KMD Brands announces 1-for-25 share consolidation

• Outdoor retailer KMD Brands will reduce its total shares on issue from 1,799,415,022 to approximately 71,976,601.
• The immediate market impact saw the company's share price close down 4.41% at $0.065 on the ASX.
• The structural changes come as the business executes its ongoing business review and corporate renewal strategy.

KMD Brands (ASX:KMD) will execute a 1-for-25 share consolidation to reduce its total shares to approximately 72 million.

The corporate restructuring follows a prior company announcement in May regarding an ongoing business review and board refresh strategy.

Corporate lawyer John Strowger will join the board as a non-executive director on July 1 to replace David Kirk.

The company stated that the final day for trading pre-consolidation shares on the ASX and NZX is June 29.

Following the announcement, the KMD Brands share price was down at $0.065.

Incoming director Strowger currently serves as the chairman of Skellerup Holdings and was formerly a partner at Chapman Tripp.

The share consolidation will automatically round all fractional entitlements to the nearest whole number of shares.