24th Jun 2016 14:50
LONDON (Alliance News) - Aurasian Minerals PLC on Friday put forward resolutions to reorganise its share capital, proposed a change of name to "Tethyan Resources", and a new accounting reference date.
Aurasian said that small absolute movements in its shares, which were down 11% at 0.423 pence on Friday, represent large movements in its market capitalisation, resulting in increased share price volatility.
Equally, Aurasian said that the number of its shares in issue stands at more than 535 million, which it said is "too many" for a company of its size.
Aurasian proposed that every six existing ordinary shares be consolidated into one new share of 0.006 pence each.
Citing the change in its focus to the Balkans from South East Asia, the company said it wants to be named "Tethyan Resources".
What's more, the company wants to move its accounting reference date so that its financial year ends on December 31, rather than March 31.
By Samuel Agini; [email protected]; @samuelagini
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