Business
Notice of GM and proposed Share Consolidation
Notice of GM and proposed Share Consolidation.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \n \n 30 June 2022\n \n \n \n Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining\n \n \n \n Keras Resources plc ('Keras' or the 'Company')\n \n \n \n \n \n \n \n Notice of General Meeting and proposed Share Consolidation\n \n \n \n \n \n \n Keras Resources (AIM:KRS)\n , announces that a General Meeting is\n being convened for Monday 25 July 2022 at 11:15 a.m. (or as soon as the Annual General Meeting convened for 11.00 a.m. is concluded) at Coveham House, Downside Bridge Road, Cobham, Surrey, KT11 3EP to address the proposed consolidation of the Company's share capital (\"Consolidation\").\n \n \n The Directors believe that the Company's existing share capital structure is no longer appropriate, as the high number of shares in issue combined with the relatively low price per share is thought to result in excess volatility, reduced liquidity and a widening in the market bid and ask share price spread in the Company's shares. They are therefore proposing consolidating the Company's ordinary shares of 0.01p each in issue (\"Existing Ordinary Shares\") so that every 100 Existing Ordinary Shares will be consolidated into 1 ordinary share of 1p (\"Consolidated Ordinary Share\"). The Consolidation will reduce the 7,973,573,068\n Existing Ordinary Shares currently in issue to 79,735,731 Consolidated Ordinary Shares and is expected to:\n \n \n \n \n \n ·\n increase the Company's share price proportionately and in doing so help improve the market liquidity of, and trading activity in, the Company's shares;\n \n \n ·\n provide the basis for a narrowing in the market bid and ask share price spread in the Company's shares; and\n \n \n ·\n overall, further enhance the perception of the Company and its prospects and help improve the marketability of the Company's shares to a wider group of potential investors.\n \n \n \n \n \n The Company's predominantly retail investor shareholder base has been an essential part of the Company's growth since its admission to AIM and remains the case. Their ongoing support has been important to the Company building its portfolio of projects.\n \n \n As all of the Existing Ordinary Shares are proposed to be consolidated, the proportion of Consolidated Ordinary Shares held by each Shareholder immediately before and immediately after the Consolidation will, save for Fra...