proposed capital reorganisation and change in board lot ... - Irasia.com
proposed capital reorganisation and change in board lot ... - Irasia.com
proposed capital reorganisation and change in board lot ... - Irasia.com
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Subdivision<br />
Follow<strong>in</strong>g the Capital Reduction, every authorised but unissued Share (<strong>in</strong>clud<strong>in</strong>g the<br />
unissued Shares aris<strong>in</strong>g from the Capital Reduction) will be subdivided <strong>in</strong>to 10 Adjusted<br />
Shares of HK$0.001 each.<br />
Conditions of the Capital Reorganisation<br />
The Capital Reorganisation is conditional upon:<br />
(a)<br />
the pass<strong>in</strong>g by the Shareholders of the relevant resolution at the SGM approv<strong>in</strong>g<br />
the Capital Reorganisation;<br />
(b) the publication of a notice <strong>in</strong> respect of the Capital Reduction <strong>in</strong> Bermuda <strong>in</strong><br />
accordance with the Companies Act;<br />
(c) on the date on which the Capital Reduction is to take effect, there are no<br />
reasonable grounds for believ<strong>in</strong>g that the Company is, or after the Capital<br />
Reduction would be, unable to pay its liabilities as they fall due; <strong>and</strong><br />
(d) the List<strong>in</strong>g Committee of the Stock Ex<strong>change</strong> grant<strong>in</strong>g the list<strong>in</strong>g of, <strong>and</strong><br />
permission to deal <strong>in</strong>, the Adjusted Shares to be issued follow<strong>in</strong>g <strong>com</strong>pletion of the<br />
Capital Reorganisation.<br />
Effect of the Capital Reorganisation<br />
The Adjusted Shares aris<strong>in</strong>g from the Capital Reorganisation will rank pari passu <strong>in</strong><br />
all respects with each other <strong>and</strong> have the rights <strong>and</strong> privileges <strong>and</strong> be subject to the<br />
restrictions conta<strong>in</strong>ed <strong>in</strong> the bye-laws of the Company. The follow<strong>in</strong>g table sets out the<br />
effect of the Capital Reorganisation on the share <strong>capital</strong> of the Company, that is, before<br />
<strong>and</strong> after implementation of the Capital Reorganisation:<br />
Before the Capital<br />
Reorganisation<br />
Immediately after the<br />
Capital Reorganisation<br />
Nom<strong>in</strong>al value HK$0.010 HK$0.001<br />
Authorised share <strong>capital</strong> HK$500,000,000.000 divided HK$500,000,000.000 divided <strong>in</strong>to<br />
<strong>in</strong>to 50,000,000,000 Shares<br />
500,000,000,000 Adjusted Shares<br />
Issued <strong>and</strong> paid-up HK$78,102,789.840 divided HK$1,562,055.796 divided <strong>in</strong>to<br />
share <strong>capital</strong> <strong>in</strong>to 7,810,278,984 Shares 1,562,055,796 Adjusted Shares<br />
3