Macau Legend proposes domicile change and capital reorganisation

Macau Legend Development Limited has announced plans for a significant capital reorganisation and a change of domicile from the Cayman Islands to Bermuda, effective December 29, 2025. This move is primarily to streamline a capital reduction process that would otherwise require court sanction in the Cayman Islands, enabling a more timely and commercially expedient completion. The company aims to strengthen its liquidity, ensure business continuity, and gain financial flexibility for future equity-fundraising activities.

The proposed capital reorganisation involves reducing the nominal value of each issued share from HK$1.00 to HK$0.01 and sub-dividing authorised but unissued shares. The existing authorised share capital of HK$1,000,000,000, divided into 1,000,000,000 shares of HK$1.00 each, will remain HK$1,000,000,000 but be divided into 100,000,000,000 shares of HK$0.01 each. Additionally, the entire share premium account, approximately HK$4,163,765,000, will be cancelled and transferred to a contributed surplus account, which will then be used to offset accumulated losses.

Shareholders will convene an Extraordinary General Meeting (EGM) on December 2, 2025, to vote on these special resolutions, including the adoption of a new memorandum of continuance and new bye-laws. The directors recommend voting in favor of all resolutions, stating the changes will not materially affect the group's consolidated net asset value, business, or shareholders' proportionate interests.