PROPOSED 1 FOR 10 SHARE CONSOLIDATION
Castlemaine Goldfields Limited (the “Company”) announces that the Company proposes to implement a 1 for 10 share consolidation subject to shareholder approval.
The company has approximately 1.5 billion shares on issue with a market capitalisation of approximately $73 million as at close of business 22 July 2011. For a Company of this size, this is a large number of securities to have on issue, and it is considered appropriate to address this matter. Post consolidation, there will be approximately 152 million shares on issue which will be more consistent with the capital structures of the Company’s peer group.
In accordance with the Corporations Act, a resolution will be put to shareholders at a General Meeting of the Company to be held on 26 August 2011. The resolution will propose that every ten ordinary shares held by a shareholder be converted into one ordinary share.
If the resolution is passed, the number of ordinary shares and options on issue and the exercise price of the options will be adjusted in accordance with the ASX Listing Rules.
Further information is provided in the accompanying explanatory statement and notice of meeting for the General Meeting that will be dispatched to shareholders today.
Download this document
