11th Oct 2018 16:04
LONDON (Alliance News) - Altona Energy PLC on Thursday said it has withdrawn plans to change its name to Sustainable Energy Group PLC.
Shares in Altona were down 14% at 0.21 pence on Thursday afternoon.
The name change plans were announced Tuesday last week alongside a share consolidation plan, which will still be put to shareholders at a general meeting next Wednesday.
Altona cited the "unusually small" 0.01p nominal value of its shares as the basis for consolidation, the result of which will be to reduce its issued shares to 1.6 million from 1.56 billion by consolidating every 1,000 existing shares to a new share with a 10p value.
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