Enseco Energy Services Corp. (CVE:ENS) reported its financial results for the three months ended June 30, 2011.
Enseco Energy Services Corp. (TSXV:ENS) reported its financial results for the three months ended June 30, 2011.
The press release is quoted as saying:
Enseco is also pleased to announce that its Board of Directors has decided to proceed with the consolidation the Company’s issued and outstanding common shares on the basis of ten (10) pre-consolidated shares for one (1) post-consolidated share, as more particularly described in the Company’s information circular – proxy statement dated April 4, 2011, which was approved by the Company’s shareholders on May 9, 2011. Enseco does not intent to change its name in conjunction with the consolidation.
Enseco believes that the consolidation will benefit the Company on a go forward basis by: (i) generating greater investor interest, (ii) increasing liquidity for shareholders, and (iii) enabling the Company to be better able to respond to the demands of the capital markets. The Company currently has 195,983,719 common shares outstanding, which after giving effect to the proposed consolidation, would result in the Company having approximately 19,598,372 common shares outstanding. Completion of the consolidation is subject to the final acceptance of the TSX Venture Exchange.