AMC implemented a 1-for-5 share consolidation. This means every five existing Amcor shares were combined into one new share, reducing the total number of shares outstanding from about 2.3 billion to around 461 million. The prevailing price goes up 5 fold, having no material impact on our holding. Deferred settlement takes place during this time, with AMC temporarily trading under code AMCDD, before reverting back to AMC on the 21st January. Trading platforms can have an issue with the change which may distort pricing. This will revert to normal tomorrow.
MM remains bullish on AMC around $64
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