TR Interiors (06162) has announced that its board proposes to implement a share consolidation on the basis of every 40 existing shares being merged into 1 consolidated share, affecting both the issued and unissued share capital of the company.
As of the date of this announcement, the company has 2.4 billion issued existing shares that are fully paid or credited as fully paid. Assuming no further shares are issued from the announcement date up to the special general meeting date, the consolidation will result in 60 million issued consolidated shares that are fully paid or credited as fully paid once the share consolidation takes effect.
The company's authorized share capital will remain at HKD 100 million, but it will be divided into 250 million consolidated shares at HKD 0.40 per share. The share consolidation is subject to, among other conditions, approval by shareholders through an ordinary resolution at the special general meeting.
As of the announcement date, existing shares are traded on the Stock Exchange in board lots of 8,000 existing shares per lot. It is proposed that, upon the share consolidation becoming effective, the board lot size for trading on the Stock Exchange will be changed from 8,000 existing shares to 1,000 consolidated shares.
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