TIDMITX
RNS Number : 2908J
Itaconix PLC
15 August 2023
Itaconix plc
("Itaconix" or the "Company")
Share Consolidation
Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in
sustainable plant-based polymers used to decarbonise everyday
consumer products, announces details of its share consolidation
("Share Consolidation"). The Share Consolidation was approved by
shareholders at the Company's Annual General Meeting on 28 June
2023.
Rationale for the Share Consolidation
The Directors consider that it is in the best interests of the
Company's long-term development as a public quoted company to
support share trading through the Company's US OTC listing, with a
more manageable number of issued ordinary shares and corresponding
share price.
Details of the Share Consolidation
Every existing 50 ordinary shares of GBP0.01 each in the capital
of the Company (each an "Existing Ordinary Share") in issue and
shown in the register of members of the Company at 6.00 p.m.
(London time) on the Record Date (as defined below) will be
consolidated into one ordinary share of GBP0.50 each (each a "New
Ordinary Share").
The Company intends, immediately prior to the Share
Consolidation being effected, to issue 45 additional Existing
Ordinary Shares to enable the total number of Existing Ordinary
Shares in issue being exactly divisible by 50. Since these
additional shares will only represent a fraction of a New Ordinary
Share, this fraction will be combined with other fractional
entitlements and sold pursuant to the arrangements for fractional
entitlements described below. As a result of this allotment the
number of Existing Ordinary Shares in issue immediately prior to
the Share Consolidation will be 674,306,100 Existing Ordinary
Shares.
In accordance with the Company's articles of association (the
"Articles"), no shareholder will, pursuant to the Share
Consolidation, be entitled to receive a fraction of a New Ordinary
Share. The Directors will make arrangements to aggregate all the
fractions of New Ordinary Shares into whole New Ordinary Shares and
to sell the resulting New Ordinary Shares for the best price
reasonably obtainable. Where the proceeds to which a shareholder
would be entitled from the sale of the fractional entitlements
would amount to less than GBP5.00, in accordance with the Articles,
such amounts will not be distributed to the relevant shareholders
and will be aggregated and retained for the benefit of the Company
in accordance with the Articles.
Rights attaching to New Ordinary Shares
The New Ordinary Shares arising upon implementation of the Share
Consolidation will have the same rights as the Existing Ordinary
Shares including voting, dividend, return of capital and other
rights.
Effects on options
The entitlements to ordinary shares of holders of securities or
instruments convertible into ordinary shares (such as share
options) are expected to be adjusted to reflect the Share
Consolidation .
Admission of the New Ordinary Shares
Application will be made to the London Stock Exchange for the
13,486,122 New Ordinary Shares to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective
and that dealings in the New Ordinary Shares will commence at 8.00
a.m. BST on 22 August 2023. Following Admission, the share capital
of the Company will be comprised of 13,486,122 New Ordinary
Shares.
Shareholders who hold Existing Ordinary Shares in uncertificated
form will have such shares disabled in their CREST accounts and
their CREST accounts will be credited with the New Ordinary Shares
following Admission to AIM, which is expected to be on 22 August
2023.
Following the Share Consolidation, existing share certificates
will cease to be valid and new share certificates will be
dispatched to those shareholders who hold their Existing Ordinary
Shares in certificated form.
Expected Timetable of Principal Events
Record Date and final date for trading 6.00 p.m. (BST) on 21
in Existing Ordinary Shares August 2023
Expected Admission to trading on AIM 8.00 a.m. (BST) on 22
of the New Ordinary Shares arising August 2023
from the Share Consolidation
-------------------------
Despatch of definitive share certificates Within 10 business days
in respect of the New Ordinary Shares of Admission
to be held in certificated form, if
applicable
-------------------------
Proposed Share Consolidation
Number of Existing Ordinary Shares in
issue at the date of this announcement 674,306,055
Number of Existing Ordinary Shares expected
to be in issue on the Record Date 6 74,306,100
-------------
Conversion ratio of Existing Ordinary
Shares to New Ordinary Shares 50:1
-------------
Total number of New Ordinary Shares in
issue following the Share Consolidation 1 3,486,122
-------------
Nominal value of each Existing Ordinary GBP0.01
Share
-------------
Nominal value of each New Ordinary Share GBP0.50
-------------
ISIN code for New Ordinary Shares TBC*
-------------
SEDOL code for New Ordinary Shares TBC*
-------------
* following the Consolidation, the Company will announce its new
ISIN Code and its new SEDOL Codes
- Ends -
For further information please contact:
Itaconix plc +1 603 775 4400
John R. Shaw / Laura Denner
Belvedere Communications +44 (0) 20 3008 6864
John West / Llew Angus
finnCap +44 (0) 20 7220 0500
Nominated Adviser & Joint Broker
Ed Frisby / Abigail Kelly / Milesh Hindocha
(Corporate Finance)
Andrew Burdis / Sunila de Silva (ECM)
About Itaconix
Itaconix uses its proprietary plant-based polymer technology
platform to produce and sell specialty ingredients that improve the
safety, performance, and sustainability of consumer products. The
Company's current ingredients are enabling and leading new
generations of products in detergents, hygiene, and hair care.
Itaconix's products contribute to the global low carbon
economy.
www.itaconix.com
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