Continental Airlines Technology Holdings (00232) plans to implement capital restructuring

According to the Zhitong Finance App, China Airlines Technology Holdings (00232) issued an announcement. On the date of this announcement, the authorized share capital of the company was HK$1 billion, divided into 10 billion shares with a face value of HK$0.1 per share. Of these, 9.303 billion shares have been issued and are considered fully paid or recorded in the accounts.

The Board of Directors recommended a share capital restructuring, which included:

i) Reduction in share capital. According to this, the company's issued share capital will be reduced by canceling the paid share capital of the company at HK$0.095 per issued share, reducing the face value of each issued share from HK$0.1 to HK$0.005;

(ii) Subject to and subject to the share capital reduction taking effect, reduction and increase, that is, cancelling all of the company's statutory but unissued share capital (including the statutory but unissued share capital due to the reduction in share capital) and increasing the company's authorized share capital to HK$50 million immediately after the cancellation is completed by adding a sufficient number of additional new shares to increase the authorized share capital of the company to HK$50 million, divided into 10 billion new shares;

(iii) A reduction in share premiums, according to which the entire amount credited to the company's share premium account will be cancelled; and

(iv) Transfer the amount of revenue generated by the reduction in share capital and share premium reduction to the company's surplus account under the Companies Act, and authorize the board of directors to use the company's payment of all or part of the surplus account in any way permitted by Bermuda law and the rules in force from time to time without further authorization from shareholders, including but not limited to the payment of all or part of a special dividend on sales matters and any further distribution to shareholders as the board of directors deems appropriate.