Shareholders of Grace Kennedy Limited will next month vote on the Board’s approval for the sub-division of its ordinary shares, a three-for- one stock split.
According to Group CEO, Don Wehby, the split would result in the number of stock units currently owned by a stockholder being increased three-fold.
He says the price of the stock would initially be split also by three.
Therefore, Wehby says a stockholder with 100 stock units with a market price of $115 per stock unit prior to the split will, immediately following the split, have 300 units with an initial price of $38.33 per stock unit.
Implementation of the stock split will be subject to the approval of the GraceKennedy stockholders at an Extra-ordinary General Meeting of the Company to be held on Monday, July 11.