Imperial Financial Group (08029) plans to combine shares on a “4 merge 1” basis

According to the Zhitong Finance App, Imperial Financial Group (08029) issued an announcement. The board of directors proposed a share consolidation based on the basis of merging the issued and unissued existing shares with a face value of HK$0.04 per share into 1 consolidated share with a face value of HK$0.16 per share. Stock consolidation is subject to approval by shareholders (including) at the Extraordinary General Meeting of Shareholders before it can actually take place.

As of the date of this announcement, a total of 2,334 billion issued existing shares have been fully paid or recorded as fully paid. Assuming that no further shares will be issued or repurchased from the date of this announcement until the effective date of the share merger, 583.5 million issued consolidated shares will be fully paid or recorded as fully paid up after the share merger comes into effect.

As of the date of this announcement, the trading unit for each lot of existing shares traded on the Stock Exchange was 5,000 existing shares. The board of directors recommended that each trading unit traded on the Stock Exchange be changed from 5,000 existing shares to 10,000 consolidated shares, but this can only be implemented after the share consolidation takes effect.

Based on the closing price of HK$0.092 per existing share (equivalent to HK$0.368 per consolidated share) as reported on the date of this announcement, the market value of 10,000 consolidated shares per trading unit (assuming that the share consolidation and change of each trading unit have taken effect) will be HK$3,680.