7th Oct 2013 09:29
LONDON (Alliance News) - Shares in Suretrack Monitoring PLC surged Monday as its newly consolidated share issue started trading on AIM.
The company has sold its operating unit and converted itself into an investment firm. As part of its conversion, it issued new shares to raise funds to make investments, but also then reorganized its share capital, consolidating each group of 11 shares of 0.05 pence into one of 0.55 pence and then subdividing the new shares into one ordinary share of 0.05 pence and one deferred share with a nominal value of 0.50 pence. The deferred shares don't trade.
The consolidation has pushed up its new shares, which rose more than sixfold to 0.61 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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