Chongqing Iron (01053) released an announcement stating that the company will convene the 36th meeting of the 9th Board of Directors on June 5, 2024 to approve the stock-based incentive plan and trade up to ¥2 per share to repurchase the company's A shares using centralized bidding. According to the Chongqing Iron & Steel Co., Ltd. Articles of Association, this proposal does not require approval of the shareholders' meeting.
Chongqing Iron and Steel (01053) announced that it held the 36th meeting of the 9th Board of Directors on June 5, 2024, and approved the proposal to repurchase company A shares through centralized bidding, for the purpose of stock-based incentive. According to the provisions of the Articles of Association of Chongqing Iron and Steel Co., Ltd, this proposal does not require review by the shareholders' meeting.
The maximum purchase price for this repurchase is ¥2 per share and not more than 150% of the average trading price of the company's stock for the 30 trading days prior to the decision made by the Board of Directors. The repurchase funds range from ¥50 million to ¥100 million. Based on the upper limit of the repurchase funds (¥100 million) and the maximum repurchase price (¥2 per share), if the shares are repurchased at the highest price, it is estimated that up to 50 million shares can be repurchased, accounting for approximately 0.56% of the company's total issued share capital. If the shares are repurchased at the lowest limit of repurchase funds (¥50 million) and the maximum repurchase price (¥2 per share), it is estimated that up to 25 million shares can be repurchased, accounting for approximately 0.28% of the company's total issued share capital.
As of December 31, 2023, the company's total assets were ¥37.357 billion, net assets attributable to shareholders of the listed company were ¥19.854 billion, and current assets were ¥6.052 billion. The total funds for the share repurchase is ¥100 million, which accounts for 0.27%, 0.50%, and 1.65% respectively of the company's total assets, net assets attributable to shareholders of the listed company, and current assets. All of these percentages are relatively small. Based on the repurchase funds cap of ¥100 million and the maximum repurchase price of ¥2 per share, the estimated number of shares that can be repurchased at the highest price is 50 million, accounting for approximately 0.56% of the company's total issued shares. Based on the minimum repurchase funds of ¥50 million and the maximum repurchase price of ¥2 per share, the estimated number of shares that can be repurchased at the highest price is 25 million, accounting for approximately 0.28% of the company's total issued shares.
As of December 31, 2023, the company's total assets were ¥37.357 billion, net assets attributable to shareholders of the listed company were ¥19.854 billion, and current assets were ¥6.052 billion.