Neptune announces share consolidation
Neptune announces share consolidation

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.

The West Australian

Popular videos

Compare & Save

Our Picks

Compare & Save

More from The West