Pulse revs up stock split to 6 to 1

The Board of Pulse Investments at a board of directors meeting held today agreed to recommend to shareholders at an Extraordinary General Meeting splitting of the existing shares into six units for each one now held.
According to the release from the company, the recommendation is that the stock be split on the basis that 5 (five) additional shares to be issued to shareholders for every share currently held and that the authorized share capital be increased from 450,000,000 (four hundred and fifty million) shares of no par value, to 1,950,000,000 (one billion, nine hundred and fifty million) shares, by the creation of an additional 1,500,000,000 (one billion, five hundred million) shares. The increased split comes against the back ground of an IC Insider.com article which suggested that the split should be at least 4 to 1to allow for liquidity in the stock.
The board had previously indicated that they were going to consider a 2 for 1 stock split.
The company currently has 271,789,674 issued shares, the proposed split would put the total up to 1,630,738,044 units with greater liquidity. The company’s stock last traded on the Jamaica Stock Exchange at $14.50 and carries a PE of 11 compared to 13.5 for the main market.
According to the Chairman, Kingsley Cooper, the likely date for the meeting to consider the split is tentatively set for June 21.
Pulse reported profits of $66 million for the March quarter and $221 million for the nine months period, up from $189 million for the similar period in 2016. The profit includes gains of investment property of $28 million in the March 2017 quarter and $81 million for the nine months.

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