Veritas Investments, a shell company proposing to buy the Mad Butcher, has announced details of a 25:1 share consolidation before the transaction and capital raising is completed.
The consolidation will take effect on 1 February, reducing the company's 57 million shares to 2.3 million.
Veritas has also appointed two new independent directors, Phil Newland and Stefan Preston, to the board.
The purchase of the Mad Butcher chain remains subject to a shareholder meeting, to be held in March, and regulatory approvals.
