Kingston Properties Limited (KPREIT) has advised that at a meeting of its Board of Directors held on October 27, 2020, the Board agreed to recommend to shareholders that the maximum number of authorized shares of the Company be increased from 1,000,000,000 ordinary shares to 2,000,000,000 ordinary shares.
KPREIT further advised that the recommendation is in keeping with its strategic plan to substantially increase the equity base of the Company, and will facilitate the Company’s return to the equities market to raise funding, which will include an additional public offering in the near future, subject to the approval of its shareholders being obtained.
KPREIT states that “The Board intends to convene an extraordinary general meeting in due course (subject to, and in compliance with, the prevailing restrictions contained in the orders under the Disaster Risk Management Act), where the following will be put to shareholders for consideration:
1. The proposed increase in the maximum number of authorised shares.
2. Approval to pursue an additional public offering of new ordinary shares.
3. The amendment of the Company’s articles to allow for electronic meetings.”