Ortac Resources Ltd (LON:OTC) has announced a one-for-100 capital reorganisation of its existing share capital to consolidate these to a level in line with other comparable AIM-quoted companies and improve marketability.
The company, which currently has 8.2 bn shares in issue, said it “considers that the current issued share capital is considerably larger than that of similar sized companies on AIM and other Recognised Investment Exchanges and that this, combined with the current share price of around 0.03 pence per share (14 March 2017), affects investor perception of the Company.”
It added: "The Directors expect that the consolidation will improve the marketability of the company's existing ordinary shares to a wider range of investors, including institutional investors.”
After consolidation, the issued share capital of Ortac was expected to be 82.1 mln new shares.
The last day for dealing in the existing shares on AIM is expected to be March 23.