The firm said it does not expect the move to affect its "attractiveness" to institutional investors, and instead hopes it will make it more attractive to retail investors.
The company requires shareholders approval for the move, and a general meeting will take place on
The firm also proposed a capital reorganisation to set the nominal value of its existing shares substantially below that of their market price in order to provide it with the ability to make future share issues. The issue of new shares by
The mid-market price of Style & Wood's existing ordinary shares at the close Tuesday was
The company has decided to implement a share reorganisation so that every 10 existing ordinary shares will be consolidated into 1 new ordinary share and 1 new deferred share.
The company posted a pretax loss of
Revenue dipped to
During the period, the group underwent a organisational change in order to "improve focus" and realise overhead efficiencies. As a consequence, it said, a new "enhanced executive leadership team is now in place which provides the business with a solid platform from which to address the opportunities presented by improving market conditions".
At the year-end the firm said it had net cash of
Looking ahead the firm said many of its customers are experiencing an improved level of confidence in the economy and a return to growth in
"We believe that these factors will positively influence our business result for the second half of 2014 and provide better prospects for the business going forward," it said.
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