Inspired PLC (AIM:INSE) has said it will propose a 10-for-one consolidation of the company's existing ordinary shares at its upcoming annual general meeting (AGM).
The company noted that, as of 5 June 2023, it has 1,004,587,795 ordinary shares in issue which its directors consider an unwieldy number given the company's market capitalisation and "when combined with the prevailing share price, may not at times be conducive to an orderly market".
The directors believe this has the potential to de-stabilise the company's share price and that the share consolidation will result in a more appropriate share capital structure "which is expected to positively impact the liquidity and trading activity in the company's shares", Inspired said in a statement.
The resolution required to effect the share consolidation will be proposed as an ordinary resolution at the AGM which will be held at 10.00am on Friday, 30 June 2023 at Ship Canal House, 98 King Street, Manchester.
The company, which supports businesses in their energy costs and managing their response to climate change, said its Annual Report and Accounts for the year to 31 December 2022, with the Notice of AGM and Form of Proxy, is expected to be posted to shareholders on Tuesday, 6 June 2023.