Home Businessuite Markets Sterling Investments Directors Approve Five For One Stock Split
Sterling Investments Directors Approve Five For One Stock Split

Sterling Investments Directors Approve Five For One Stock Split

0
0

Sterling Investments Limited (SIL) has advised that the Board of Directors of the Company approved the following resolutions at the Extraordinary General Meeting held on October 8, 2018:

1) That the issued ordinary shares/stock units in the capital of the Company shall be split so that every one (1) issued ordinary share/stock unit of the Company’s ordinary shares/stock units is split and converted into five (5) shares/stock units of the Company ranking in all respects pari passu with the existing ordinary stock units of the Company.

2) That the authorized share capital of the Company be increased by the addition thereto of J$1,850,000,000 comprised of 1,850,000,000 ordinary shares of no par value each, the same to be converted on issue to stock units in the capital of the Company, so that the new share capital of the Company shall be J$2,000,000,000 and the authorized share capital of the Company be comprised as follows:

(a) 2,000,000,000 ordinary shares of no par value;
(b) 10,000 preference shares of J$10,000;

3) That the Company hereby approves the issue of ordinary shares (in this resolution “New Ordinary Shares”) part of the authorised capital of up to 2,000,000,000 ordinary shares currently unissued, the same to be offered to the holders of ordinary shares/stock units by way of a Rights Issue on such terms (including the number of New Ordinary Shares, the price per New Ordinary Share, the proportion of New Ordinary Shares to be offered in relation to existing ordinary shares/stock units held by the holders thereof and the record date for determining the eligibility of such ordinary stockholders to subscribe for New Ordinary Shares) in each case as the Directors and/or any duly appointed Committee of Directors shall determine AND THAT the Directors be authorized to dispose of all such New Ordinary Shares not taken up by holders of ordinary shares/stock units to whom the offer is made, on terms and conditions as the Directors may consider expedient in their absolute discretion. FURTHER that on issue, the New Ordinary Shares shall be converted and/or confirmed to be ordinary stock units, save that the same shall rank in all respects pari passu with the existing ordinary stock units of the Company.

4) That the Directors and the Secretary of the Company do execute all steps and documents and are hereby authorized to execute all steps and documents in order to give effect to the stock split and to implement and effectuate the Rights Issue, in each case as aforementioned.

LEAVE YOUR COMMENT