The Company intends to apply for the shares of ESL Shipping Group to be admitted to trading on the regulated market of Nasdaq Helsinki Ltd ("Nasdaq Helsinki"). The Company's other business operations would remain with the Company following the Demerger, and it is intended that the Company be renamed Telko Group Plc ("Telko Group") in connection with the Demerger.
1-for-3 Reverse Stock Split
The reverse stock split is expected to take effect following the close of business on May 21, 2024. Accordingly every three issued and outstanding shares of the Company’s common stock will be converted into one share of the Company’s common stock. The Company’s common stock is expected to begin trading on the New York Stock Exchange on a post-reverse stock split basis beginning on May 22, 2024, under a new CUSIP number: 16934Q 802.
The Company is implementing the reverse stock split with the objective of reducing Chimera’s number of shares of common stock outstanding to more closely align with the number of common shares outstanding for companies of a similar market capitalization. As a result of the reverse stock split, the number of outstanding shares of Chimera’s common stock will be reduced from approximately 241.4 million to approximately 80.5 million. Concurrently, the number of shares of common stock the Company is authorized to issue will be reduced from 500 million to 166.7 million. Furthermore, the Company believes the reverse stock split will make the common stock more attractive to a broader range of investors, which has the potential to reduce share price volatility over time.
No fractional shares will be issued in connection with the reverse stock split. Instead, each stockholder that would hold fractional shares as a result of the reverse stock split will be entitled to receive, in lieu of such fractional shares, cash in an amount based on the closing price of the Company's common stock on the New York Stock Exchange on May 21, 2024.
Since I own 175 shares of CIM, this reverse split will change my share count to 58
As a result of the reverse stock split, every two shares of the Company's issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock, without any change in the par value per share. Shareholder distributions will be unchanged as monthly distributions per share will adjust commensurate with the 1-for-2 ratio of the reverse stock split.The Company's common stock will continue to trade on Nasdaq under the symbol GLAD
Since I own 323 shares of GLAD, this reverse split will change my ownership to 161 shares + small amout of cash refund.
The Company is implementing the reverse stock split with the objective of reducing Annaly’s number of shares of common stock outstanding to more closely align with the number of common shares outstanding for companies of a similar market capitalization. As a result of the reverse stock split, the number of outstanding shares of Annaly’s common stock will be reduced from approximately 1.8 billion to approximately 445 million. Furthermore, the Company believes the reverse stock split will make the common stock more attractive to a broader range of investors, which has the potential to reduce share price volatility over time.
Board also announced a $0.88 dividend which is in line with previous $0.22 dividend before this reverse split. My 296 shares in NLY will turn into 74 share and no impact on dividend income.
The Reverse Stock Split is scheduled to take effect at approximately 5:00 p.m. Eastern Time on August 30, 2022 (the “Effective Time”). At the Effective Time, every five issued and outstanding shares of Common Stock will be converted into one share of Common Stock, with a proportionate reduction in the Company’s authorized shares of Common Stock and preferred stock. The par value of each share of Common Stock will remain unchanged. The shares are expected to begin trading on a split-adjusted basis at market open on August 31, 2022. Trading in the Common Stock will continue on the NYSE under the symbol “ORC” but the security will be assigned a new CUSIP number.
TELUS announces two-for-one stock split to shareholders of record on March 13, 2020. This is the first stock split of any company in my portfolio. Since I own 55 shares of Telus now, after March 13 my position in Telus changes to 110 shares. 