Connected IO Limited Completes Capital Consolidation - 6 August 2024
CIO (CIO) Share Update August 2024 Monday 5th
Connected IO Limited Completes Capital Consolidation
Connected IO Limited (soon to be renamed Connected Minerals Limited) has successfully completed a significant capital consolidation following shareholder approval.
Instant Summary:
- Capital consolidation approved at General Meeting on 26 July 2024.
- Consolidation ratio of 20 securities to 1 security.
- Post-consolidation, 15,895,837 fully paid ordinary shares are on issue.
- New holding statements dispatched to security holders.
- Changes to directors' holdings will be detailed in upcoming notices.
Capital Consolidation Details
Connected IO Limited (CIO), soon to be renamed Connected Minerals Limited, has successfully implemented a capital consolidation following shareholder approval at the General Meeting held on 26 July 2024. The consolidation was executed on the basis of every twenty (20) securities being consolidated into one (1) security. Any resulting fractional entitlements were rounded down to the nearest whole number.
As a result of this consolidation, the company's share register has been updated, and the total number of fully paid ordinary shares on issue now stands at 15,895,837. This significant reduction in the number of shares is aimed at improving the capital structure of the company.
New Holding Statements and Directors' Holdings
New holding statements reflecting the post-consolidation shareholdings have been dispatched to all security holders. Additionally, the changes to the holdings of relevant directors due to this consolidation will be detailed in Change of Directors’ Interest Notices, which are expected to follow this announcement shortly.
Access to Announcements
Shareholders and interested parties can view all of the company's ASX announcements on the ASX's website at www.asx.com.au or on the company's website at https://connectedio.com.au/. This announcement was approved and authorized for release by the Company’s Board of Directors.
The capital consolidation is expected to have a positive impact on the company's stock by simplifying the capital structure and potentially increasing the stock price per share. This move is often seen as a strategic step to make the stock more attractive to investors and improve liquidity.
Investor Reaction:
Analysts are likely to view this consolidation favorably as it demonstrates the company's efforts to streamline its capital structure. The reduction in the number of shares can lead to a higher share price, which may attract more investors. However, the overall market reaction will depend on the company's future performance and strategic initiatives.
Conclusion:
Investors should keep an eye on the upcoming notices regarding directors' holdings and monitor the company's performance post-consolidation. The successful implementation of this capital consolidation marks a significant step in Connected IO Limited's strategic plans. Stay tuned for further updates and potential rebranding to Connected Minerals Limited.