USI shares to consolidate

PUBLISHED : Wednesday, 29 May, 1996, 12:00am
UPDATED : Wednesday, 29 May, 1996, 12:00am

USI Holdings is proposing to consolidate every three issued shares of 50 cents into one share which will, after a capital reduction, have a nominal value of 50 cents.

The amount of $322.5 million resulting from the reduction will be credited to the company's contributed surplus account.

Directors said the move would enhance the shares' marketability.