Consolidation17 Mar 2016 10:34
The main purpose of the Consolidation is to reduce the volatility of the Company's share price, which currently reflects the relatively large increments required for any price movement.
The Consolidation also aims to facilitate the Company in being able to issue shares if needed. The market price is currently below the nominal value and, under UK Company Law, it is not permitted for Listed Companies to issue new shares below the nominal value of the shares.
The Consolidation is subject to shareholder approval at the Company's Annual General Meeting to be held on 6th April 2016.
Following such approval, the Consolidation is expected to become effective on 7th April 2016. The New shares are expected to be credited to your account on or after 7th April 2016, and you will be notified.