Gree Real Estate Co.Ltd(600185) on December 22, the announcement on changing the purpose of initial repurchase of shares was issued. Before this change, it was used for employee stock ownership plan. After this change, the remaining first repurchase shares other than those already used in the employee stock ownership plan shall be cancelled and the registered capital shall be reduced accordingly.
Gree Real Estate Co.Ltd(600185) pointed out that after changing the purpose of share repurchase this time, the company will cancel 40246800 repurchased shares and reduce the registered capital accordingly. The number of shares to be cancelled accounts for 2.07% of the current total share capital of the company. The company believes that the change in the purpose of share repurchase will not have a significant impact on the company’s debt performance ability, sustainable operation ability and shareholders’ equity. The implementation of the share repurchase plan will not lead to the company’s equity distribution not meeting the listing conditions and will not affect the company’s listing status.
According to the announcement, the 52nd meeting of the 6th board of directors held on December 10, 2018 considered and approved the proposal on share repurchase plan by centralized bidding transaction, and disclosed the report on share repurchase by centralized bidding transaction on December 27, 2018. The total repurchase funds shall not be less than 200 million yuan (including 200 million yuan) and not more than 300 million yuan (including 300 million yuan), and the repurchase period shall not exceed 12 months from the date when the board of directors deliberates and approves the share repurchase plan.
On December 27, 2018, the company implemented share repurchase for the first time. On January 29, 2019, the company completed the repurchase according to the disclosed plan, and actually repurchased 51.6968 million shares of the company, with a total capital of 215163700 yuan, which should be transferred or cancelled within three years.
At the 56th meeting of the 6th board of directors held on April 10, 2019, the company deliberated and adopted the proposal on clarifying the purpose of initial share repurchase, which defined the purpose of initial share repurchase. The board of directors of the company agrees to use the shares repurchased for the first time in the employee stock ownership plan, which can be implemented at one time or by stages. If all the repurchased shares cannot be granted due to the company’s employees’ abandonment of subscription of shares, the company will convene the board of directors to start the procedure of separately disposing some of the shares not granted.
(China Securities Journal · China Securities Network)
