Sharechat Logo

Allied Farmers plans 10-to-1 share consolidation

Monday 1st July 2019

Text too small?

Allied Farmers announced a 10-to-one share consolidation, a move which will shrink the number of shares on issue and boost the per share price. 

The final day for trading in pre-consolidation on the NZX main board is July 12 and as of the July 16 record date the number of shares on issue will be reduced from 178,547,294 to approximately 17,854,729 shares, it said. 

The shares last traded at 7.1 cents and have lost 5 percent so far this year. 

The company said fractional entitlements to shares which arise as a result of the consolidation will be rounded to the nearest whole number and a fractional entitlement to half a share will be rounded up. 

Shareholders will receive a statement from the firm's share registrar, Link Market Services, a few days after the consolidation notifying them of their holdings.

"It is important to note that, while the consolidation will reduce the number of shares held by shareholders by a factor of 10, the consolidation will not impact each shareholder’s relative percentage shareholding in ALF," it said. 

It also noted that it is anticipated that the price at which shares trade on the NZX immediately following the consolidation will increase relative to the consolidation ratio. 

Earlier this month, Allied Farmers said it expects annual operating earnings to be generally consistent with the prior year despite headwinds from the likes of the Mycoplasma bovis outbreak.

Allied Farmers reported pre-tax profit of $2.4 million in the year to June 2018, with the livestock unit posting a 2.6 percent decline in earnings to $2.6 million. 

(BusinessDesk)

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Supplements, skincare firm poised for reverse listing
NZX, EEX eye carbon auction opportunity
A2 Milk boss steps down, shares fall 7.7%
NZX says operating earnings will reach top of guidance
NZ dollar consolidates weekly gain of more than a US cent
NZ dollar holds gains on improved dairy, bank capital outlook
MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision
NZ dollar rises; bank capital rules less harsh than expected
RBNZ relaxes capital requirements, allows preference shares, extends phase-in
NZ dollar extends gain amid mixed US data, possible trade progress

IRG See IRG research reports