MACAU LEGEND (01680) suggests canceling the share premium account and capital restructuring.

MACAU LEGEND (01680) announced that the board of directors proposed to cancel all amounts received in the share premium account, and to transfer the amounts generated from the cancellation to an account designated as the companys paid-up surplus account before the change of jurisdiction takes effect. After the change of jurisdiction takes effect, the company proposes to implement a capital reorganization, which includes the following: (i) Reduction of share capital, by cancelling the paid-up capital of HK$0.99 per share issued and reducing the nominal or face value of each issued share from HK$1.00 to HK$0.01 per share, thereby reducing the issued share capital of the company; (ii) Splitting of shares following the reduction of share capital, by splitting the unissued shares with a nominal value of HK$1.00 per share into 100 new shares with a nominal value of HK$0.01 per share; (iii) Amounts generated from the reduction of share capital will be transferred to the companys paid-up surplus account; and (iv) Amounts in the paid-up surplus account will be used to offset accumulated losses in a manner permitted by all applicable laws and rules in effect from time to time and deemed appropriate by the board of directors.