Shinhwa World (00582) announced that the company plans to carry out a share capital restructuring, which will involve the following matters: share consolidation, where each of the 10 shares of the company's issued share capital will be consolidated into a consolidated share of HK$0.10 per share; with share capital reduction, the company's issued share capital will be reduced by canceling any piecemeal consolidated shares in the total number of consolidated shares in the company's issued share capital after the share merger, and rounding the total number of consolidated shares in the company's issued share capital down to the nearest whole number at the time of each session; Issued consolidated shares cancelled HK$0.09 company actual As a result of the paid share capital, the face value of each issued consolidated share was reduced from HK$0.10 to HK$0.01.
As of the date of this announcement, the trading unit for each lot of existing shares on the Stock Exchange was 1,200 existing shares. The board of directors proposed changing each trading unit on the Stock Exchange from 1,200 existing shares to 6,000 adjusted shares after the share capital restructuring takes effect.
After the share capital restructuring and the change in the trading unit of each lot take effect, a maximum of approximately HK$264 million (before expenses are deducted) by issuing a maximum of 1,014 million shares offered at a subscription price of HK$0.26 per share held on the record date (assuming there is no change in the total number of issued shares from the date of this announcement until the record date (including that date)).
The estimated net proceeds from the share offering will be approximately HK$259 million (assuming there is no change in the total number of issued shares from the date of this announcement until the date of the record (including that date) (excluding those due to capital restructuring)).