Pic: 123RF
Pic: 123RF

Greenbay Properties' share price fell as much as 54.4% on Wednesday morning, as the company proceeds with a share consolidation and name change.

Tuesday marked the last day for Greenbay shareholders to hold shares in order receive a return of capital, with the company distributing R4.57bn, or 49.66c per share.

Shareholders had voted in November on the name change and share consolidation, passed with a majority of 94.22% and 94.23%, respectively.

Payment of the return of capital will take place on December 10, with the last day to trade prior to the consolidation of shares on December 11.

Subsequent to this, Greenbay will be be known as Lighthouse Capital.

At 11am on Wednesday Greenbay's share price was 52.22% lower at 43c, having lost 83.14% so far in 2018.

CORRECTION: December 5 2018.

An earlier version of this story stated that Greenbay was to return R45.7bn to shareholders, when in fact it is returning R4.57bn. BusinessLIVE regrets the error.

gernetzkyk@businesslive.co.za