incitec seeks approval for share split

After the split, if it gets the nod, worth buying

AAP

Fertiliser and explosives maker Incitec Pivot Ltd has called for a general meeting of shareholders in September to consider a share split.

Incitec will ask shareholders to approve a share split of 20-for-one at the meeting on September 5.

If the resolution is passed, the total number of shares in Incitec will increase from about 60.86 million to 1.22 billion.

Normal settlement trading after the share split would start on October 1.

"The share split is intended to benefit shareholders," Incitec chairman John Watson said.

"By lowering the nominal value of shares, the affordability of the shares to retail investors will be increased and, in addition, it will act as a deterrent to market predators."

Mr Watson said the share split would also facilitate the introduction of a dividend re-investment plan for Incitec shareholders.

Incitec shares were $10.22 lower at $149.61 at 1055 AEST on Tuesday.