Business
Replacement: Consolidation of Ordinary Shares
Replacement: Consolidation of Ordinary Shares.
About this update from Uru Metals Limited
[{"type":"text","content":"\n \nRNS Number : 9469H URU Metals Limited 20 November 2018 \n\nThe following clarification has been made to the announcement by URU Metals Limited, \"Consolidation of Ordinary Shares in issue\" released on 13 November 2018 at 07:00 with RNS number 1138H. \nIt is noted that the existing ordinary shares of URU Metals had a nominal value of US$0.01 at the time of the Company's admission to the AIM market in September 2007 (\"AIM IPO\") and that Depositary Interests also had a nominal value of US$0.01, reflecting the then underlying nominal value of ordinary shares of the Company. The Board informs shareholders that the nominal value of the ordinary shares of the Company were reduced to \"nil par value\" by Board resolution on 25 September 2015. The change to the nominal value of ordinary shares of the Company did not require shareholder approval and has not affected the rights of shareholders of URU. The Company is incorporated in the British Virgin Islands (\"BVI\") and, accordingly, is subject to BVI law. The Board believes that the change to the nominal value of ordinary shares of URU was in compliance with BVI law.\nAll other details remain unchanged. The full amended text is shown below.\n \n\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 each 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. \nIt is noted that the existing ordinary shares of URU Metals had a nominal value of US$0.01 at the time of the Company's admission to the AIM market in September 2007 (\"AIM IPO\") and that Depositary Interests also had a nominal value of US$0.01, reflecting the then underlying nominal value of ordinary shares of the Company. The Board informs shareholders that the nominal value of the ordinary shares of the Company were reduced to \"nil par valu...