URU Metals Limited Consolidation of Ordinary Shares in issue (1138H)
November 13 2018 - 2:00AM
UK Regulatory
TIDMURU
RNS Number : 1138H
URU Metals Limited
13 November 2018
URU Metals Limited
("URU Metals" or "the Company")
Consolidation of Ordinary Shares in issue
URU wishes to inform shareholders that it is proposing to
consolidate the existing ordinary share capital of the Company.
The Company currently has 780,571,489 ordinary shares of no par
value 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.
Consolidation of Ordinary Shares in issue
The Directors have resolved to re-organise the Company's share
capital by combining all of the Existing Ordinary Shares on the
basis of one new ordinary share of no par value ('New Ordinary
Share') for every 1,000 Existing Ordinary Shares, such shares
having the same rights and being subject to the same restrictions
as the Existing Ordinary Shares as set out in the Articles of the
Company ('Consolidation').
A fractional entitlement may arise as a result of the
Consolidation unless a holding of Existing Ordinary Shares is
exactly divisible by 1000. For example, a Shareholder holding 1,500
Existing Ordinary Shares would be entitled to one New Ordinary
Share and a fraction of 0.5 of a New Ordinary Share will arise
after the Consolidation ('Fractional Shares'). These Fractional
Shares will be aggregated and retained by the Company or sold for
the benefit of the Company.
New Ordinary Shares
Post Consolidation, the number of New Ordinary Shares is
expected to be approximately 780,571 New Ordinary Shares. The last
day for dealing in the Existing Ordinary Shares on AIM is expected
to be 20 November 2018.
Shareholders who hold Depositary Interests will have such
interests disabled in their CREST accounts on the Consolidation
Record Date (as referred to below), and their CREST accounts will
be credited with Depositary Interests representing the New Ordinary
Shares to which they are entitled following Admission, which is
expected to take place on 21 November 2018.
Following the Consolidation, any existing share certificates
will cease to be valid and new share certificates are expected to
be despatched to those Shareholders who hold their Existing
Ordinary Shares in certificated form, on or before 28 November
2018.
Expected Timetable
Announcement of Consolidation to Shareholders 13 November 2018
Last day of dealings in the Existing Ordinary 20 November 2018
Shares
-------------------------
Consolidation Record Date 18:00 p.m. (GMT) on 20
November 2018
-------------------------
Admission effective and dealings in New
Ordinary Shares expected to commence on 08:00 a.m. (GMT) on 21
AIM November 2018
-------------------------
Crediting of CREST accounts with Depositary
Interests representing New Ordinary Shares 08:00 a.m. (GMT) on 21
November 2018
-------------------------
Despatch of definitive share certificates 28 November 2018
in respect of New Ordinary Shares in certificated
form
-------------------------
Share Capital Statistics
Number of Existing Ordinary Shares at
the date of this Announcement 780,571,489
Number of New Ordinary Shares in issue
immediately following the Consolidation 780,571
-------------
ISIN for the New Ordinary Shares VGG930042012
-------------
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information, please contact:
URU Metals Limited
John Zorbas
(Chief Executive Officer) +1 416 504 3978
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker)
Ewan Leggat + 44 (0) 203 470 0470
SVS Securities Plc
(Joint Broker)
Tom Curran +44 (0) 203 700 0093
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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