TXM shareholders approved the merger of all company shares on a 25: 1 basis, which is one of the key elements aimed at resuming trading in TXM shares on the Warsaw Stock Exchange. Revenue declined 35% in 2020.
“During the ordinary general meeting, the shareholders of TXM voted to merge the company’s shares in a 25: 1 ratio. This will mean an exchange of 25 shares with a nominal value of PLN 0.04 each for one share with a nominal value of PLN 1 each. At the same time, the number of shares making up the share capital will decrease from 3,729,254,225 shares to 149,170,169 shares. The amount of the share capital will remain unchanged.
The shareholders authorized and obliged the management board of TXM to take the necessary steps to conduct the operation, including designation of the date (reference date) when the merge will be performed.
“For many months, we have been taking all steps to resume trading in the company’s shares after the suspension of trading in the first quarter of last year. Shareholders’ approval of the share consolidation is another very important step in this direction. The increase of the nominal value of the shares as a result of their merger will lead to the setting of the reference price at a level enabling the execution of stock exchange transactions. Providing investors with trading in TXM shares is our priority goal as a public company, ”said Marcin Łużniak, Vice President.