TVX consolidates shares

Shareholders of TVX Gold (TVX-T) have overwhelmingly agreed to a 10-for-1 share consolidation.

More than 97% of shareholders voted in favour of the consolidation at the company’s annual meeting in mid-May. The adjustment, which reduces the number of shares issued and outstanding to 43 million, was to have taken effect June 30.

The consolidation follows a recent merger proposal among TVX, Kinross Gold (k-t) and Echo Bay Mines (eco-t). TVX shareholders will now receive 6.5 shares of the merged entity for every share held.

The proposal is under regulatory review but is expected to conclude by year-end (T.N.M., June 17/02).