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Mount Burgess Mining (ASX:MTB) Announces Share Consolidation Upon Shareholder Approval

November 29, 2024 02:18 PM AEDT | By Sonal Goyal
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Highlights

  • Shareholders approved the consolidation of every four existing shares into one new share.
  • The number of issued shares will decrease from 1,298,146,786 to approximately 324,536,697 following the consolidation.
  • Normal trading of the consolidated shares is expected to start on 12 December 2024.

Mount Burgess Mining NL (ASX:MTB) has received shareholder approval to undertake a share consolidation, converting every four existing shares into one consolidated share. Fractional entitlements resulting from the process will be rounded to the nearest whole security.

The consolidation will reduce the number of issued shares from 1,298,146,786 to approximately 324,536,697,  enhancing the company’s assets per share value by a factor of four. Notably, the consolidation will apply  equally to all shareholders, ensuring no material impact on the percentage ownership of individual shareholders.

The approval was granted at the Annual General Meeting (AGM) held on 28 November 2024.

Adjustments to Options

All outstanding options will also undergo consolidation at the same ratio as the shares. Additionally, the exercise price of these options will be adjusted inversely in line with the consolidation ratio.

Normal trading of the consolidated shares is anticipated to begin on 12 December 2024.

MTB shares traded at AU$0.001 apiece at the time of writing on 29 November 2024.


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