Shareholders of Jamaica Teas Ltd have voted in favour of a two-for-one stock split resulting in a 200 per cent increase in the number of shares in issue.
The company indicated on April 1 that, by ordinary resolution on March 16, 2016, each share in the capital of the company was subdivided into two shares.
Consequently, the authorised share capital was increased from 250 million shares, to 500 million shares and the issued shares were increased from 168,708,365 to 337,416,730.
The move is expected to preface a rights issue later this year. Closer to the start of 2016, CEO John Mahfood said the split was intended to improve the available pool of tradable shares.
Published in the Observer
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