Chariot Ltd Plans 25 for 1 Share Consolidation Amid Strategic Shift to Angola Operations

Chariot Ltd (AIM:CHAR, OTC:OIGLF) has announced plans to seek shareholder approval for a 25-for-1 share consolidation as the Africa-focused energy company accelerates its strategic pivot towards upstream oil and gas operations.

The AIM-listed firm disclosed that the proposal would consolidate every 25 existing ordinary shares valued at 1p each into one new ordinary share valued at 25p. Should shareholders grant approval at the forthcoming annual general meeting, the timing of implementation will be left to the discretion of the board of directors.

Management stated that the consolidation has been proposed due to the current share price structure, whereby minor absolute price movements result in disproportionately large percentage fluctuations. This dynamic contributes to elevated volatility in the company’s share price.

The board believes that establishing a higher rebased share price may facilitate a more stable and consistent valuation framework for the company’s equity.

The proposed consolidation forms part of a broader strategic reorientation towards upstream activities. Key elements of this strategy include the anticipated completion of Chariot’s offshore Angola transaction, the divestment of its renewables division, incremental oil and gas production revenues, and the pursuit of additional development and exploration opportunities across the African continent.

The annual general meeting has been scheduled for 22 September at 10.00 am and will take place at The Mayfair Hotel in London.