Deferred Shares in issue as at the date of this Document 942,462,000
A Deferred Shares in issue as at the date of this Document 54,477
B Deferred Shares in issue as at the date of this Document 285,785,836
Par value of Existing Ordinary Shares ÂŁ0.001
Effective share reorganisation ratio (one New Ordinary Share for every
Existing Ordinary Share held)
1 for 25
Firstly, every 5,000 Existing Ordinary Shares will be consolidated into one Consolidation Share. The
Consolidation Shares will not be held by Shareholders but are an integral part of the Share Capital
Reorganisation process (the “Consolidation”). In cases where a Shareholder’s total holding of Existing
Ordinary Shares is not exactly divisible by 5,000 as at the Record Date, the Consolidation will give rise to
fractions of Consolidated Shares attributable to individual shareholders. In such instances, fractions of
Consolidate Shares will not be allotted, instead they will be aggregated and the New Ordinary shares from the
subdivision, as described below, sold for the benefit of the Company.
10
Secondly, immediately following the Consolidation occurring, each Consolidation Share will be subdivided into
200 Ordinary Shares of ÂŁ0.001 each and 1 New C Deferred Share of ÂŁ4.80.
The effective share consolidation ratio is therefore 1 New Ordinary Share (and 1 New C Deferred Share) for
every 25 Existing Ordinary Shares held.
The table below gives some examples of the effect of the Share Capital Reorganisation on specific
shareholdings of Existing Ordinary Shares:
Number of Existing Ordinary Shares held New Ordinary Shares issued
4,999 0
5,000 200
10,000 400
It is estimated that the total aggregate value of all Consolidated share fractions will amount to less than ÂŁ500.
As the table above demonstrates, holders of less than 5,000 Existing Ordinary shares will not receive any New
Ordinary Shares as part of the Share Capital Reorganisation.
Yes thanks got it now.
The AGM items seem heavily geared towards a major overhaul and re-branding of the company (not just the name). Does anyone have any thoughts on the potential to move to a different exchange with the higher share price after the consolidation?
Cant see a move to main market any time soon.
Very seldom is share consolidation an answer to a badly run business, I still hold pxog as down too much to sell, but went through it about a year ago with aero/rms....name change, share consolidation followed by a further 80%-90% drop in the share price....you can put lipstick on a pig but it’s still a pig. The market will see through this cheap unsophisticated ruse but I underestimated Ed, surprised he thought of it!