Vista Group International plans to double its shares on issue via a two-for-one split to increase market liquidity.
Shareholders will receive two ordinary shares for every one ordinary share held at 5pm on the record date of Nov 24. The Auckland-based company has 82.4 million shares on issue and a market capitalisation of $440 million. The shares last traded at $5.35 and are down 4.5% so far this year.
"The share split is a measure taken to enhance the liquidity in the market for VGL shares," it said. In order for the capital increase of shares to be processed and for trading on both the NZX and ASX to continue VGL will obtain a temporary ticker code. This will be released to the market once provided by the NZX, it said.
Vista's net profit rose to $3.6 million in the six months ended June 30, from $2.7 million a year earlier and it is expecting 20% plus growth in annual earnings.
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