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Last Updated : 2024-05-05 08:39:00
18 October 2016 12:04 am - 0 - {{hitsCtrl.values.hits}}
Alliance Finance PLC (ALLI) announced the dates for its capital restructuring programme yesterday with a disclosure to the Colombo Stock Exchange.
ALLI will be subdividing its shares between November 16 and 21, following an Extraordinary General Meeting on November 16 to receive the shareholder approval.
The subdivision will be based on the shareholding as at end of trading on November 16. Immediately following the subdivision, ALLI will capitalize its reserves, with one new share being issued for three existing shares for a total of 8.1 million shares. The value of capitalization is considered at Rs.64 per share, for a total of Rs.518.40 million transferred out of the general reserve into capital. ALLI will hold a General Meeting on November 29 to go ahead with a rights issue on December 7. One new share will be issued for 25 existing shares, selling 1.3 million shares at Rs.55 per share for a total of Rs.71.28 million in fresh capital, which will be utilized for working capital.
If the three actions go ahead as planned, ALLI’s stated capital would increase to Rs.613.98 million represented by 33.70 million shares, compared to the current Rs.24.30 million in capital represented by 2.43 million shares. The company’s board had resolved to go ahead with the restructuring this August, which has received the approval from the Central Bank.
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