JD Sports Fashion is proposing a stock split. The fast-growing British retailer has called shareholders to a general meeting on Nov. 24 to approve it. The proposed move would involve splitting the company's existing ordinary shares, which have a nominal value of 1.25 pence each, into five new ordinary shares worth 0.25 pence each. The new ordinary shares are expected to start trading on the London Stock Exchange on Nov. 28. The transaction would improve liquidity and marketability of the company's shares, which have grown in value from less than £500 a share to more than £1,500, resulting in market capitalization of £3.05 billion (€3.43bn-$3.79bn) as of Nov. 4. The Pentland Group is JD's largest shareholder with a stake of about 57 percent.
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