1 for 5 consolidation to proceed
Re share options Yankiwi: I had a look back through the information sent by GEL.
Quote:
The proposed consolidation will not alter or change in any way any shareholder’s proportion of votes to
total votes, however, the total votes capable of being cast by shareholders at a General Meeting of the
Company in the future will be reduced if the resolution is passed. Any resulting fractional share will be
dealt with by taking the number of shares issuable on the exchange to the nearest lower whole share. In addition, the common shares reserved for issuance under the Company’s Stock Option Plan will be
reduced to 3,154,052 common shares upon the share consolidation. In the event that the consolidation is not approved by the ordinary resolution of the shareholders, the Company will not proceed with these matters.
A news release yesterday confirmed the share consolidation.
Quote:
Wellington, New Zealand, February 26, 2010.
SPECIAL GENERAL MEETING APPROVES SHARE CONSOLIDATION
Glass Earth Gold Limited (TSX-V: GEL; NZAX: GEL) (“Glass Earth” or the
“Company”) announces that it intends to proceed with a consolidation of its share
capital on a five (5) old for one (1) new share basis. The share consolidation was
approved at a special general meeting of the Company’s shareholders held on February
24, 2010. The consolidation remains subject to acceptance by the TSXV Venture
Exchange.
Upon completion of the share consolidation, a total of 32,684,526 common shares will
be outstanding. The name of the Company will not be changed as a result of the
consolidation.