LONDON - MetalNRG PLC, a UK-based resource investing company, announced a forthcoming general meeting where shareholders will vote on a significant share consolidation and a proposed name change. The meeting, scheduled for Thursday, December 5, 2024, will include a resolution for the consolidation of existing ordinary shares on a 100 to 1 basis, effectively reducing the number of shares and increasing the nominal value per share.
In an effort to streamline the consolidation process and avoid overlap with an anticipated reverse takeover, the company has proposed amending the resolution to allow immediate consolidation without the need for a prospectus publication. Should the amendment pass, trading in the new ordinary shares is expected to commence on Friday, December 6, 2024. This consolidation will also result in an International Securities Identification Number (ISIN) change from GB00B15FS791 to GB00BS2GR553.
Additionally, MetalNRG has revealed plans to rebrand as "Atlas (NYSE:ATCO) Metals Group plc," a change set to take effect on December 10, 2024. The ticker symbol on the trading market will be updated to "AMG" in line with the new name. A follow-up announcement is anticipated on December 9, 2024, to confirm the name change, which aligns with the launch of a new company website.
The CEO of MetalNRG, Christopher Chadwick, is noted as the responsible individual for the dissemination of this announcement, in accordance with the UK Market Abuse Regulation (UK MAR). This news, based on a press release statement, indicates a strategic move by MetalNRG aimed at repositioning itself in the market amidst operational changes.
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