Proposed Capital Consolidation
Perth, Nov 29, 2024 AEST (ABN Newswire) - Arrow Minerals Limited (
ASX:AMD) is pleased to announce its intention to undertake a consolidation of capital of the Company at a ratio of a 20 to 1 basis, subject to receipt of shareholder approval (Capital Consolidation).
Arrow advises that the Board will seek shareholder approval at a General Meeting, to be held on 2 January 2025, to consolidate the issued capital of the Company through the conversion ratio of twenty (20) shares into one (1) share.
The Capital Consolidation is proposed in order to:
- reduce the number of Shares on issue, thereby creating a more efficient capital structure; and
- provide the best path forward for continued growth and a capital structure that is more in line with the Company's size and peer group companies, resulting in a share price level that is more attractive to a wider range of investors.
As the Capital Consolidation applies equally to shareholders, individual shareholdings will be reduced in the same ratio as the total number of shares (that fraction will be rounded down to the nearest whole number of shares, as applicable). Accordingly, the Capital Consolidation will have no material effect on the percentage interest of each individual shareholder.
If the Capital Consolidation is approved, the number of Arrow shares on issue at that time will be reduced from 13,223,627,786 to approximately 661,181,389 (subject to the effects of rounding and assuming no new shares are issued in the interim).
*To view the indicative timetable, please visit:
https://abnnewswire.net/lnk/E4BA92BB
About Arrow Minerals Ltd
Arrow Minerals Ltd (ASX:AMD) is an exploration and development company focused on delivering long-term shareholder value through the discovery of economic mineral deposits in West Africa. The Company has implemented a systematic science-based exploration philosophy whilst remaining commercially nimble to ensure we capture and retain value.
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