Capricorn Energy plc shareholders will this week vote on a proposed share consolidation and a special 43p dividend of a total US$50 million.
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The company said that the consolidation ratio for the share consolidation would be 62 new ordinary shares for every 79 existing ordinary shares held at the record time.
The nominal value of the new ordinary shares will be 799/122 pence per new ordinary share.
Capricorn added that the quantity of shares reduced would reflect the value of the 2024 cash return to shareholders relative to the company’s market capitalisation beforehand.
“The aim of this is to ensure, so far as possible, the market price of an ordinary share remains approximately the same before and after the proposed 2024 return of cash and to maintain comparability of historical and future per share data.
“The share consolidation will reduce the number of ordinary shares in Capricorn which shareholders own, but not the proportion.”
The company’s general meeting for the vote will be on 23 May.