Carnival Group (00996) proposes capital reorganisation

   Carnival Group International Holdings Limited (00996) said the board proposes to implement a capital reorganisation.
  It includes (i) the share consolidation by which every twenty five issued and unissued existing shares will be consolidated into one consolidated share of HK$0.25; the capital reduction by which: (a) any fractional consolidated share in the issued share capital of the company arising from the share Consolidation shall be cancelled; and (b) the par value of all the then issued consolidated shares shall be reduced from HK$0.25 each to HK$0.01 each by cancelling the paid-up capital of the company to the extent of HK$0.24 on each of the then consolidated shares in issue; (iii) the share subdivision of every unissued consolidated share of HK$0.25 each in the authorised share capital of the company into twenty five adjusted shares of HK$0.01 each; the reduction of share premium account, being the reduction of the entire amount standing to the credit of the share premium account of the company; and (v) the credit arising from the capital reduction and the reduction of share premium account being credited to the contributed surplus account of the company for use by the directors in any manner permitted by the laws of Bermuda and the Bye-laws including but not limited to offsetting against the balance of the accumulated losses of the company up to the date on which the capital reorganisation becomes effective.