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UPBEST GROUP LIMITED Seeks Shareholders' Approval for Share Issue and Repurchase Mandate

Strategic Insights

— 1 min read

UPBEST GROUP LIMITED, a Hong Kong-based company, has announced that at its upcoming Annual General Meeting (AGM), shareholders will be asked to approve several resolutions, including the proposed grant of a share issue mandate and a share repurchase mandate. The purpose of this announcement is to provide shareholders with information regarding these proposals and the notice of the AGM. The proposed share issue mandate would authorize the directors to issue up to 20% of the company's issued shares, while the share repurchase mandate would allow the directors to repurchase shares up to the number of shares repurchased under the mandate. Shareholders will also be asked to re-elect directors and approve a final dividend.

Key Takeaways:

  • The AGM will propose the grant of a share issue mandate, which would allow the directors to issue up to 20% of the company's issued shares.
  • The share issue mandate would authorize the directors to allot, issue, and deal with unissued shares, as well as make or grant offers, agreements, options, and warrants, without shareholder approval.
  • The directors also propose extending the share issue mandate to deal with shares repurchased under the share repurchase mandate.
  • The current issued share capital of the company is 2,682,316,758 shares, and the directors would be allowed to issue up to 536,463,351 shares under the proposed share issue mandate.
  • The share repurchase mandate would allow the directors to repurchase shares up to the number of shares repurchased under the mandate.
  • Shareholders will also be asked to re-elect directors and approve a final dividend.
  • The resolutions will be proposed as ordinary resolutions, meaning that they will require a simple majority vote to pass.

Statistics:

  • Total issued shares of the company: 2,682,316,758 shares (as per the Latest Practicable Date).
  • Maximum number of shares that can be issued under the proposed share issue mandate: 536,463,351 shares (20% of the issued share capital).
  • Aggregate number of shares that can be repurchased under the proposed share repurchase mandate: not specified.
  • Date of the Last Practicable Date: not specified.

Sources:

  • UPBEST GROUP LIMITED announcement via Hong Kong Exchanges and Clearing Limited (HKEX)

https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0721/2025072100602.pdf

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