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LONDON - The Scottish Oriental Smaller Companies Trust plc (the "Company") has detailed the implementation of its share split, which was approved during the Annual General Meeting on January 29, 2025. As per the announcement in the annual report for the year ended August 31, 2024, shareholders agreed to subdivide each ordinary share into five new ordinary shares.
The subdivision will convert each existing ordinary share of 25 pence into five new ordinary shares of 5 pence each. This move is aimed at increasing the liquidity of the shares and making them more accessible to a broader range of investors. However, it's important to note that the share split will not alter the overall value of shareholders' investments.
The new ordinary shares will carry the same rights and restrictions as the existing shares, including dividend participation. All existing communication preferences and dividend payment instructions will continue to apply post-split unless shareholders specify otherwise.
The share split is contingent upon the new ordinary shares being admitted to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange (LON:LSEG)'s main market. The company expects that the new shares will begin trading at 8:00 am on Friday, February 28, 2025, following the last day of trading for the existing shares on Thursday, February 27, 2025. The record date for the share split is set for 6:00 pm on the last trading day of the existing shares.
Shareholders are set to receive five new ordinary shares for each existing share they hold at the record date. The crediting of CREST accounts with the new ordinary shares is anticipated to occur on the effective date of the share split, and physical share certificates will be dispatched by March 15, 2025.
The ticker symbol for the new ordinary shares will remain as SST, although the shares will have a new ISIN (GB00BRBL6574) and SEDOL (BRBL657). A follow-up announcement on February 27, 2025, will confirm the total number of shares in issue and the total voting rights after the share split.
This financial move is based on a press release statement issued by the Company's secretary, Juniper Partners Limited.
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