On June 18, 2024, Tongchengtravel (00780) announced that the board of directors decided to issue a total of 48,527,400 new shares based on the general authorization granted to the company's shareholders at the 2022 annual general meeting of shareholders (which can issue and distribute up to 448 million shares). The purpose of the issue is to recognize the contributions of the awardees and attract and retain talents for the continued operation and development of the group. The issuance of such shares does not require the approval of shareholders. Except for the issuance of new shares in July 2023 and October 2023, there is no basis for the issuance or distribution of any new shares based on the general authorization as of the date of this announcement. According to the 2022 restricted stock unit plan, the board of directors will arrange a subscription of $24.3 million USD (i.e., the face value of shares multiplied by the number of shares issued) with company resources for the new shares. The trustee will subscribe for the new shares in cash, and the new shares will be transferred to the awardees for free when the designated ownership conditions specified at the time of the award are achieved. The ownership period of the award shares for awardees is the same.
Tongchengtravel (00780) announced that the board of directors decided to issue a total of 48,527,400 new shares based on the general authorization granted to the company's shareholders at the 2022 annual general meeting of shareholders (which can issue and distribute up to 448 million shares). According to the restricted stock unit plan in 2022, the board of directors will arrange a subscription of $24.3 million USD (i.e., the face value of shares multiplied by the number of shares issued) with company resources for the new shares. The trustee will subscribe for the new shares in cash, and the new shares will be transferred to the awardees for free when the designated ownership conditions specified at the time of the award are achieved. The ownership period of the award shares for awardees is the same.
Please use your Futubull account to access the feature.
The new shares to be issued and distributed by the company to the trustee account for this issuance account for approximately 2.13% of the company's outstanding shares as of the date of this announcement, and after the issuance, the enlarged outstanding shares of the company account for approximately 2.09%. After the new shares are issued and the subscription price is fully paid, they have the same rights as the existing shares in terms of equity. They also have the right to receive all dividends and other distributions declared after the allocation date. The trustee cannot exercise voting rights on any shares held in trust.