RE: Ok..1 Dec 2018 15:10
A deferred share is a share that does not have any rights to the assets of a company undergoing bankruptcy until all common and preferred shareholders are paid.
So I suppose it is in case there is money left???
Are they not the shares left over from when they did a reverse split?
RNS 12 August 2016
The proposed Capital Reorganisation comprises three subdivisions, the first being a subdivision of the 64,179,632 existing deferred shares of £0.0008 each in the capital of the Company (the "Existing Deferred Shares") into 5,134,370,560 deferred shares of £0.00001 each in the capital of the Company (the "Subdivided Existing Deferred Shares") (the "First Subdivision"). Second, the 12,427,060,094 Existing Ordinary Shares will be subdivided into two share classes: (i) 12,427,060,094 ordinary shares of £0.00001 each in the capital of the Company (the "Subdivided Ordinary Shares"); and (ii) 12,427,060,094 deferred shares of £0.00019 each in the capital of the Company (the "New Deferred Shares") (the "Second Subdivision"). The 12,427,060,094 New Deferred Shares will then be subdivided into 236,114,141,786 deferred shares of £0.00001 each in the capital of the Company (the Subdivided New Deferred Shares) (the "Third Subdivision"). Further, the Subdivided Ordinary Shares will be consolidated into 621,353,005 ordinary shares of £0.0002 each in the capital of the Company (the "Consolidated Shares") (the "Consolidation"), such Consolidated Shares having the same rights and being subject to the same restrictions as the Existing Ordinary Shares as currently set out in the Company's articles of association. If the Company determines to cancel or buy back the Subdivided New Deferred Shares, it will advise, and if required seek further shareholder approval from, shareholders accordingly at the relevant time. The effect of the proposed Capital Reorganisation would be to reduce the number of issued ordinary shares in the capital of the Company by a multiple of approximately 20.
Neither the Subdivided New Deferred Shares nor the Subdivided Existing Deferred Shares shall be quoted and no share certificates will be issued in respect of the same. The effect of the creation of the Subdivided New Deferred Shares would be that the aggregate par value of the ordinary shares in the capital of the Company, once subdivided and consolidated, remains at £0.0002.
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