China NetCheng(01920) issued an announcement that in order to allow the company to raise funds more flexibly and thereby promote future business growth, the board of directors proposed to increase the authorized share capital. These new shares will rank pari passu with the existing shares in all respects upon issue.The Board believes that increasing the authorized share capital is in the overall interest of the company and its shareholders.
As at the date of this announcement, the company's authorized share capital is HK$40 million, divided into 400 million shares, of which 374.4 million are issued shares. After the increase in authorized share capital becomes effective, assuming that no shares have been issued or repurchased during the period from the date of this announcement until the date of the special general meeting, the authorized share capital of the company will be increased to HK$120 million divided into 1.2 billion shares, of which 374.4 million are issued shares and 825.6 million are authorized but unissued shares. The increase in authorized share capital is subject to approval by shareholders passing an ordinary resolution at the extraordinary general meeting.
Effective from January 1, 2023, Chapter 17 of the Listing Rules has been revised to apply to share option plans and share award plans. In this regard, certain changes to Chapter 17 of the Listing Rules will ultimately result in significant amendments to the 2019 Share Option Plan. In view of the need for such amendments, the Company proposes to terminate the 2019 Share Option Scheme upon the adoption of the New Share Scheme, subject to shareholders 'approval at the Extraordinary General Meeting.
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