SCOTTY Group seeks 1 for 50 share consolidation
Friday, August 15, 2008
SCOTTY Group plc, which designs and markets video telecommunications equipment and technology, has called an EGM to ask shareholders to approve a 1 for 50 share consolidation.
Kurt Kerschat, Chief Executive of Scotty, commented:
'The Board is proposing a 1 for 50 share consolidation, with each shareholder receiving 1 new share for each 50 previously held. The number of ordinary shares currently in issue is in excess of one billion, which we feel is inappropriate for a company of SCOTTY'S size.
'As a greater value is placed on each share, we believe that this consolidation will prove to the benefit of existing shareholders wishing to trade, as well as proving more attractive to institutions considering investing in the Company.'
Scotty Group also reaffirmed previous guidance that its operating Profit for the full year of £600,000 will be exceeded.
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