Chariot Ltd (AIM:CHAR, OTC:OIGLF) announced it will ask shareholders to approve a 25-for-1 share consolidation as the Africa-focused energy group presses ahead with a shift back towards upstream oil and gas.
The AIM-listed company said the proposal would consolidate every 25 existing ordinary shares of 1p each into one new ordinary share of 25p, with the timing left to directors’ discretion if approved at the annual general meeting.
Chariot said the move was being proposed because small changes in its current share price can translate into large percentage movements, adding to volatility. The board believes a higher rebased share price may help support a more consistent valuation.
The upstream refocus includes the planned completion of its offshore Angola transaction, the divestment of its renewables business, additional oil and gas production revenues and further development and exploration opportunities in Africa.
The AGM will be held at The Mayfair Hotel in London on 22 September at 10.00 am.
