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| » Share consolidation |
Following the demerger of Monitise by way of dividend in specie, Morse sought shareholder permission to consolidate its shares in order that its SAYE and option holders were not disadvantaged by not being entitled to participate in the demerger of Monitise.
This share consolidation was approved by shareholders on October 30th 2007 and took effect at close of business that day. In effect, every 1,227 old Morse shares that shareholders owned were replaced by 1,000 new shares.
No new financial information was released to the market at the time of the consolidation so an effective shrinking of the number of shares in issue, should in theory have been compensated for by an equivalent percentage rise in the share price.
The effect of the consolidation was to decrease the number of Morse plc ordinary shares in issue by 22.7%.
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