Metro Mining (ASX:MMI) will proceed with a share consolidation at a ratio of every 20 shares held converted to one, following shareholder approval at a general meeting yesterday (22 April).
The company has 6.14 million shares on issue currently. Metro says the figure is a large number for a company of its size, and it will benefit from a reduction in shares on issue.
The consolidation is expected to result in a “more appropriate and effective capital structure”, improved market perception, simplified capital structure, and streamlined future capital raisings.
Performance rights on issue will also be consolidated on the same basis.
The consolidation went into effect on 22 April, with the last day of trading in pre-consolidation shares being today, 23 April, and a consolidation record date of 27 April 2026.
Metro Mining is a bauxite producer, focused on its 100%-owned Bauxite Hills Mine north of Weipa, near the coast of the Skardon River in Far North Queensland.
Write to Maddison Elliott at Mining.com.au
Images: Metro Mining
