Business
Proposed Share Reorganisation Timetable
Proposed Share Reorganisation Timetable.
About this update from Cambridge Nutritional Sciences Plc
[{"type":"text","content":"\n\nOmega Diagnostics Group plc\n('Omega' or the 'Company')\n \nProposed Share Reorganisation Timetable\nand\nChange of Name\n \nOmega (AIM: ODX), the specialist medical diagnostics company focused on industry-leading Health and Nutrition products, announces further details of its proposed Share Reorganisation (defined below) including the proposed timetable. The Share Reorganisation was originally notified in the Company's Notice of Annual General Meeting, which was posted to shareholders on 11 August 2023.\n \nThe Annual General Meeting ('AGM') will be held on 6 September 2023 at 11.00 a.m. (BST) at Poets House, St Mary's Street, Ely, CB7 4EY.\n \nProposed Share Reorganisation\nAs at 2 August 2023, being the latest practicable date prior to publication of the Notice of AGM, the issued share capital of the Company comprised 237,685,180 ordinary shares of 4 pence each and 123,245,615 deferred shares of 0.9 pence each. The middle market share price (on AIM) of an ordinary share as at the close of business on 2 August 2023 was 2.5 pence, implying a market capitalisation of the Company of approximately £5.94 million. The Directors consider that this number of existing ordinary shares is excessive for a Company of Omega Diagnostics' market capitalisation. In addition, that price per share is less than the nominal value of an ordinary share (being 4 pence). The Companies Act 2006 provides that a company may not issue shares at a discount to nominal value. Accordingly, given the discount, the Company is not presently practicably able to raise further equity investment. Whilst the Directors have no current intention to seek to do so, it would be preferable for the Company to be in a position to raise equity investment in the future if that was considered to be in the best interests of the Company at that time.\nThe Company is proposing (through Resolution 8 set out in the Notice of AGM) to address all of these points by consolidating the ordinary share capital and by converting part of the nominal capital of the Company into deferred share capital. The proposed consolidation is on a 61 for 1 basis - meaning that for every 61 existing ordinary shares of 4 pence each in the capital of the Company held ('Existing Ordinary Shares'), a shareholder will receive one new ordinary share of 10 pence ('New Ordin...