Saga's Share Consolidation Becomes Effective On Tuesday

(Alliance News) - Saga PLC said its consolidated shares were admitted to trading on Tuesday morning, following approval from shareholders at a general meeting.

Saga, which provides products and services for life after 50, back in September said it will implement a share consolidation. It would see every 15 shares of a 1 pence nominal value consolidated into one share with a 15p base value.

The move was designed to ensure that Saga is well-positioned to strengthen the business in the short term, against the backdrop of the Covid-19 outbreak and the continued suspension of Saga's Travel businesses.

Saga said 139.6 million shares of 15p each were admitted to trading on Tuesday morning.

Just shy of 99% of shareholders approved the consolidation, Saga said earlier in October.

Saga shares were priced at 144.00p each in London on Tuesday morning.

By Eric Cunha; ericcunha@alliancenews.com

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