On June 25th, VCREDIT Holdings Limited (09690.HK) announced that it plans to conduct share repurchases in the public market from time to time under the share repurchase mandate approved by the shareholders on June 7, 2024 and/or any updates or renewals thereof.
The board of directors believes that share repurchases can further demonstrate confidence in the company's business prospects and outlook, and will ultimately benefit the company and create value for shareholders. The board of directors believes that the company's existing financial resources are sufficient to support share repurchases while maintaining a healthy financial position. Between March 18 and April 22, 2024, the company used more than HKD 204 million to repurchase shares. All repurchased shares were cancelled on June 3, 2024.
Recently, the board of directors adopted the second tranche of the Share Offer Options Scheme (Existing Shares). Awards grantable under the Share Offer Options Scheme (Existing Shares) will be provided only by the existing shares as referred to in Rule 17.01(1)(b) of the Listing Rules. The Share Offer Options Scheme (Existing Shares) constitutes a share scheme under Chapter 17 of the Listing Rules and is subject to the applicable disclosure requirements under Rule 17.12 of the Listing Rules. As the Share Offer Options Scheme (Existing Shares) does not constitute a plan involving the issuance of new shares, the adoption of the scheme does not require shareholder approval.