RE: shares reorganisation10 Jun 2020 15:23
Firstly, every 5,000 Existing Ordinary Shares will be consolidated into one Consolidation Share. The
Consolidation Shares will not be held by Shareholders but are an integral part of the Share Capital
Reorganisation process (the “Consolidation”). In cases where a Shareholder’s total holding of Existing
Ordinary Shares is not exactly divisible by 5,000 as at the Record Date, the Consolidation will give rise to
fractions of Consolidated Shares attributable to individual shareholders. In such instances, fractions of
Consolidate Shares will not be allotted, instead they will be aggregated and the New Ordinary shares from the
subdivision, as described below, sold for the benefit of the Company.
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Secondly, immediately following the Consolidation occurring, each Consolidation Share will be subdivided into
200 Ordinary Shares of £0.001 each and 1 New C Deferred Share of £4.80.
The effective share consolidation ratio is therefore 1 New Ordinary Share (and 1 New C Deferred Share) for
every 25 Existing Ordinary Shares held.
The table below gives some examples of the effect of the Share Capital Reorganisation on specific
shareholdings of Existing Ordinary Shares:
Number of Existing Ordinary Shares held New Ordinary Shares issued
4,999 0
5,000 200
10,000 400
It is estimated that the total aggregate value of all Consolidated share fractions will amount to less than £500.
As the table above demonstrates, holders of less than 5,000 Existing Ordinary shares will not receive any New
Ordinary Shares as part of the Share Capital Reorganisation.
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