|Zambia and Mauritania Gold Miner Announces Stock Split|
|Emerging Markets Business News|
|Friday, 05 August 2011 08:55|
First Quantum Minerals Ltd (FM.TO), a member of the Dow Jones Africa Titans 50 Index, said on Tuesday its shareholders voted in favor of a five-for-one stock split.
The copper and gold miner operates mines in Mauritania and Zambia. It is also in the process of developing projects in Australia, Finland and Peru.
The Vancouver, British Columbia-based miner said its common shares will commence trading on the Toronto Stock Exchange on a split basis on Aug. 9. Each shareholder of record of the Company as of August 11, 2011 will receive four additional common shares for each common share held on such date.
The Company will use the direct registration system, also known as “DRS”, to electronically register the common shares of the Company issued pursuant to the stock split, rather than issuing paper certificates. Registered shareholders should retain their current First Quantum share certificates, which will remain valid and will continue to represent the number of First Quantum common shares indicated on those certificates.
A “DRS Advice”, indicating the additional common shares to which registered shareholders are entitled as a result of the stock split, will be mailed to shareholders of record as of August 11, 2011 as soon as reasonably practicable following such date. The combination of the old First Quantum share certificates and the new DRS Advices will represent each registered shareholder's total post-split shareholdings. For beneficial shareholders who hold their shares in an account with their investment dealer or other intermediary, their account will be automatically updated to reflect the stock split.
First Quantum shares, which have risen over 20 percent so far this year, closed at C$132.46 last Friday on the Toronto Stock Exchange.
First Quantum anticipates that the stock split will make First Quantum stock more accessible to a wide range of shareholders and should enhance liquidity for investors. The Company currently has approximately 86 million common shares outstanding, which subsequent to the stock split will increase to approximately 430 million common shares outstanding.