LB Finance proposes sub-division of shares

Thursday, 21 May 2015 00:00 - - {{hitsCtrl.values.hits}}

LB Finance Plc announced that it would be recommending to its shareholders a subdivision of its ordinary voting shares with a view to increasing its total number of shares to approximately 138.5 million.

The proposed increase in shares will be carried out by subdividing its approximate 69.3 million ordinary voting shares in the proportion of one ordinary voting share into two but without any change to the stated capital of the company. Prior to any such division, the company disclose that shareholder approval for the increase in shares would first have to be sought at an extraordinary general meeting (EGM) of shareholders. The company will also require approvals from the Central Bank’s Department of Supervision of Non-Bank Financial Institutions.

Additionally, LB Finance’s articles of association will also have to be amended by way of a special resolution at an EGM in order to facilitate the sub-division of shares accordingly subject to approval from the Colombo Stock Exchange (CSE).