The board of Hong Kong-listed Neptune Group Ltd has proposed to consolidate every 10 issued shares in the share capital of the company into one consolidated share. A total of 461,624,450 consolidated shares will be in issue upon the share consolidation becoming effective, the firm said in a filing on Friday.
Neptune, an investor in the Macau VIP gambling sector, said its board proposed to implement the share consolidation “in view of the recent trading price and board lot value of its existing shares”.
Subject to the share consolidation becoming effective, Neptune is proposing to raise between HKD96.94 million (US$12.5 million) and HKD100.53 million before expenses by issuing not less than 230,812,225 offer shares “at the subscription price of HKD0.42 per offer share”.
The open offer will be available only to Neptune’s eligible shareholders, said the firm, adding that taking into account the subscription undertaking, “the open offer is fully underwritten” by brokerage Jun Yang Securities Co Ltd.
Neptune’s shares were down 24.2 percent in Hong Kong trading on Tuesday, closing at HKD0.047. The junket investor recorded a net loss of HKD257.0 million in the second half of 2015.
The firm said its board intends to apply the net proceeds from the share offer to develop and operate the group’s money lending business.
The company stated in its interim report for the six months ended December 31 that it would continue with its business diversification strategy, exploring new business areas including money lending.
The firm has subsequently granted a loan of HKD7 million “to an independent third party” in March 2016, marking “the commencement of the group’s money lending business,” it said in Friday’s filing.
Feb 20, 2019Paradise Co Ltd, an operator of foreigner-only casinos in South Korea, reported a fourth-quarter loss that narrowed compared to the deficit in the equivalent quarter in 2017. The loss for the three...
"The opening of Morpheus only marks the beginning of the relaunch of City of Dreams"
Lawrence Ho Yau Lung
Chairman and chief executive of Asia casino developer and operator Melco Resorts