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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Arcontech Group Plc | LSE:ARC | London | Ordinary Share | GB00BDBBJZ03 | ORD GBP0.125 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 106.50 | 105.00 | 108.00 | 106.50 | 106.50 | 106.50 | 45 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Computer Programming Service | 2.73M | 980k | 0.0733 | 14.53 | 14.24M |
TIDMARC
RNS Number : 0569I
Arcontech Group PLC
26 August 2016
ARCONTECH GROUP PLC
("Arcontech", the "Company" or the "Group")
Posting of Annual Report, Notice of AGM
and Proposed Share Consolidation
Arcontech (AIM: ARC), the provider of products and services for real-time financial market data processing and trading, confirms that its Annual Report and Accounts for the year ended 30 June 2016, together with the Notice of the Annual General Meeting, have been posted to shareholders. The documents are available to download from the Company's website http://www.arcontech.com.
The Company's Annual General Meeting will be held at the Company's offices at 1st Floor, 11-21 Paul Street, London EC2A 4JU on 27 September 2016 at 10.00 a.m.
Proposed Share Consolidation
Contained within the Notice of AGM is a letter to shareholders describing proposals for a consolidation of share capital ("Share Consolidation"), and the resolutions required to effect this will be put to shareholders at the forthcoming AGM.
As at 25 August 2016, the Company had 1,545,731,537 existing ordinary shares of GBP0.001 each ("Existing Ordinary Shares") in issue. With shares of low denominations, small absolute movements in the share price can represent large percentage movements resulting in high volatility. The Share Consolidation is expected to assist in reducing the aforementioned volatility in the Company's share price and enable a more consistent valuation of the Company. The Board also believes that the bid/offer spread on shares priced at low absolute levels can be disproportionate to the share price and therefore to the detriment of shareholders.
Therefore the Directors are proposing that every 125 Existing Ordinary Shares be consolidated into one new ordinary share of GBP0.125 each ("New Ordinary Shares").
Following the Share Consolidation, shareholders will still hold the same proportion of the Company's ordinary share capital as before the Share Consolidation. Other than a change in nominal value, the New Ordinary Shares will carry equivalent rights under the Articles of Association to the Existing Ordinary Shares.
The Board believes that the Share Consolidation will result in a more appropriate number of ordinary shares in issue for a company of Arcontech's size and may also help to make the New Ordinary Shares more attractive to investors going forward.
Full details of the Share Consolidation, including the treatment of fractional holdings, are set out in the Notice of AGM and the accompanying explanatory notes.
The expected timetable for the Share Consolidation is set out below.
Notice of AGM posted to Shareholders 26 August 2016 Latest time and date for receipt of Forms of 10.00 a.m. on 25 Proxy September 2016 Annual general meeting 10.00 a.m. on 27 September 2016 Record date for consolidation 5.00 p.m. on 27 September 2016 Existing Ordinary Shares disabled in CREST and 5.00 p.m. on 27 September share register closed 2016 Expected date on which New Ordinary Shares admitted 8.00 a.m. on 28 September to AIM 2016 Expected date on which CREST accounts are to 28 September 2016 be credited Expected date by which definitive new share certificates 12 October 2016 are to be despatched ISIN of New Ordinary Shares GB00BDBBJZ03
Enquiries:
020 7256 Arcontech Group plc 2300 Richard Last, Chairman and Non-Executive Director Matthew Jeffs, Chief Executive 020 7220 finnCap Ltd (Nomad & Broker) 0500 Carl Holmes/Simon Hicks
To access more information on the Group please visit: www.arcontech.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
NOAEADPLASSKEFF
(END) Dow Jones Newswires
August 26, 2016 02:00 ET (06:00 GMT)
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