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Platinum Group Metals: 10 to 1 Share Consolidation
Jan. 26, 2016 11:26AM PST
Precious Metals InvestingPlatinum Group Metals (TSX:PTM,NYSE MKT:PLG) reported a consolidation of its common shares on a ten to one basis. The company is aiming to increase its share price to meet the minimum share price requirements of the NYSE MKT.
Platinum Group Metals (TSX:PTM,NYSE MKT:PLG) reported a consolidation of its common shares on a ten to one basis. The company is aiming to increase its share price to meet the minimum share price requirements of the NYSE MKT.
As quoted in the press release:
Each ten (10) common shares issued and outstanding immediately prior to January 26, 2016 will automatically be reclassified, without any action of the holder thereof, into one common share. The share consolidation will affect all of the Company’s common shares outstanding immediately prior to the market opening on January 26, 2016. As a result of the share consolidation, the number of issued and outstanding common shares will be reduced from 775,914,708 to 77,591,471 (subject to fractional treatment). Each shareholder’s percentage ownership in the Company and proportional voting power remained unchanged after the share consolidation, except for minor changes and adjustments resulting from the treatment of fractional shares.
No fractional shares will be issued as a result of the share consolidation. Fractional interests of 0.5 or greater will be rounded up to the nearest whole number of shares and fractional interests of less than 0.5 will be rounded down to the nearest whole number of shares, in accordance with the Business Corporations Act (British Columbia). Registered shareholders of the Company will receive a letter of transmittal from the Company’s transfer agent, Computershare Investor Services Inc., as soon as practicable after the effective date of the share consolidation. The letter of transmittal will enable registered shareholders to exchange their old share certificates representing pre-consolidation common shares for post-consolidation common shares. Until surrendered, each share certificate representing pre-consolidation common shares will represent the number of whole post consolidation common shares to which the holder is entitled as a result of the consolidation.