Arrow Minerals Ltd (ASX:AMD) Proposed Capital Consolidation
Date
11/28/2024 11:27:01 PM
(MENAFN- ABN Newswire)
Arrow Minerals Limited (ASX:AMD) is pleased to announce its intention to undertake a consolidation of capital of the Company at a ratio of a 20 to 1 basis, subject to receipt of shareholder approval (Capital Consolidation).
Arrow advises that the Board will seek shareholder approval at a General Meeting, to be held on 2 January 2025, to consolidate the issued capital of the Company through the conversion ratio of twenty (20) shares into one (1) share.
The Capital Consolidation is proposed in order to:
- reduce the number of Shares on issue, thereby creating a more efficient capital structure; and
- provide the best path forward for continued growth and a capital structure that is more in line with the Company's size and peer group companies, resulting in a share price level that is more attractive to a wider range of investors.
As the Capital Consolidation applies equally to shareholders, individual shareholdings will be reduced in the same ratio as the total number of shares (that fraction will be rounded down to the nearest whole number of shares, as applicable). Accordingly, the Capital Consolidation will have no material effect on the percentage interest of each individual shareholder.
If the Capital Consolidation is approved, the number of Arrow shares on issue at that time will be reduced from 13,223,627,786 to approximately 661,181,389 (subject to the effects of rounding and assuming no new shares are issued in the interim).
*To view the indicative timetable, please visit:
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