JKH goes for share subdivision

Premier blue chip John Keells Holdings (JKH) yesterday announced a subdivision of the Ordinary shares in the proportion of eight for every seven shares held.

In a filing to the CSE after the market closed, JKH said that its Board of Directors resolved to recommend to shareholders to increase the number of shares in issue through a subdivision of seven shares into eight.

On this basis the 997,486,491 shares in issue will be increased to 1,139,984,561.

The subdivision will result in an adjustment in the number of warrants accruing to the holders of 2015 Warrants and 2016 Warrants and their respective purchase prices will be adjusted to take into account the subdivision so that the respective warrant holders receive a revised number of shares which he or she would have owned or have been entitled to receive after the division, had such a warrant been exercised prior to the subdivision.

The 43,995,994 2015 Warrants in issue will be adjusted so that after the subdivision 50,281,136 2015 Warrants will be in issue and the existing purchase price of Rs. 185 be adjusted to Rs. 161.87.

The 43,995,994 2016 Warrants in issue will be adjusted so that after the subdivision 50,281,136 2016 Warrants will be in issue and the existing purchase price of Rs. 195 be adjusted to Rs. 170.62.

The moves are subject to shareholder approval at an EGM.