Metro Mining (ASX:MMI) received shareholder approval for a 20-for-1 share consolidation, effective Wednesday, according to a Thursday Australian bourse filing.

The company currently has 6.14 billion issued shares, and it has stated that all existing performance rights will also be consolidated at the same ratio, with every 20 performance rights being combined into one, per the filing.

Post-consolidation trading is scheduled to start on May 5 on a normal basis, with settlement of on-market trades starting on May 7, the filing added.

The company's shares fell around 2% in recent Thursday trade.