Australian Mines (ASX:AUZ) filed notice of a share consolidation on a 5-into-1 basis, which will cut its fully paid ordinary shares to 440.3 million from 2 billion, according to a Wednesday Australian bourse filing.
The company said shareholders approved the consolidation on Oct. 7, and it will take effect on Oct. 14, the filing added.
The company's shares fell 10% in recent Wednesday trade.
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