has proposed to implement a capital reorganisation which involves: consolidation of every 10 issued shares into 1 consolidated share, and reduction of the par value of each issued consolidated shares from $0.1 each to $0.01.
A credit in the amount of $82.403 million arising from the capital reduction will be transferred to the contributed surplus account of the company and be applied to offset against the accumulated losses.
The company also proposes to change the board lot size for trading in the shares from 40,000 shares to 5,000 adjusted shares after the capital reorganisation becoming effective.
Assuming that no further shares are issued or repurchased between July 2 and the date of the SGM, immediately upon the capital reorganisation becoming effective, 915.584 million adjusted shares of par value $0.01 each will be in issue and the authorised share capital of the company will remain unchanged as $200 million divided into 20 billion adjusted shares of $0.01 each.
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