PPK Group (ASX:PPK) will surrender its control of Li-S Energy (ASX:LIS) by distributing about 26 million shares through in-specie dividends but will remain the largest shareholder, according to a Thursday filing with the Australian bourse.
As part of the deconsolidation, PPK shareholders will receive one existing share in Li-S Energy for every 3.5 shares held in PPK as of Oct. 16. Distribution is on Oct. 31.
The move is meant to simplify PPK's financials, said managing director Marc Fenton.
"The increasing separation will also allow us to more clearly emphasize the performance of the other group companies, such as PowerPlus Energy and Craig International Ballistics," Fenton added.
The technology incubation and commercialization company's shares were up nearly 16% in recent Thursday trade.
Price (AUD): $0.45, Change: $+0.06, Percent Change: +15.58%
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