Shocking 1 year wait for stock split

After shareholders approved a three for one stock split of West Indian Tobacco Company shares, the government of Trinidad and Tobago have just recently granted approval for the company to proceed, in a matter that should have been automatic.
The company in its September quarterly report states, “immediately following the shareholders’ approval of the share split in October 2018, applications for all regulatory requirements were made. However, we continue to experience delay in obtaining licenses for the current Foreign Investors/ Shareholders to hold the additional shares in the Company”.
A Trinidad and Tobago Stock Exchange website posting, on November 15 states West Indian Tobacco board of directors, fixed November 28 as the effective date on which the share split will be effected and the determination of shareholders who are entitled to have each existing share converted into three shares.
The stock split would result in an increase in the number of ordinary shares from 84,240,000 to 252,720,000 with the price of the stock price being adjusted from the closing price of $104.94 on November 25th to $34.98 per share effective Tuesday, 26th November.
There was no trading in the shares on Tuesday but the closing bid was $40 to buy 500 units if the stock trades at this price or higher it would be at a 52 weeks’ high the equivalent of $120 well above the previous high of $112, earlier this year and not far from the record high of $127 set in 2016.

About IC