Business
Proposed Shareholder Consolidation
Proposed Shareholder Consolidation.
About this update from Avacta Group Plc
[{"type":"text","content":"\n \nRNS Number : 5156M Avacta Group PLC 21 January 2016 \n\nAvacta Group plc\n(\"Avacta\" or the \"Group\")\n \nProposed Share Consolidation\n \nAvacta Group plc (AIM: AVCT), the developer of Affimer® biotherapeutics and research reagents, is undertaking a share consolidation of 1 new ordinary share of 10p each for every 100 existing ordinary shares of 0.1p each (the \"Share Consolidation\"). \n \nThe Share Consolidation is conditional upon shareholder approval at the Company's Annual General Meeting which is to be held on Monday 25 January 2016 at 2.00pm GMT at the offices of Walker Morris, Kings Court, 12 King Street, Leeds, LS1 2HL.\n \nFollowing the Share Consolidation, Avacta's shareholders will still hold the same proportion of the Company's ordinary share capital as before the Share Consolidation (save in respect of fractional entitlements and subject to any further issue of shares). The new ordinary shares will carry the same rights under Avacta's Articles of Association as the existing ordinary shares.\n \nAny fractional shares that arise as a result of the Share Consolidation will be sold, and the aggregate proceeds of such sale (net of expenses) will be retained for the benefit of the Company.\n \nThe resolution to approve the Share Consolidation (the \"Resolution\") is set out in the Company's Notice of Annual General Meeting, which was posted to shareholders on 30 December 2015 and is available to view on the Company's website www.avacta.com.\n \nApplication has been made to the London Stock Exchange for the new ordinary shares arising out of the Share Consolidation to be admitted to trading on AIM (\"Admission\"). On the assumption that, inter alia, the Resolution is passed at the Annual General Meeting, it is expected that Admission will become effective at 8.00am on 26 January 2016.\n \nAs at 20 January 2016, the Company had 6,746,295,954 existing ordinary shares in issue. If the number of issued ordinary shares remains unchanged in the period prior to the Share Consolidation (and ignoring the effects of fractional entitlements), immediately following Admission, the Company would have 67,462,959 new ordinary shares in issue, with each share carrying the right to one vote. No shares are held in treasury. Therefore, the total number of voting right...