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Hengxing Gold Holding Company Limited Seeks Shareholder Approval for General Mandate and Repurchase Mandate

Strategic Insights

— 1 min read

Hong Kong-based Hengxing Gold Holding Company Limited has circulated a notice to its shareholders announcing the upcoming Annual General Meeting. The purpose of the meeting is to obtain shareholder approval for a series of proposals, including the grant of a General Mandate to issue new shares, the re-election of retiring directors, and the declaration of a final dividend. The company seeks to give its directors the flexibility to issue new shares up to 20% of the total number of shares outstanding, subject to certain conditions. Additionally, shareholders will be asked to approve a Repurchase Mandate to enable the company to repurchase up to 10% of its outstanding shares.

Key Takeaways:

  • The Hengxing Gold Holding Company Limited is seeking shareholder approval for a General Mandate to issue new shares up to 20% of the total number of shares outstanding.
  • The Directors have no immediate plans to issue new shares under the General Mandate.
  • Approval is also sought for a Repurchase Mandate to allow the company to repurchase up to 10% of its outstanding shares.
  • The proposed resolutions will be put forward at the upcoming Annual General Meeting.
  • Shareholders will be permitted to re-elect the retiring directors and declare a final dividend.
  • The proposed resolutions are subject to separate approvals, including the passing of ordinary resolutions nos. 5(A) and 5(B) at the Annual General Meeting.
  • The company's shares are listed on the Hong Kong stock exchange, and the proposed resolutions are subject to the Listing Rules of the exchange.
  • The company's latest practicable date is mentioned in the announcement, with a total of 925,000,000 shares in issue.

Statistics:

  • The total number of shares in issue: 925,000,000
  • The maximum number of new shares that can be issued under the General Mandate: 185,000,000 ( subject to the passing of the General Mandate and Repurchase Mandate)
  • The maximum number of shares that can be repurchased under the Repurchase Mandate: 10% of the total number of shares outstanding (subject to the passing of the General Mandate and Repurchase Mandate)

Sources:

  • Hengxing Gold Holding Company Limited, "Notice of Annual General Meeting and Proposed Re-election of Directors, General Mandate to issue shares, Repurchase Mandate to Repurchase Shares and Extension Mandate"

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