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Add New Energy (2623) cancels "bonus" issue of shares
| Proposed bonus issue
Company announcement, 23-Apr-2020
It has a share price of $0.05. Any scrip issue or split which would result in a price below $1 is prohibited by Listing Rule 13.64A. Also, the directors were either stupid or lying when they said that they believed the bonus issue would "be a return to the long-term support of the Shareholders". It just costs money to cut the pizza into smaller slices.