CHYY GP (08128) has announced a proposal to implement a capital restructuring involving a share consolidation, a change in the board lot size, a capital reduction, and a subsequent share subdivision.
The board recommends a share consolidation on the basis of every ten issued and unissued shares of USD 0.01 par value each being consolidated into one consolidated share with a par value of USD 0.10 each.
Following the effectiveness of the capital restructuring, it is proposed that the board lot size for trading on the Stock Exchange be changed from the current 8,000 existing shares to 10,000 consolidated shares.
The board further proposes that, immediately after the share consolidation takes effect, a capital reduction and share subdivision be implemented. This entails: (i) a reduction of the company's issued share capital by canceling USD 0.09 of the paid-up capital per then-issued consolidated share, thereby reducing the par value of each issued consolidated share from USD 0.10 to USD 0.01; and (ii) immediately following the capital reduction, each authorized but unissued consolidated share of USD 0.10 par value will be subdivided into ten consolidated shares with a par value of USD 0.01 each.