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AssetCo PLC - London-based advisory and asset management - Plans share split and cancellation of share premium account in order to make share price more affordable for retail investors and clear the way for dividend payments. Each existing ordinary share will be replaced by 10 new ones. AssetCo notes recent increase in number of retail investors holding its shares. The sub-division will make smaller-sized dealings more efficient, improving trading liquidity, it says. The cancellation of the share premium account will allow for the payment of 13.0 pence per share dividend, or 1.3p after the 1-into-10 split, in the fourth quarter. Afterwards, AssetCo says it intends to adopt a progressive dividend policy.
AssetCo recently completed the £99 million acquisition of River & Mercantile Group PLC. It is led by Chair Martin Gilbert, the co-founder of Aberdeen Asset Management.
AssetCo calls a general meeting for August 10 for a shareholder vote on the plan, with the new shares starting trading the day after.
Current stock price: 770.00p
12-month change: down 56%
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