RE: Same old crap11 Feb 2020 08:47
They are only reducing the nominal value of the shares, they will have the same value as existing shares. Much like when the nominal value is increased there is no change in price or value. This is if it is accepted at a GM, also this will be up to the current shareholders.
"A condition of the Financing and Settlement Agreement is that the Company reduces the nominal value of its existing ordinary shares. To achieve this, a resolution will be proposed at the GM which will, if passed, have the effect of reducing the nominal value of each ordinary share from GBP0.0025 to GBP0.00001 by subdividing each ordinary share into one new ordinary share of GBP0.00001 ("New Ordinary Share") and one C deferred share of GBP0.0249 ("Deferred Share"). A further resolution is required to adopt new articles of association of the Company as the rights attaching to the Deferred Shares will be contained in the Company's articles of association ("New Articles").
The New Ordinary Shares will have attached to them all the rights of the existing ordinary shares and will therefore have the same value as the existing ordinary shares."