Sealegs To Consolidate Shares
16 November 2004
16 November 04
Sealegs To Consolidate Shares
Sealegs Corporation Ltd today announced that its board has resolved to consolidate its ordinary shares. Every sixteen existing ordinary shares will consolidate into one ordinary share (the consolidation ratio).
The record date for the consolidation will be Monday 22nd November 2004, with the consolidation taking effect following the close of business on that day. All shareholders on the register at the close of business on the record date will have each sixteen ordinary shares they hold consolidated into one ordinary share.
Fractional entitlements to ordinary shares arising as a result of the consolidation will be rounded up to the nearest whole number.
Key Dates are as follows:
· Last day for registration of transfers on pre-consolidation basis – Friday 19th November 2004
· Record date for consolidation – 5pm, Monday 22nd November 2004
· Sealegs Corporation shares consolidated – Monday 22nd November 2004
· Commencement of trading in post-consolidation shares on NZSX – Tuesday 23rd November 2004
· Dispatch of notices and shareholder statements – Wednesday 1st December 2004
The number of ordinary shares to be issued upon the exercise of any outstanding options issued by Sealegs Corporation will be proportionately decreased in line with the consolidation ratio. The exercise price for those options will also be adjusted in the inverse proportion to the consolidation ratio.
Sealegs Corporation also intends, immediately after the consolidation, to notify those shareholders holding less than the NZX’s prescribed minimum holding at that time that if they wish to remain shareholders of the company, they will need to top up their holdings to a minimum holding within a 3 month period. If they do not do so, those holders’ shares will be sold, as permitted by the company’s constitution, by the company on behalf of the shareholders and the company will account to the shareholders for the proceeds of that sale. The purpose of this process is to rationalise the company’s shareholder base and reduce administrative costs.
