Afton Food Group rollback
Afton Food Group Ltd AFTN
Shares issued 73,818,645 1999-07-22 close $0.1
Friday Jul 23 1999
Mr. Robert Macdonald reports
Afton Food Group plans to consolidate its shares on the basis of one new share for each 10 existing shares. This consolidation was previously authorized by the shareholders at the annual shareholders meeting on Jan. 18, 1998. The effective date for trading the new shares is July 26, 1999.
The restated earnings per share for the company's 12 months ended Dec. 31, 1998, and its first quarter ended March 31, 1999, were 16.7 cents and seven cents respectively.
The company remains on course for increased growth in 1999. The company has complicated additional "twins," combining Mrs. Powell's Bakery Eatery and 241 Pizza in small markets. Because of the successful results, the company now has four additional twins in development. The company has also sold 10 additional domestic franchises and a master franchise for 241 Pizza for the country of Greece.
Afton currently operates more than 250 corporate and franchised restaurants in Canada, the United States and Saudi Arabia under the brand names 241 Pizza, Ruffage, Donut Delite Cafe and Mrs. Powell's Bakery Eatery.
The company is continuing to review acquisition candidates that are complementary to our product lines and geography as well as accretive to our earnings.
Following the consolidation the company will have 7,381,864 common shares issued and outstanding. |
