Effective tomorrow, November 28, 2019, West Indies Tobacco Company Limited (WCO) will trade a total of 252,720,000 shares on the Trinidad and Tobago Stock Exchange (TTSE), at a unit price of TT$34.98, to reflect a 3:1 stock split.
In a notice posted on the TTSE website on November 15, WCO revealed that it has received approval from its shareholders, at a special meeting held on October 30, to amend the company’s article of association to reflect an increase in shares.
“The amendment authorised a share split to convert each ordinary share of the company into three ordinary shares subject to regulatory approval. Regulatory approval has been received,” the notice read.
The notice further outlined that the board of directors had fixed the stock split for November 28, on which date the conversion will take place, and the transfer book and register of members closed.
“The stock split would result in an increase in the number of ordinary shares of WCO from 84,240,000 to 252,720,000.”– West Indies Tobacco
In a follow-up notice posted earlier this week, on Monday, November 25, WCO provided additional details of the stock split.
“The stock split would result in an increase in the number of ordinary shares of WCO from 84,240,000 to 252,720,000. The price of the stock would also be split by three, thus reducing the share price from [TT]$104.94 to [TT]$34.98 per share. This price change was based on the WCO’s closing price as at November 25th, 2019,” the company stated.
WCO is a subsidiary of British American Tobacco Group, which trades in Jamaica as Carreras Limited.