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(Boursier.com) — At its meeting on November 3, 2023, the Board of Directors of Geci International has decided to proceed with the consolidation of the shares making up the share capital of the company at the rate of 1 new share to be issued for 10,000 old shares to group.
The objective of this grouping is to reduce the number of company shares in circulation, a source of volatility and management difficulties, and to restore dynamism to the stock market life of Geci International.
The regrouping constitutes a share exchange transaction, with no impact on the amount of share capital: only the nominal value of the share and, correlatively, the number of shares in circulation are modified. Taking into account the exchange parity adopted, the number of shares in circulation will be divided by 10,000. The par value of the Geci International share will be increased proportionally to the consolidation parity, and will go from 0.0001 euro to 1 euro.
This grouping makes a purely technical adjustment, with no impact on the overall value of Geci International shares held in the portfolio by each shareholder, except for fractional shares. The mnemonic code (ALGECP) will remain unchanged.
The consolidation operations will begin on November 30 and end on January 2, 2024. The new consolidated shares will be listed from January 3, 2024.
The number of shares to result from the consolidation is 465,477 shares with a par value of 1 euro each.
Serge Bitboul, Chairman and CEO and shareholder of the company, has renounced the regrouping of the necessary quantity of old shares with a par value of 0.0001 euros each making it possible to obtain a whole number of shares as a result of the application of the aforementioned exchange ratio, i.e. 2,970 shares.
Shareholders who do not have a number of old shares corresponding to a whole number of new shares will have to make their personal decision to purchase or sell the old shares forming fractional shares, in order to obtain a number of shares multiple of 10,000, until January 2, 2024.
Shares not consolidated will be delisted at the end of the consolidation period.
At the end of the consolidation period, the non-consolidated shares will lose their voting rights and will no longer be included in the calculation of the quorum and their rights to future dividends will be suspended.
The shares subject to the consolidation are admitted to trading on the Euronext Growth Paris market under the ISIN code FR0000079634 until January 2, 2024, the last day of trading. The shares resulting from the merger will be admitted to trading on the Euronext Growth Paris market under the ISIN code FR001400M1R1 from January 3, 2024, the first day of trading.
It is specified that in order to facilitate the completion of the consolidation operations, the Board of Directors has decided to suspend the ability to exercise the rights attached to all of the securities in circulation. The suspension of titles will come into effect from November 15, 2023 and will end on January 5, 2024 at midnight (inclusive).
THE February 5 is also the deadline for compensation of fractional shares by financial intermediaries.