Glory Flame Holdings Limited will convene its annual general meeting (AGM) at 10:00 a.m. on 26 June 2026 in Hong Kong to vote on several capital and governance proposals.
Key resolutions 1. Capital reorganisation • Share consolidation: Every 20 existing shares of HK$0.01 each will be consolidated into one consolidated share of HK$0.20. • Capital reduction: Paid-up capital on each consolidated share will be reduced by HK$0.19, bringing par value down to HK$0.01. • Share sub-division: Each authorised but unissued consolidated share will be split into 20 new shares of HK$0.01. Upon completion, issued share capital will fall from HK$10.11 million (1,010.61 million shares) to HK$0.51 million (50.53 million new shares), while authorised capital will remain at HK$20.00 million.
2. Mandates • Issue mandate: Directors may allot and issue up to 20% of issued shares, equivalent to 202.12 million shares based on current capital. • Repurchase mandate: Directors may buy back up to 10% of issued shares, or 101.06 million shares. Both mandates will run until the next AGM or earlier revocation.
3. Board matters • Re-election of Zhong Zhiwei (executive), Choi Chi Wai (independent non-executive) and Lam Pang (independent non-executive). • Re-appointment of McMillan Woods (Hong Kong) CPA Limited as external auditor with an estimated FY2026 audit fee of HK$0.50–0.80 million.
Timetable highlights (subject to approvals) • AGM record date: 26 June 2026 • Expected effective date of share consolidation, capital reduction and sub-division: 9 July 2026 • Parallel trading of old and new certificates: 23 July 2026 – 12 August 2026 • Last day for free exchange of certificates: 14 August 2026
Rationale Management states the consolidation will lift the theoretical share price from HK$0.034 to approximately HK$0.68, increasing board-lot value to HK$3,400 and reducing concerns over trading at the HK$0.01 extremity under GEM Listing Rule 17.76. The lower HK$0.01 par value after capital reduction provides flexibility for future fundraising.
Fractional shares from the consolidation will be aggregated and sold for the company’s benefit. Odd-lot matching services will be provided by SBI China Capital Financial Services Limited between 23 July and 12 August 2026.
No shareholder is required to abstain from voting, and the board asserts the proposals will not materially affect the group’s operations or financial position.