Stock split for Paramount Trading

Paramount puts stock split resolution to AGM in October.

Paramount puts stock split resolution to AGM in October.

Paramount Trading is putting a resolution for a sub-division of share capital at its upcoming annual general meeting slated for Saturday October 29.
No recommendation is being put to the shareholders as to the level of the split. The timing and extent of the split is proposed to be left for the directors of the company to determine. The resolution included on the agenda of the annual general meeting and included in the company’s annual report states: “That each of the issued ordinary stock units in the capital of the company be sub-divided in accordance with the Articles of Incorporation of the company, into such number of stock units as may be prescribed by the Board of Directors.”
Based on the current stock price of $17.50 and lack of supply, the split seems likely to be in the order of 5 or 6 to 1. The top 10 shareholders of Paramount own just over 95 percent of the 154.24 million shares issued by the company.

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