18th Apr 2019 09:36
LONDON (Alliance News) - Shares In MX Oil PLC on Thursday jumped as the company proposed a share consolidation and a name change.
MX Oil shares were trading 58% higher at 0.19 pence each following the news.
The oil & gas investing company is proposing a resolution to consolidate its ordinary share capital on the basis of 1 consolidated share for every 100 existing shares, thereby reducing the number of shares in issue to 44.7 million from 4.47 billion.
Furthermore, MX Oil is proposing a resolution to shareholders to change the company's name 'ADM Energy PLC'.
The rationale for the name change follows a recent strategic investment by Shaikh Ahmed Bin Dalmook Al Maktoum.
"The company's strategic investor has an extensive network of influential contacts within the oil and gas industry and the board regards his support for the company as an important opportunity," MX Oil said.
Whereas the share consolidation will render the company more attractive to investors, it added.
Related Shares:
MXO.L