Strategic Energy Resources (ASX:SER) will undertake a share register restructure through a one-for-20 consolidation and establish a sale facility for unmarketable parcels.
The company will seek shareholder approval at an extraordinary general meeting on March 16 to consolidate its issued capital, which will reduce shares on issue from 1.11 billion to 55.69 million.
Strategic Energy says the facility will enable shareholders with parcels valued under $500 to sell their shares without incurring brokerage or handling costs.
The company will pay all costs associated with the sale and transfer of shares through the facility, excluding tax consequences which will be the responsibility of shareholders.
Based on the $0.007 share price at the February 9 record date, a holding of 71,428 shares or less constitutes a less than marketable parcel.
Shareholders wishing to retain their shares must opt out of the facility by returning a share retention form to the company’s share registry by 27 March.
The consolidation will also apply to options on issue, with the exercise price increasing in inverse proportion to the consolidation ratio. The number of options will reduce from 241.22 million to 12.06 million.
Strategic Energy says the consolidation will be implemented in accordance with ASX listing rules, with normal trading in post-consolidation securities to commence on 15 April.
This content was created with AI assistance and human editing.
Images: Strategic Energy
