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(Alliance News) - Primorus Investments PLC on Thursday said it will seek shareholder approval to consolidate the company's outstanding share capital in order to bring the share capital in line with the size of the company.
Under the proposal, the company plans to consolidate every 20 existing ordinary shares into one new share.
The small and mid-cap markets focused investment company has called a general meeting on October 16 to seek investor approval in regards to the share consolidation.
"With a spread often exceeding 30% we feel this currently acts as a dis-incentive to investors seeking to purchase our stock in the market. As such, we feel this consolidation, if approved, may help alleviate this issue by narrowing the spread thereby providing a clearer picture of market price for the company's stock going forward. As such all memebers of the board will be voting in support of this measure in respect of their own shareholdings," said Primorus Executive Director Alastair Clayton.
Primorus Investments shares were down 7.2% at 0.12 pence each in London on Thursday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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