Accrelist proposes 20-to-1 share consolidation

CATALIST-LISTED corporate accretion services provider Accrelist is proposing to consolidate every 20 existing ordinary shares in the company into one ordinary share, at a books closure date to be later determined, it announced on Wednesday after market close.

The consolidated shares will be traded on Catalist in lots of 100. The number of consolidated shares to which shareholders are entitled will be rounded down to the nearest whole consolidated share, with any fractions disregarded. As at May 29, Accrelist has an issued and paid-up share capital of about S$113.9 million, comprising 5.58 billion shares, and no treasury shares. Assuming no new shares issued up to the books closure date, the consolidation will result in a total of 279.14 million consolidated shares.

Accrelist said it believes the proposed consolidation"will generally be beneficial to the company and its shareholders", with the potential to reduce share price volatility and the percentage transaction cost for trading each board lot, as well as to increase market interest and attractiveness of the company and its shares. But it added that shareholders should note that there is no assurance that the proposed share consolidation will achieve these results.

Following its announcement, Accrelist requested a lifting of the trading halt that it had called the day before. Its shares last closed at 0.4 Singapore cent on May 28.

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