Widespread Portfolios reduces shares

Investment company Widespread Portfolios is reducing its number of shares in order to lose the look of a "penny stock". Under the consolidation shareholders will have one share for every 50 shares held on July 7.

Widespread evolved out of a reverse takeover of NZIJ.co.nz Ltd in 2003 and the company initially had a market value of $4 million.

Widespread now has total assets of $17.5 million. Its shares closed yesterday at 1.2c.