Business
Share Consolidation
Share Consolidation.
About this update from Itaconix Plc
[{"type":"text","content":"\n\n\nItaconix plc\n(\"Itaconix\" or the \"Company\")\nShare Consolidation\n \nItaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in sustainable plant-based polymers used to decarbonise everyday consumer products, announces details of its share consolidation (\"Share Consolidation\"). The Share Consolidation was approved by shareholders at the Company's Annual General Meeting on 28 June 2023.\nRationale for the Share Consolidation\nThe Directors consider that it is in the best interests of the Company's long-term development as a public quoted company to support share trading through the Company's US OTC listing, with a more manageable number of issued ordinary shares and corresponding share price.\nDetails of the Share Consolidation\nEvery existing 50 ordinary shares of £0.01 each in the capital of the Company (each an \"Existing Ordinary Share\") in issue and shown in the register of members of the Company at 6.00 p.m. (London time) on the Record Date (as defined below) will be consolidated into one ordinary share of £0.50 each (each a \"New Ordinary Share\").\nThe Company intends, immediately prior to the Share Consolidation being effected, to issue 45 additional Existing Ordinary Shares to enable the total number of Existing Ordinary Shares in issue being exactly divisible by 50. Since these additional shares will only represent a fraction of a New Ordinary Share, this fraction will be combined with other fractional entitlements and sold pursuant to the arrangements for fractional entitlements described below. As a result of this allotment the number of Existing Ordinary Shares in issue immediately prior to the Share Consolidation will be 674,306,100 Existing Ordinary Shares.\nIn accordance with the Company's articles of association (the \"Articles\"), no shareholder will, pursuant to the Share Consolidation, be entitled to receive a fraction of a New Ordinary Share. The Directors will make arrangements to aggregate all the fractions of New Ordinary Shares into whole New Ordinary Shares and to sell the resulting New Ordinary Shares for the best price reasonably obtainable. Where the proceeds to which a shareholder would be entitled from the sale of the fractional entitlements would amount to less than £5.00, in accordance with the Articles, such amounts will not be distributed to the relevant shareholders and ...