Tsl ReportScriptNow I would like to talk about what the TSL has actually done in the reorganization.The first one was share consolidation which means every 100 issued ordinary shares of $0.25 cent each was consolidated into one issued consolidated ordinary share of $25.00 dollars. This was an attempt to increase the price of shares back into the range of investment grade shares.Subject to the Share Consolidation becoming effective, the nominal value of each issued Consolidated Share be reduced from HK$25.00 to HK$2.50 so as to creating a reserve. Thirdly, the amount standing to the credit of the share premium account was cancelled.And the amounts standing to the credit of the contributed surplus account and the capital redemption reserve account was released. Under share subdivision, each issued Consolidated Share of HK$2.50 was subdivided into ten adjusted shares of HK$0.25 each.And the credit arising from the Capital Reduction and the Share Premium Cancellation together with the amount released from the capital redemption reserve account were transferred to the contributed surplus account.
Than the Directors was authorised to set-off the aggregate amount of about HK$348 million dollars, together with the amount standing to the credit of the contributed surplus account, against all of the accumulated losses, so that result in a surplus of HK$15 million in contributed surplus account. Also, it created 420 million new adjusted shares.Besides, an outside company, Rosy Blue Group, as a major diamond supplier to TSL, converted the debts it had taken over from TSL into new adjusted shares. And the group agreed to take up $210 million of bank debts in exchange for an indirect shareholding of 25%. Furthermore, to restore the public float to the minimum 25% of share capital, TSL issued 34.51 million new adjusted shares in an open offer.
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The deal was announced on March 13, 2008. The deal was not announced during negotiations with Chinese state media, and did not include any of the company’s liabilities. It appears that Rosy was not given any legal authority to set off the GMC debt and to take back Rmb40. If the Chinese
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The deal was announced on March 13, 2008. The deal was not announced during negotiations with Chinese state media, and did not include any of the company’s liabilities. It appears that Rosy was not given any legal authority to set off the GMC debt and to take back Rmb40. If the Chinese
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The deal was announced on March 13, 2008. The deal was not announced during negotiations with Chinese state media, and did not include any of the company’s liabilities. It appears that Rosy was not given any legal authority to set off the GMC debt and to take back Rmb40. If the Chinese