UPDATE 1pm: Neptune Marine Services has announced plans for a share consolidation of one new share for every 30 on issue.
The company said it had 1.8 billion shares on issue, a big number for a company of its size.
“The proposed share consolidation will reduce the number of shares on issue to approximately 60 million, creating a more efficient capital structure,” Neptune said in a statement.
Shareholders will be asked to approve the share consolidation at the company’s annual general meeting on November 27.
Last year, Neptune was forced into a heavily dilutive capital raising at just 5¢ a share after being close to collapse.
The company also undertook a major restructure of its business, cutting staff and selling assets.
Neptune shares were off 0.1 cents, or 3.85 per cent, to 2.4 cents shortly before the close of trade.