3rd Jul 2014 08:01
LONDON (Alliance News) - Cyprotex PLC Thursday proposed a share consolidation in an effort to have a "more appropriate number of shares in issue" for a company of its size.
The biotechnology company proposed a consolidation of every 10 existing ordinary shares into one new ordinary share, with any fractional entitlements arising to be aggregated and sold on the market, with the proceeds being donated to charity.
Cyprotex thinks the consolidation might also help to make its shares more attractive to investors, which could help improve liquidity.
The consolidation is subject to shareholder approval at the company's annual general meeting July 24.
Shares in Cyprotex were trading down 3.7% at 6.50 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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