3rd Jun 2014 08:52
LONDON (Alliance News) - Summit Corporation PLC Tuesday said it will seek shareholder permission for a share consolidation that will see every 20 existing shares consolidated into one new share.
In a statement, the drug discovery company said it will first consolidate every 20 shares into one consolidated share, then sub-divide the consolidated shares into one new ordinary share and 19 deferred shares, and then cancel the existing and deferred shares.
The proposal will be put to shareholders at its annual general meeting on July 3.
"The proposed consolidation will seek to reduce the high number of existing ordinary shares that are in existence with the intention of creating a higher trading price per ordinary share in the capital of the company. The directors also believe the consolidation will lead to a reduction in share price volatility and make the company?s shares more attractive to a greater number of potential investors," it said in a circular to shareholders.
By Steve McGrath; [email protected]; @SteveMcGrath1
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