London Fiduciary Trust has proposed a 1-fpr-50 consolidation of its share capital, and a name change to Philippine Gold. The directors note that the consolidation will result in a share price which is "more appropriate" for a planned listing on a senior North American Stock Exchange (expected to be Toronto) later this year. If approved, the number of shares in issue will be reduced from 1,470 million to 29.5 million. Commenting on the proposals, chairman Phil Edmonds claims that the consolidation "acknowledges LFT's growth from a penny stock to a mid-sized mining company". He adds that the name change is appropriate because the existing title reflects neither the company's business activity nor the geographical location of its mineral interests. The merits of a share consolidation and new company name are not new. LFT first raised the idea last year -although the name then favoured was Asian Goldfields, and the consolidationl: 20. Mr Edmonds, formerly an England cricketer, moved to LFT two years ago from natural resources trading company Middlesex Holdings. This company (named after the county for whom Mr Edmonds played, and formerly called Ferromet) was formed by Mr Edmonds and Iranian businessman Masoud Alikhani, and specialised in metals and oil trading in the former Soviet Union. Contracts included supplying raw materials to a Tajikistan smelter and then exporting the finished product. Having moved on, Mr Edmonds retains a minority stake in Middlesex Holdings but otherwise there is no link between that company and LFT.
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