LibertyOne proposes share split
- 05 February, 1999 12:01
A decision at Australian Internet media company LibertyOne to subdivide each fully paid existing share into four new shares will be voted on by shareholders next month, company officials announced yesterday.
The shareholders meeting will be held in Sydney on March 10.
According to officials, the proposal will increase LibertyOne's existing 20 million shares to 80 million to cope with the high demand for shares.
It is expected the share split will not adversely affect the total market capitalisation of the company nor the market value of each share, officials said.
According to LibertyOne's managing director, Graham Bristow, it is believed the proposal will be well accepted by shareholders and the market.
"What it means is that a shareholder holding 1000 pre-split shares will hold 4000 post-split shares," he said.
The company also announced yesterday it is establishing an American Depository Receipt (ADR) program which allows LibertyOne shares to be traded in the US.