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LONDON - Premier African Minerals Limited (AIM:PREM) announced Monday that it will proceed with a previously approved 10:1 share consolidation, with implementation scheduled for mid-October.
The consolidation, which shareholders approved at the company’s Annual General Meeting on June 5, will convert every 10 existing ordinary shares into one new ordinary share, according to a company press release.
Following the consolidation, Premier African Minerals’ total issued share capital will decrease from 84,859,029,039 existing ordinary shares to 8,485,902,904 new ordinary shares. The company will issue one additional share to its Company Secretary before the record date to ensure the total is exactly divisible by 10.
The record date for the consolidation is set for 6:00 p.m. on October 13, with admission of the new ordinary shares to trading on AIM expected at 8:00 a.m. on October 14. CREST accounts will be credited with the new shares on the same day, while replacement share certificates are expected to be dispatched to shareholders by October 28.
Shareholders will not receive fractional shares as part of the consolidation. Any fractional entitlements will be aggregated and sold in the market, with proceeds retained by the company due to the "trivial sum" expected and "disproportionate costs" of distribution.
The consolidation will affect shareholders holding fewer than 10 existing shares, who will cease to be shareholders after the consolidation. Holders of convertible securities such as options and warrants will have their entitlements adjusted accordingly.
The new ordinary shares will maintain the same voting, dividend and other rights as the existing shares. A new International Securities Identification Number (ISIN) and Stock Exchange Daily Official List Code (SEDOL) will be assigned to the consolidated shares.
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