On September 2, Geelong Daily: gd-hkgba hldgs (01396.HK) announced that the company proposes to issue one (1) new share for every two (2) existing shares held by eligible shareholders on the record date, at a subscription price of HKD 0.23 per share. Through the issuance of up to 271,367,700 new shares (assuming that there has been no change in the issued share capital of the company before or on the record date (excluding bonus issues and issuance of new shares for subscription)), the total amount raised is approximately HKD 62.41 million (before deducting expenses and fees). The shares are not underwritten and will not be expanded to non-participating shareholders (if any). If fully subscribed, the net proceeds from the issuance are estimated to be up to approximately HKD 61.3 million (assuming that there has been no change in the issued share capital of the company before or on the record date (excluding bonus issues and issuance of new shares for subscription)).