consiolidation.17 May 2022 09:38
Share Consolidation
Resolution 13 authorises the Company to consolidate all the Ordinary Shares on a one for ten basis (the Consolidation). The Consolidation was proposed as the directors consider it in the best interest of the shareholders and the Company’s development to have a more manageable number of issued ordinary shares. In addition, the Directors believe the Consolidation will:
• increase the Company share price proportionately and in doing so help improve the market liquidity of, and trading activity in, the Company's shares;
• provide the basis for a narrowing in the market bid and ask share price spread in the Company’s shares; and
• overall, further enhance the perception of the Company and its prospects and help improve the marketability of the Company’s shares to a wider group of potential investors.
The timetable of the Consolidation is as follows:
• Upon implementation of the Consolidation, shareholders on the register of members of the Company on 6:00 p.m. (BST) on 16 May (the Consolidation Record Date), will exchange every 10 Existing Ordinary Shares that they hold for one Consolidated Ordinary Share.
• It is expected that the Consolidated Ordinary Shares arising as a result of the Consolidation from Existing Ordinary Shares held in uncertificated form will be credited to CREST accounts at 8:00 a.m. (BST) on 17 May 2022.