Ortac Resources' shares fall after 1-for-100 share consolidation proposal
Ortac Resources' shares fell more than 12% after it proposed a one-for-100 capital recorganisation.
Arc Minerals Limited NPV (DI)
1.92p
16:55 03/06/24
1.32%
0.03p
Financial Services
14,512.05
16:49 03/06/24
0.07%
9.70
FTSE AIM All-Share
805.16
16:54 03/06/24
n/a
n/a
The company's current issued capital of 8.2bn shares would be reduced to 82.1m.
The consolidation was being proposed to reduce the number of existing ordinary shares that were in issue to a level more in line with comparable AIM-quoted companies.
"Directors expect that the consolidation will improve the marketability of the company's existing ordinary shares to a wider range of investors, including institutional investors."
At 10:49 GMT, shares in AIM-quoted Ortac were down 12.16% to 0.03p each.