The Board of Biome Technologies PLC (BIOM.L) announced a proposal for the reorganisation of capital and sub-division of existing ordinary shares, subject to the approval of shareholders at the General Meeting and the subsequent approval of the Court. The company said the purpose of the proposed consolidation and sub-division is to rationalise the unusually large shareholder base of the company, thereby reducing the costs to the company of administering the shareholder base and also providing an exit for shareholders with very small holdings and little economic interest in the company.
Upon implementation of the consolidation, shareholders on the register of members of the company on the record date of the consolidation and sub-division, which is 6 pm on 15 July 2013, will exchange every 430 thousand existing ordinary shares that they hold for one consolidated ordinary share.
Immediately following the consolidation, each consolidated ordinary share will be sub-divided into 177 new ordinary shares and 177 deferred shares. As a result of the sub-division, the new ordinary shares will have a nominal value of 0.05 pounds each, and the deferred ordinary shares will have a nominal value of approximately 2.379 pounds each. The company said the sub-division has been structured in this way to ensure that the nominal value of each new ordinary share is less than the anticipated market value of those shares following the capital reorganisation.
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