Wed | Jan 27, 2021

Derrimon stock split approved

Published:Wednesday | August 22, 2018 | 12:00 AM
Derrimon Trading Chairman and CEO Derrick Cotterell.

Derrimon Trading Company shareholders approved a ten-for-one split of the company's issued and authorised capital on Wednesday.

The issued shares will increase from 273.3 million to 2.73 billion units, while authorised shares will move from 800.4 million to 8.2 billion.

The Derrimon stock has tripled in value over the past year. It traded Friday at $21.

Chairman and CEO Derrick Cotterell said at the company's annual general meeting in New Kingston that the split was expected to improve liquidity of the DTL stock. Within the past year, DTL has traded as low as $6 and as high as $30.

Investor demand for the stock is fuelled by Derrimon's growth through acquisition and expansion. The company's newest purchase was pallet maker Woodcats International earlier this month.