DP World shareholders approve consolidation
Dubai, May 11, 2011
Top marine operator DP World has today (May 11) received shareholder approval to undertake a 1 for 20 share consolidation.
The share consolidation will take place prior to the commencement of trading on May 19.
Holders of DP World shares prior to the commencement of trading on May 19, the ‘record date’ will each receive one new ordinary share for every 20 existing ordinary shares.
Trading in the new ordinary shares is expected to commence at market opening on May 19.
It is the board’s intention that upon consolidation, fractional entitlements will be pooled and sold in the market with, where practicable, all proceeds being returned to shareholders in the same way dividends are distributed via NIN accounts, Nasdaq Dubai members, custodians and brokers, it said in a statement.
Shares trading on May 18 will settle on a T+1 basis, to ensure these trades have already settled prior to the consolidation. There will be no ex-entitlement trading date prior to this record date as all shares must have settled before the consolidation can be implemented. – TradeArabia News Service