Apologies amb005, I made a mistake the PROPOSED CONSOLIDATION OF CAPITAL will only be at 100 to 1 not the 500 to 1
from their web site.PROPOSED CONSOLIDATION OF CAPITAL
Key Petroleum Limited (ASX: KEY) (“Key” or “Company”) advises that the Board will seek shareholder approval at the Company’s Annual General Meeting (“AGM”) on 28 November 2024 to consolidate the issued capital of the Company through the conversion of every one hundred (100) existing Shares into one (1) Share (Consolidation). Fractional entitlements will be rounded up to the nearest whole Share.
The Consolidation is being undertaken to reduce the number of Shares currently on issue from 2,262,928,126 to approximately 22,629,282 (subject to rounding), and effectively increase the value of the Company’s assets per Share. As the Consolidation applies equally to all security holders, it will have no material effect on the percentage shareholding interest of each individual shareholder.
The Consolidation is anticipated to provide a more effective capital structure of the Company and a more appropriate share price for a wider range of investors.
A Notice of Meeting has been announced concurrently with this announcement that outlines the background and details of the proposed Consolidation.
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