DPW proposes share consolidation

Subject to approval, shareholders would each receive one new ordinary share of US$2.00 for every 20 existing ordinary shares of US$0.10 each. Trading in the new shares is expected to commence on 19 May.

It is anticipated that the share price on that day will be approximately 20 times the level of the previous night’s close to adjust for the reduction in the number of shares in issue, which will reduce from approximately 16.6 billion shares to approximately 830 million shares.

It is the Board’s intention that upon consolidation, fractional entitlements will be pooled and sold in the market with, where practicable, all proceeds being returned to shareholders in the same way dividends are distributed via NIN accounts, Nasdaq Dubai members, custodians and brokers.