24 JUNE 20134-Traders
Anglo Aluminum awaits approval for rejig
Edited by : AL CIRCLE
2 min read
Anglo Aluminum Corp. announces that, subject to regulatory approval, it proposes a consolidation of its issued common shares on the basis of 10 old shares for 1 new share and to change its name to Navasota Resources Inc.
The proposed consolidation was approved by the Company’s shareholders at the annual general and special meeting of shareholders held on December 14, 2012. The Company’s management and Board of Directors determined it prudent to seek shareholder approval of a potential consolidation at the last annual general meeting in order to ensure that the Company was in a position to effect a consolidation when required, as well as to avoid incurring the additional costs of calling a shareholder meeting in the future for this purpose.
The Company currently has 87,305,285 common shares issued and outstanding and there will be approximately 8,730,528 common shares issued and outstanding on a post-consolidated basis, subject to adjustment as a result of elimination of fractional shares. Pursuant to the Company’s governing corporate law, each fractional share resulting from the consolidation that is less than one-half of a share will be cancelled and each fractional share that is at least one-half of a share will be rounded up to one whole share.
The proposed consolidation was approved by the Company’s shareholders at the annual general and special meeting of shareholders held on December 14, 2012. The Company’s management and Board of Directors determined it prudent to seek shareholder approval of a potential consolidation at the last annual general meeting in order to ensure that the Company was in a position to effect a consolidation when required, as well as to avoid incurring the additional costs of calling a shareholder meeting in the future for this purpose.
The Company currently has 87,305,285 common shares issued and outstanding and there will be approximately 8,730,528 common shares issued and outstanding on a post-consolidated basis, subject to adjustment as a result of elimination of fractional shares. Pursuant to the Company’s governing corporate law, each fractional share resulting from the consolidation that is less than one-half of a share will be cancelled and each fractional share that is at least one-half of a share will be rounded up to one whole share.
Tagged with:Merger and acquisition
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