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Lufax | 6-K: Announcement of Proposed Declaration of Special Dividend

SEC announcement · Mar 21 09:06

LU +2.18%

Summary by Moomoo AI

On March 21, 2024, Lufax Holding Ltd announced its board of directors' recommendation to declare a special dividend of US$1.21 per ordinary share or US$2.42 per American Depositary Share (ADS), payable in cash. Shareholders have the option to receive the dividend in new shares or ADSs, with certain restrictions for intermediaries. The proposal is subject to shareholder approval at the annual general meeting scheduled for May 30, 2024, and must comply with the Companies Act of the Cayman Islands. If approved, the distribution of the special dividend is expected to occur by August 15, 2024, for ordinary shares and by August 22, 2024, for ADSs. The announcement also addressed the potential for a mandatory general offer under the Hong Kong Code on Takeovers and Mergers if certain shareholders' stakes increase as a result of the dividend. Currently, two subsidiaries of Ping An Insurance and Tun Kung Company Limited hold significant shares in Lufax, with the possibility of triggering a mandatory offer depending on their election regarding the dividend. The company will provide monthly updates until a firm decision is made regarding any potential offer.

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