Mount Burgess Mining NL (ASX: MTB) Announces Capital Consolidation
Capital Consolidation Approved
Mount Burgess Mining NL (ASX: MTB) has received shareholder approval to consolidate its issued capital, converting every four existing shares into one share. This consolidation aims to reduce the number of shares from approximately 1.3 billion to around 324.5 million.
Objective of the Consolidation
The consolidation will effectively increase the value of the company’s assets per share by a factor of four. All other securities on issue will undergo a corresponding consolidation. Fractional entitlements will be rounded to the nearest whole security, ensuring equity among shareholders.
Timetable for Implementation
The company has outlined an indicative timetable for the consolidation process. Notification of ASX approval occurred on 29 November 2024. Trading in pre-consolidated securities will end on 2 December 2024, with consolidated securities commencing on a deferred settlement basis the following day. Normal trading is expected to resume by 12 December 2024.
Executive Commentary
A representative from the Board stated, “This consolidation represents a strategic step towards enhancing shareholder value while maintaining equitable distribution among all security holders.”
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