ALPHA GENERAL<0073> - Announcement
The Stock Exchange of Hong Kong Limited takes no responsibility for the
contents of this announcement, makes no representation as to its accuracy
or completeness and expressly disclaims any liability whatsoever for any
loss howsoever arising from or in reliance upon the whole or any part of
the contents of this announcement.
Alpha General (Holdings) Limited
(incorporated in Bermuda with limited liability)
Proposal for subdivision of shares
The board of directors (the "Board") of Alpha General (Holdings) Limited
(the "Company") proposes that each of the existing issued and unissued
shares of HK$0.10 each ("Shares") in the share capital of the Company be
subdivided ("Share Subdivision") into ten shares of HK$0.01 each
("Subdivided Shares"). The Share Subdivision is conditional. Following the
Subdivision, the board lot size of trading in the Shares will remain as
2,000 being in board lot of 2,000 Subdivided Shares.
Share Subdivision
The Board proposes that each of the existing issued and unissued Shares be
subdivided into ten shares of HK$0.01 each. It is noted that during the
last 12 months, the average daily trading volume of Shares account for
approximately 1.2% of the Company's existing public float. With the
intention to further improve the liquidity of trading in Shares on The
Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Board is
of the view that the Share Subdivision is in the interest of the Company
and its shareholders.
As at the date of this announcement, the authorised share capital of the
Company is HK$60,000,000 which is divided into 600,000,000 Shares, of
which 386,602,400 Shares are in issue. Immediately upon completion of the
Share Subdivision and on the basis that 386,602,400 Shares are in issue,
3,866,024,000 Subdivided Shares will be created pursuant to the Share
Subdivision. The Subdivided Shares will rank pari passu in all respects
with the Shares in issue prior to the Share Subdivision and the rights
attaching to the Subdivided Shares will not be affected by the Share.
Following the Subdivision, the board lot size of trading in the Shares
will remain as 2,000 being in the board lot of 2,000 Subdivided Shares.
Conditions of the Share Subdivision
The Share Subdivision is conditional upon, inter alia:
(a) the passing of an ordinary resolution by shareholders of the
Company at a special general meeting (the "SGM"); and
(b) the Listing Committee of the Stock Exchange granting the listing
of and permission to deal in the Subdivided Shares.
Expected Timetable
The expected timetable for the Share Subdivision is as follow: 2000
SGM circular despatched on or about 15 March
Latest time for lodging form of proxy in respect of SGM
10:00 a.m., 29 March
SGM 10:00 a.m., 31 March
Effective date for Share Subdivision 3 April
Dealing in Subdivided Shares commences 10:00 a.m. on 3 April
Existing counter for trading in existing Shares
in board lots of 2,000 Shares temporarily closes 10:00 a.m. on 3 April
Temporary counter for trading in Subdivided Shares in
board lots of 20,000 Subdivided Shares (in the form of
existing Share certificates) opens 10:00 a.m. on 3 April
First day of free exchange of certificates for existing Shares
for new certificates for the Subdivided Shares 3 April
Existing counter for trading in Subdivided Shares in board
lots of 2,000 Subdivided Shares (in the form of new
certificates for the Subdivided Shares) commences 10:00 a.m. on 18 April
Parallel trading in Subdivided Shares (in the form
of new certificates for Subdivided Shares) commences
10:00 a.m. on 18 April
Temporary counter of trading in Subdivided Shares in board
lots of 20,000 Subdivided Shares (in the form of
certificates for existing Shares) ends 4:00 p.m. on 16 May
Parallel trading in Subdivided Shares (in the form
of new certificates for existing Shares) ends 4:00 p.m. on 16 May
Last day for free exchange of certificates for existing Shares
for new certificates for Subdivided Shares 19 May
General
An application will be made to the Stock Exchange for the listing of and
permission to deal in the Subdivided Shares.
A circular containing, among other things, details of the trading
arrangements in respect of the Subdivided Shares and a notice convening
the SGM will be despatched to shareholders of the Company as soon as
practicable.
For and on behalf of the Board
Alpha General (Holdings) Limited
Chu Ka Lok, Peter
Chairman
Hong Kong, 4 March 2000
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