Lonestar Resources, Ltd. (ASX:LNR, OTCQX:LNREF) (“Lonestar” or the “Company”) is pleased to announce that shareholders have resoundingly endorsed the Company’s planned consolidation of capital at the Company’s Annual General Meeting held on May 8, 2015, in Perth, Western Australia.
Over 96% of the proxy votes cast were in favor of the resolution to consolidate the Company’s shares and options. The Company will now implement the consolidation in accordance with the indicative timetable set out in the Notice of Meeting & Explanatory Memorandum. Importantly, pursuant to this timetable, the first day of trading on a post-consolidated deferred settlement basis will be 12 May, 2015, on both the ASX and OTCQX.
Pro forma the consolidation the Company will have 15,043,745 ordinary shares on issue and 2,305,902 unlisted options (final number of shares and options subject to rounding as outlined in the Notice of Meeting & Explanatory Memorandum).
Frank D. Bracken III, Lonestar’s Managing Director commented, “We are delighted that Lonestar’s shareholders have overwhelmingly endorsed the share consolidation of 1 new share for 50 existing shares. This will not only put the share price on a similar basis as the Company’s U.S. quoted peers, it will also materially reduce the transactional fees associated with trading the Company’s shares on the US OTCQX exchange.”