SOS Directors Approve 9:1 Stock Split

• The Board of Directors of Stationery & Office Supplies Ltd (SOS) at a special meeting held on June 21st, 2023 moved to recommend to the shareholders of the company at the next AGM to be held on July 25th, 2023, that the existing ordinary shares of the company be subdivided into nine (9) ordinary shares.
• The recommendation is to have a 9-for-1 stock split and accordingly, that the company’s authorized ordinary shares be increased to accommodate the aforementioned stock split.
• If shareholders agree to the split, this would result in the company’s total issued share capital being increased from 250.12 million to 2.25 billion.
• The stock closed at $26.35 on Monday’s trading session and has increased 100.84% since the start of the year.
• The objective of the stock split is to drive up demand and trading of the shares by making them cheaper to acquire. A nine-way split would cut the trading price to the $4 range and make the stock more desirable to investors, especially in retail.

(Sources: JSE & RJR)