London Biscuits proposes 1-for-4 bonus issue

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KUALA LUMPUR (Oct 23): London Biscuits Bhd has proposed the issuance of one bonus share for every four existing shares held at an entitlement date to be determined. 

The group said the one-for-four bonus (1-for-4) issuance will enable shareholders to have greater participation in its equity, while retaining their percentage of equity interest held. The issuance is also to raise the number of issued shares, which may potentially improve the stock's liquidity, London Biscuits said in a stock exchange filing.

The issuance will comprise up to 61.55 million bonus shares, on the basis of one bonus share for every four existing shares held at an entitlement date to be determined later, the filing added.

Following the issuance, the group’s enlarged issued share capital after the bonus issue can go up to 333.64 million shares.

The group expects the bonus issuance to be completed by the end of 2018.

London Biscuits’ share price slipped one sen or 1.82% to settle at 54 sen today, for a market capitalisation of RM109.15 million. In the past one year, the stock has fallen 25.52%.