Five for one stock split for AMG

AMG Packaging to split stock by 5.

AMG Packaging to split stock by 5.

AMG Packaging directors agreed a stock split, for each ordinary share of the company to be subdivided into five units. The matter is to be decided at the upcoming annual general meeting of in January.
The move by AMG continues a trend that has been seen since Lasco companies split their stocks 10 units for each one issued in 2013, continuing with Jamaican Teas early in 2016 and a string of others since, which have all helped in increasing the value of the shares. Investors are betting that the same will happen here as they responded to the announcement on Thursday, driving the price up by $3 in exchanging 7,999 shares at $21.50. The announcement confirms an earlier report by IC Insiders’ that the company was set to split the stock.
For investors to benefit fully from a rising stock price, the company will need to improve on its 2016 results of $83 million or 81 cents per share, with the start-up of the tissue operation, dragging profits down by $41 million as a result of start-up and operating cost and sales of tissue paper of only $2.3 million.
If approved at the Annual General Meeting, the issued capital of the company will move from 102,378,857 shares to 511,894,285 with the authorised capital jumping from 140,000,000 shares to 700,000,000. The split is to allow for greater liquidity in the shares as the stock has been trading infrequently.
The 2016 results saw a major improvement in cost of sales which fell from $483 million to $451 million and includes cost of inventories expensed of $320 million and $380 million in 2015. The cost of inventories recognized as an expense includes $33 million and in 2015, $54 million in respect of write -downs of inventories to net realisable value.

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