8th Aug 2016 14:25
LONDON (Alliance News) - Obtala Resources Ltd on Monday said its shareholders have voted in favour of the proposed name change to Obtala Ltd, two months after the company first said it was looking to drop 'Resources' from its name to better reflect its business, which doesn't involve mining.
Obtala said dealings under the new name are expected to begin on Wednesday morning after it has received the change of name certificate from the Guernsey Registry, but said its ticker will remain as OBT.
The London-listed company had said in June that it wanted to shorten its name, removing the 'Resources' part of it, in a bid to dissociate itself from mining companies.
"As the company cements its medium-term plans around our two core business lines of agriculture and forestry, it is important that we avoid any confusion regarding our strategy," said Chairman Miles Pelham had said at the time.
"By removing 'Resources' from the company name we avoid any misunderstanding regarding our core business lines thereby allowing present and future stakeholders to correctly identify our strategy," he added.
Shares in Obtala were down 2.5% at 8.90 pence on Monday afternoon.
By Hannah Boland; [email protected]; @Hannaheboland
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