illuviumgame| China Tiangong Holdings (00428) plans to implement capital reorganization and change of trading unit lot size

Zitong Financial App NewsIlluviumgameChina Tiangong Holdings (00428) issued an announcement that the board of directors recommended the implementation of equity restructuring, involving the following matters:

(I) consolidation of shares, whereby 0 for every 10 shares of par value per shareIlluviumgame.1 HK $1 issued and unissued existing shares will be consolidated into 1 consolidated share of HK $1.0 each

(ii) Capital reduction immediately following the entry into force of the share merger, whereby the issued share capital of the company will be reduced by canceling any fractional shares of the consolidated shares in the issued share capital of the company, thereby rounding down the total number of consolidated shares in the issued share capital of the company to the nearest integer. And write off HK $0.99 per issued Consolidated share at that time to reduce the nominal value of each issued Consolidated share from HK $1.00 to HK $0.01, thereby reducing the paid-up share capital of the company.

(iii) it is subdivided immediately after the capital reduction, whereby each legal but unissued Consolidated share (including the statutory unissued Consolidated shares resulting from the capital reduction) will be subdivided into 100 legal but unissued new shares of HK $0.01each, so that immediately after the capital restructuring, the authorized share capital of the company will be HK $1 billion (divided into 100 billion new shares)

(iv) reduce the share premium immediately after the equity reduction and subdivision take effect, under which the total credit to the share premium account will be reduced to zero

(v) after the capital reorganisation takes effect, the income of HK $132 million arising from the capital reduction and the reduction in share premium will be transferred to the contributed surplus account of the Company within the meaning of the companies Law, which shall subsequently be used to offset the accumulated losses of the Company or may be applied from time to time by the Board in such manner as permitted by these articles and all applicable laws of Bermuda without further authorization by the shareholders.

As at the date of this announcement, the existing shares are traded in 2000 existing shares per lot. It is proposed that after the equity reorganisation takes effect, each trading unit traded on the Stock Exchange will be changed from 2000 existing shares to 4000 new shares.

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