Tesson (HKG:1201) is proposing a capital reorganization comprising a share consolidation followed by a capital reduction and sub-division subject to shareholder approval, a Nov. 1 bourse filing said.

The battery company will consolidate every 10 existing shares of par value HK$0.10 apiece into one consolidated share of par value HK$1 each.

Following consolidation, any fractional consolidated shares will be canceled and the par value of each issued consolidated share will be reduced from HK$1.0 to HK$0.1 by canceling the paid-up share capital to the extent of HK$0.9 per share.

Each authorized but unissued consolidated share will then be subdivided into 10 authorized but unissued new shares with a par value of HK$0.1 each.

After the capital reorganization, the company's authorized share capital will be HK$500 million divided into 5 billion new shares with a par value of HK$0.1 each. Of this, 219,685,228 new shares will be in issue and fully paid.