RE: going to need a lot of nickel17 May 2022 16:27
Ok, I have found it now, sorry. So are you pleased about this?
Proposed Share Consolidation
As further explained in the Notice of the AGM, one of the resolutions being proposed at the AGM will seek approval to implement a 20:1 share consolidation resulting in new ordinary shares of £0.20 each (“New Ordinary Shares”). Prior to the share consolidation, the Company's issued share capital totals over 3.8 billion shares, which has an impact on the trading price per share. Accordingly, it is the Directors' view that the share consolidation, on the proposed terms as set out in the Notice of AGM and below (the "Share Consolidation"), will have a positive impact on the liquidity of the shares in issue following the Share Consolidation, by reducing the number of shares in issue and raising the resultant trading price per share.
The effect of the Share Consolidation would be that shareholders holding ordinary shares of £0.01 each in the capital of the Company ("Existing Ordinary Shares") on the Company's register of members at 5:30 p.m. BST on 30 May 2022 will, on the implementation of the Share Consolidation, hold:
1 New Ordinary Share of £0.20 each
for every 20 Existing Ordinary Shares of £0.01 each
and in that proportion for any other number of Existing Ordinary Shares then held.
As further explained in the Notice of AGM, where the Share Consolidation would result in a shareholder being entitled to a fraction of a share, any such fractions as a result of the Share Consolidation will be aggregated and, the Directors will in accordance with the Company’s Articles of Association sell the aggregated shares in the market for the benefit of the relevant shareholders. The proceeds from the sale of the fractional entitlements shall be distributed pro rata amongst the relevant shareholders save that where a Shareholder is entitled to an amount which is less than £3 it will (in accordance with the Company’s Articles of Association) not be distributed to such shareholder but will be donated to charity by the Company.
Requests will be made to the London Stock Exchange and the TSX for the New Ordinary Shares to be admitted to trading on the AIM Market and to be listed for trading on the TSX, respectively. The Share Consolidation is also subject to acceptance by the TSX. The Company expects that the current ISIN in relation to the Existing Ordinary Shares will be disabled and marked for expiry in CREST after market close on 30 May 2022. A new ISIN (GB00BMXLQJ47) in relation to the New Ordinary Shares is expected to come into effect at 8:00 a.m. BST on 31 May 2022. A new CUSIP (G463B6 149) in relation to the New Ordinary Shares is also expected to come into effect shortly thereafter.
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