23rd Nov 2018 15:45
LONDON (Alliance News) - RM2 International SA on Friday said it plans to raise USD16.8 million via a share placing of 12.3 million shares at 105 pence each.
The company also announced a restructuring of shares, including a 200 to 1 consolidation. The restructuring will result in the company's share capital being reduced to 25.0 million shares from 5.00 billion shares.
Both the placing and restructuring require shareholders' approval. RM2 has therefore called for a general meeting to be held on December 11 for the vote.
Investors holding, in aggregate, more than two-thirds of the shares in the company have decided to support the two resolutions.
RM2 shares were untraded at 0.45p each on Friday. The issue price of 105p is a consequence of the consolidation.
Related Shares:
RM2.L