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LONDON - Vault Ventures Plc (AQSE:VAULT) announced Tuesday that shareholders approved all resolutions at its Annual General Meeting, including a 100-to-1 share consolidation that will take effect later this week.
The consolidation will convert every 100 existing ordinary shares with a nominal value of £0.0001 into one new ordinary share with a nominal value of £0.01, according to the company’s press release statement.
The record date for the share consolidation is set for 6:00 p.m. on August 21, with the new ordinary shares expected to begin trading on August 22. The company plans to issue 14 additional shares before the consolidation to ensure the total share count is divisible by 100.
Following the consolidation, Vault Ventures’ issued share capital will decrease from approximately 26.4 billion existing ordinary shares to about 264.1 million new ordinary shares.
Shareholders holding fewer than 100 existing shares at the record date will cease to hold any shares in the company after the consolidation. No fractional shares will be issued, with entitlements rounded down to the nearest whole number of new ordinary shares.
The company noted that while the consolidation will change the number of shares outstanding, the proportion of the company owned by each shareholder will remain unchanged, except for fractional entitlements.
Vault Ventures is a UK-based technology company that focuses on developing early-stage technology businesses, primarily in the blockchain and fintech sectors.
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