2nd Sep 2020 08:58
(Alliance News) - Hammerson PLC on Wednesday said its capital reorganisation has now taken place, with 153.3 million shares admitted to trading in London and Johannesburg.
The firm announced a capital reorganisation of its shares on August 6, consisting of a 1 for 5 consolidation to be followed by a 24 for 1 rights issue at ZAR3.41.
Once shareholder approval is granted, based on the timetable at present, the consolidation is immediate while the rights issue ex-date will be Monday next week.
Under the index rules for highly dilutive rights issues, Hammerson's enlarged share capitalisation will be reflected though including a separate line for new shares and a separate line reflecting the subscription price until the new shares trade on an equivalent fully paid basis to existing shares.
Once the subscription period ends on September 18, these lines will be deleted and merge with Hammerson's ordinary line effective September 21.
For this reason, Hammerson's shares appeared to more than treble to 196.10 pence in London after closing at 45.00p on Tuesday. Its shares were untraded in Johannesburg on Wednesday, having last closed at ZAR11.43.
By Anna Farley; [email protected]
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