HONG KONG, April 5 /Xinhua-PRNewswire-FirstCall/ -- Xinhua Finance
(TSE Mothers: 9399), China's premier financial services and media company,
today announced that its Board of Directors has given approval for a share
split to take place over the next year within the range from two shares for
every one existing share up to five shares for every one existing share.
The exact timing and terms of the share split will depend on the share
price and other factors at the time of the split.
At the company's Annual General Meeting, scheduled for June 24, 2005,
Xinhua Finance's shareholders will be asked to give directors the authority to
implement up to two such share splits in the next 12 months to June 24, 2006
at a time to be determined by the directors.
Under the company's articles of association and the laws of its
jurisdiction, the approval of shareholders is required for a share split. The
shareholders are permitted to delegate this authority to the board, which then
decides the specific timing and terms of the split.
The Board's selection of the specific share split ratio will be based
primarily on the price level of the company's common shares at the time of the
split and the expected stability of that price level.
The company anticipates that a split will benefit all shareholders by
enhancing liquidity and bringing the share price back to a reasonable price
level, allowing more investor participation.
Xinhua Finance, founded in 1999, was listed on the Tokyo Stock Exchange in
October last year at a share price of 175,000 yen. The stock is currently
trading at over 400,000 yen. At close of trading on Friday April 1, 2005,
Xinhua Finance shares were valued at 429,000 yen.
About Xinhua Finance Limited
Xinhua Finance Limited is China's premier financial services and media
company, listed on the Mothers Board of the Tokyo Stock Exchange (symbol:
9399). The Company provides financial news and information, as well as a
broad array of financial products and services unique to the China markets.
Xinhua Finance provides real time coverage of Chinese and Asian equity
markets, delivering an integrated platform of China-specific indices,
financial news feeds, credit ratings, and investor relations services to
global financial institutions and re-distributors via leased line, Internet,
and satellite technology. Founded in 1999, the Company is headquartered in
Hong Kong and has 21 offices and 19 news bureaus across Asia, Australia, North
America and Europe. For more information, see http://www.xinhuafinance.com .
For more information, contact:
Xinhua Finance
Ms Joy Tsang,
Corporate & Investor Communications Manager
Tel: +852-3196-3983 or +852-9486-4364
Email: joy.tsang@xinhuafinance.com
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