4th Nov 2013 08:57
LONDON (Alliance News) - Shares in Tern PLC Monday soared after they were readmitted to trading on AIM following a capital reorganisation.
Last month, the company consolidated its share issue, offering one new share for each existing 1,000 shares and then sub-dividing the new shares into 50 ordinary shares, because of the large number of shareholders on its register with fewer than 1,000 shares. The company said those small shareholders would have had any proceeds wiped out by the costs of dealing the shares. Giving them fewer shares would cut the dealing costs substantially.
Tern shares were trading at 5.5 pence early Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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