Bombardier board of directors approves 25 for one share consolidation
MONTREAL (CP) – Bombardier Inc. says its board of directors has approved a 25-for-one consolidation of its class A and class B shares.
The Montreal-based business aviation manufacturer says the consolidation, which was supported Thursday by shareholders, is expected to take place in June.
Shareholders agreed to leave it up to directors to establish a ratio of between 10-for-one to 30-for-one.
The consolidation will reduce the outstanding share counts from about 308.7 million class A and 2.1 billion class B shares to 12.3 million and 85.3 million respectively.
The two classes of shares will continue to be listed on the Toronto Stock Exchange under the BBD.A and BBD.B symbols.
No fractional shares will be issued and new shares will be rounded down to the nearest whole number.
Bombardier has said the decision will reduce the number of common shares to a level comparable with companies of a similar market capitalization.