Business
Capital Reorganisation of Ordinary Share Capital
Capital Reorganisation of Ordinary Share Capital.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 15 March 2017 \n\n15 March 2017\nOrtac Resources Ltd\n(\"Ortac\" or the \"Company\")\n \nCapital Reorganisation of Ordinary Share Capital\n \nThe directors of Ortac Resources Ltd (the \"Board\"), announces the capital reorganisation of the existing ordinary share capital of the Company, which comprises a consolidation of the Company's ordinary shares in issue (the \"Consolidation\") to a level in line with other comparable AIM quoted companies.\n \nBackground to and reasons for the Capital Reorganisation \n \nThe Company's current issued capital consists of 8,213,507,859 ordinary shares of no par value ('Existing Ordinary Shares'). The Board 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. \n \nFollowing consultation with a number of the Company's stakeholders, the Consolidation is being proposed in order to reduce the number of Existing Ordinary Shares that are in issue to a level more in line with comparable AIM quoted companies. 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.\n \nConsolidation of Share Capital\n \nThe Directors have resolved to re-organise the Company's share capital by consolidating all of the Existing Ordinary Shares on the basis of one (1) new ordinary share of no par value ('New Ordinary Share') for every hundred (100) 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. The Articles of the Company do not permit the issuance of fractional shares and accordingly no fractional shares arising from the consolidation will be issued. \n \n \nNew Share Capital\n \nPost consolidation, the issued share capital of the Company is expected to be 82,134,988 New Ordinary Shares. The last day for dealing in the Existing Ordinary Shares on AIM is expected to be 23 March 2017.\n \nShareholders who hold Depositary Interes...