Eve & Co Incorporated (TSXV: EVE) filed the results of its annual and special meeting of shareholders this morning. Key among the results was the approval of a special resolution by shareholders for the consolidation of the company’s shares.
Commenting on the matter, Eve & Co indicated that it now has the ability, but not requirement, to rollback the firms shares if the board of directors deems it to be fit for the company. Specifically, the company stated “at a time and in such circumstances as may be later determined,” providing little clarity on the matter for shareholders whom are no doubt concerned about the resolution. The motion was approved with 89,885,848 common shares, or 83.66% of those in attendance at the meeting, voting in favour of the consolidation.
As per the management information circular published by Eve & Co in May, the resolution is for a share consolidation on the basis of one share for a minimum of two shares and a maximum of ten shares, with the actual conversion ratio not yet set in stone. The exact ratio will be determine at such time that the board of directors deem it appropriate to conduct the consolidation.
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Eve & Co last traded at $0.065 on the TSX Venture and currently has 266,967,172 shares outstanding.
Information for this briefing was found via Sedar and Eve & Co Incorporated. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
