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Magellan shareholders OK stock consolidation

Magellan Aerospace Corp. shareholders have approved a one-for-five stock consolidation. About 79.8 per cent of the votes cast at yesterday's Magellan annual meeting favoured the consolidation, meaning that the aircraft parts maker's 90.9 million shares will be converted into 18.18 million shares. Magellan chairman Murray Edwards told shareholders the company has many underlying strengths but he also cautioned that there are challenges ahead, including the strong loonie. MAL (TSX) rose 17 cents to $1.20.

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