OCEAN STAR TECH (08297) proposes a "5-into-1" share consolidation and change in board lot size.

OCEAN STAR TECH (08297) announces that the board of directors proposes to implement a share consolidation, pursuant to which every five issued and unissued existing shares of HK$0.01 each in the share capital of the Company will be consolidated into one consolidated share of HK$0.05 each. The share consolidation is subject to, among other things, approval by the shareholders at an extraordinary general meeting before it can take effect. As at the date of this announcement, the Company has 1.294 billion issued existing shares which are fully paid or credited as fully paid. Upon the share consolidation becoming effective, and assuming that no new existing shares are issued or repurchased during the period from the date of this announcement to the effective date of the share consolidation, the Company will have 259 million issued consolidated shares which are fully paid or credited as fully paid. As at the date of this announcement, the issued existing shares are traded on the Stock Exchange in board lots of 2,500 existing shares. It is proposed that, upon the share consolidation becoming effective, the board lot size for trading on the Stock Exchange will be changed from 2,500 existing shares to 10,000 consolidated shares.