Lucid files for 1-for-10 reverse stock split requiring shareholder approval
LONDON - Keystone Positive Change Investment Trust plc (KPC) announced today that its shareholders have approved a major restructuring plan. The plan includes the reclassification of shares and a scheme of reconstruction and winding-up, according to a statement from the company.
During the adjourned meetings held today, shareholders voted in favor of all resolutions presented. The first resolution, concerning the variation of rights attached to ordinary shares, received 98.88% approval. The second and third resolutions, related to the reclassification of shares and further amendments to the company’s articles of association to implement the scheme, both garnered 98.81% approval.
The company disclosed that the total number of ordinary shares in issue at the voting record time on March 13, 2025, was 67,593,995, with the company holding 8,476,508 ordinary shares in treasury. Consequently, the total voting rights in the company at the voting record time were 59,117,487, with each ordinary share carrying one vote for every ten shares held.
The ordinary shares will be disabled for settlement in CREST from 6.00 p.m. on today, and trading will be suspended from 7.30 a.m. on March 18, 2025. Following the reclassification on March 27, 2025, the reclassified shares will be suspended from listing at 7.30 a.m. on March 28, 2025.
The results of the elections made in connection with the scheme will be announced shortly and will also be available on the company’s website. The full text of the resolutions and details of the restructuring plan can be found in the company’s circular dated February 19, 2025, and on the company’s website.
This announcement is based on a press release statement from Keystone Positive Change Investment Trust plc, and the restructuring plan is subject to the terms defined therein.
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