URU Metals Ltd (LON:URU)

URU Metals Ltd (LON:URU)


Share Price
165.00 p
Change
27.5 (20.00 %)
Market Cap
£1.29 m
Proactive Investors - Run By Investors For Investors

URU Metals Ltd RNS Release

Consolidation of Ordinary Shares in issue


RNS Number : 1138H
URU Metals Limited
13 November 2018
 

URU Metals Limited


("URU Metals" or "the Company")

Consolidation of Ordinary Shares in issue

 

URU wishes to inform shareholders that it is proposing to consolidate the existing ordinary share capital of the Company.

The Company currently has 780,571,489 ordinary shares of no par value in issue ('Existing Ordinary Shares'). The Board considers that this number of shares is considerably larger than that of similar sized companies on AIM and other Recognised Investment Exchanges and that this is having a negative effect on investor perception of the Company. Accordingly, a consolidation is being proposed in order to reduce the number of Existing Ordinary Shares that are in issue.

Consolidation of Ordinary Shares in issue

The Directors have resolved to re-organise the Company's share capital by combining all of the Existing Ordinary Shares on the basis of one new ordinary share of no par value ('New Ordinary Share') for every 1,000 Existing Ordinary Shares, such shares having the same rights and being subject to the same restrictions as the Existing Ordinary Shares as set out in the Articles of the Company ('Consolidation').

A fractional entitlement may arise as a result of the Consolidation unless a holding of Existing Ordinary Shares is exactly divisible by 1000.  For example, a Shareholder holding 1,500 Existing Ordinary Shares would be entitled to one New Ordinary Share and a fraction of 0.5 of a New Ordinary Share will arise after the Consolidation ('Fractional Shares'). These Fractional Shares will be aggregated and retained by the Company or sold for the benefit of the Company.

New Ordinary Shares

Post Consolidation, the number of New Ordinary Shares is expected to be approximately 780,571 New Ordinary Shares. The last day for dealing in the Existing Ordinary Shares on AIM is expected to be 20 November 2018.

Shareholders who hold Depositary Interests will have such interests disabled in their CREST accounts on the Consolidation Record Date (as referred to below), and their CREST accounts will be credited with Depositary Interests representing the New Ordinary Shares to which they are entitled following Admission, which is expected to take place on 21 November 2018.

Following the Consolidation, any existing share certificates will cease to be valid and new share certificates are expected to be despatched to those Shareholders who hold their Existing Ordinary Shares in certificated form, on or before 28 November 2018.

 

Expected Timetable

Announcement of Consolidation to Shareholders             

13 November 2018

Last day of dealings in the Existing Ordinary Shares

20 November 2018

Consolidation Record Date

18:00 p.m. (GMT) on 20 November 2018

Admission effective and dealings in New Ordinary Shares expected to commence on AIM

 

08:00 a.m. (GMT) on 21 November  2018

Crediting of CREST accounts with Depositary Interests representing New Ordinary Shares

 

08:00 a.m. (GMT) on 21 November 2018

Despatch of definitive share certificates in respect of New Ordinary Shares in certificated form

 28 November 2018

 

Share Capital Statistics

Number of Existing Ordinary Shares at the date of this Announcement

780,571,489

Number of New Ordinary Shares in issue immediately following the Consolidation

780,571

ISIN for the New Ordinary Shares

VGG930042012

 

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information, please contact:

URU Metals Limited

John Zorbas

(Chief Executive Officer)

 

+1 416 504 3978

 

SP Angel Corporate Finance LLP

(Nominated Adviser and Broker)

Ewan Leggat

+ 44 (0) 203 470 0470



SVS Securities Plc

(Joint Broker)

Tom Curran

 

+44 (0) 203 700 0093

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
IOEEAXFAFDPPFFF

URU Metals Ltd Timeline

Newswire
December 23 2016

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use