Great Panther Mining (TSX: GPR) is evidently looking to significantly reduce its outstanding share count. Rather than achieve this through buybacks however, the precious metals producer is electing to conduct a share consolidation, as announced last night.
The consolidation will see the firms outstanding share count reduced on a ten to one basis, with shareholders to receive one post-consolidation share for every ten pre-consolidation shares held. As a result, the firm will see its total outstanding share count reduced from 471.2 million to just 47.1 million. No fractional shares are to be issued as part of the consolidation.
The move is being conducted as a means of complying with minimum price listing requirements for the New York Stock Exchange, enabling the company to remain listed on the US big board.
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The consolidation is expected to be put into effect at the close of trading on July 21.
The consolidation follows the firms CEO exiting the company in February, which followed the departure of the Chairman in late December.
Great Panther Mining last traded at $0.145 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. 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.
