Summary by Futu AI
On 28 May 2024, US Retail announced the issuance of 128,640,000 new shares of HKD 128,640,000 shares per share to settle outstanding debentures totalling RMB145,000,000 in principal amount held by some bondholders. The shares exchanged for this issue represent approximately 0.27% of the Company's existing issued share capital and enjoy the same status as the issued shares. The issue price is approximately 3,547.06% over the closing price of May 28, 2024. The issuance is not subject to shareholder approval and was authorized at the Annual General Meeting on September 21, 2023. Upon completion of the issue, the shareholding of Mr. Wong and his unitholders decreased slightly from 10.96% to 10.93%, while the shareholding of other public shareholders decreased from 89.04% to 88.80%. US Retail said the move was aimed at clearing part of the debt and would continue to negotiate on the remaining outstanding bonds.