Independent News and Media says its proposed 1-for-7 share consolidation has today become effective.
INM says its issued share capital consists of 505,468,508 ordinary shares of nominal value €0.35.
'Consolidation of the group's share capital is intended to reduce share price volatility, to narrow bid/offer spreads, to increase the marketability of the company's shares to a broader investor base; and, in time, to restore the share price to a level which better reflects INM's intrinsic worth and prospects,' commented Gavin O'Reilly, INM's group chief executive.
