Business
Consolidation of Ordinary Shares in issue
Consolidation of Ordinary Shares in issue.
About this update from Uru Metals Limited
[{"type":"text","content":"\n \nRNS Number : 1138H URU Metals Limited 13 November 2018 \n\nURU Metals Limited\n(\"URU Metals\" or \"the Company\")\nConsolidation of Ordinary Shares in issue\n \nURU wishes to inform shareholders that it is proposing to consolidate the existing ordinary share capital of the Company.\nThe Company currently has 780,571,489 ordinary shares of no par value in issue ('Existing Ordinary Shares'). The Board considers that this number of shares is considerably larger than that of similar sized companies on AIM and other Recognised Investment Exchanges and that this is having a negative effect on investor perception of the Company. Accordingly, a consolidation is being proposed in order to reduce the number of Existing Ordinary Shares that are in issue. \nConsolidation of Ordinary Shares in issue\nThe Directors have resolved to re-organise the Company's share capital by combining all of the Existing Ordinary Shares on the basis of one new ordinary share of no par value ('New Ordinary Share') for every 1,000 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 ('Consolidation').\nA fractional entitlement may arise as a result of the Consolidation unless a holding of Existing Ordinary Shares is exactly divisible by 1000. For example, a Shareholder holding 1,500 Existing Ordinary Shares would be entitled to one New Ordinary Share and a fraction of 0.5 of a New Ordinary Share will arise after the Consolidation ('Fractional Shares'). These Fractional Shares will be aggregated and retained by the Company or sold for the benefit of the Company.\nNew Ordinary Shares\nPost Consolidation, the number of New Ordinary Shares is expected to be approximately 780,571 New Ordinary Shares. The last day for dealing in the Existing Ordinary Shares on AIM is expected to be 20 November 2018.\nShareholders who hold Depositary Interests will have such interests disabled in their CREST accounts on the Consolidation Record Date (as referred to below), and their CREST accounts will be credited with Depositary Interests representing the New Ordinary Shares to which they are entitled following Admission, which is expected to take place on 21 November 2018.\nFollowing the Consolidation, any existing share certificates...