Palace shareholders to vote on 600-for-one stock split

Shares of century-old Palace Amusement Company’s are about to get a lot cheaper, if shareholders agree to the 600-for-one stock split proposed by the cinema operator’s board of directors.

The authorised capital would also increase from 1.5 million shares to an unlimited number, according to a market filing on the Jamaica Stock Exchange that was pulled on the same day the notice was posted.

The resolutions are to be voted on by shareholders at the company’s annual general meeting to be held on January 24, it said.

The stock split, which would increase the shares in issue from 1.437 million to just over 862.2 million, would take effect a month after the vote, on February 28.

Palace Amusement Marketing Manager and director Melanie Graham did not immediately respond to requests for comment on the possible changes to the withdrawn notice.