Net b2b2 board to propose capital reorganisation
AFX


LONDON (AFX) - Net b2b2 is to propose a capital reorganisation and share buyback programme at its AGM on Feb 28.

The board has proposed that each of the 479,547,265 shares in issue and 120,452,735 unissued existing shares be consolidated at a ratio of 1 ordinary share for every 100 existing ordinary shares.

The group is also proposing to increase the authorised share capital from 6 mln shares to 12 mln and under the proposed share buyback, the board would be restricted to buying in 400,000 shares.

The board has also proposed to cancel the share premium account of 11 mln stg.

The company said in a statement is believes 'that now is an appropriate time to cancel the deficit on profit and loss account in order to restructure the Company's balance sheet to more accurately reflect the reality of its financial and trading position.

'It will also facilitate the payment of dividends to shareholders in the future if this is decided upon by the board,' it added.



What does this mean for a shareholder??

Guys.....I hope we will be hearing some good news soon......to boost the SP.