LONDON - MetalNRG PLC (LSE:MNRG), a natural resource investing company, announced today that its shareholders have approved a share consolidation plan at a general meeting. The resolution, which was passed during the meeting held today, will result in the consolidation of the company's existing ordinary shares.
The consolidation will see every 100 existing ordinary shares of nominal value 0.01p each combined into one new ordinary share of nominal value 1p. This process, known as a share consolidation, is scheduled to take effect with the start of trading on December 6, 2024. Consequently, the company's International Securities Identification Number (ISIN) will change from GB00B15FS791 to GB00BS2GR553 to reflect the new ordinary shares.
The company has confirmed that the results of the proxy voting from the general meeting will be made available on MetalNRG's website. The move to consolidate shares is a common practice among companies aiming to adjust their share structure for a variety of strategic reasons.
MetalNRG, which focuses on investments in the natural resources sector, has not disclosed specific reasons for the share consolidation. However, such actions can often be aimed at improving the marketability of the shares or adjusting the share price to a level that is more appealing to investors.
The company's CEO, Christopher Chadwick, is responsible for the arrangement and release of this announcement, as per the requirements of the UK Market Abuse Regulation (UK MAR).
This news comes as MetalNRG continues to navigate the investment landscape in the natural resources market. The announcement is based on a press release statement and provides shareholders and potential investors with the latest developments in the company's share structure.
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