Shareholders of Knutsford Express have given the approval to have the ordinary shares of the company subdivided into a five-to-one stock split.
This is expected to result in the authorized share capital of the company increasing from over 1-hundred million shares to over half billion shares of no par value.
Directors received the green light at an Extraordinary General Meeting held on Monday, where it was also approved to have the issued and fully paid stated capital of the company increase.
They’ve also been given the green light for all the issued and fully paid shares of the company to be converted into stock.
The approvals take effect on Friday, June 2.
Pulse Investments Limited is also expected to hold an Extraordinary General Meeting by the end of June seeking shareholder approval to have its stock split 5-to-one and an increase in the authorized share capital.
It’s seeking an increase from 4-hundred and 50-million shares of no par value, to almost 2-billion shares of no par value, by the creation of an additional 1.5-billion shares.