September 28, 2023 -- Bangkok Airways Plc (the Company) organized E-EGM of Shareholders No.1/2023 (the Meeting) via electronic media chaired by Mr. Puttipong Prasarttong-Osoth, Vice Chairman of the Board, acting as Chairman of Meeting, attended by Board of Management and shareholders. Significant agendas included.
To consider and approve the transfer of legal reserve and share premium to compensate for accumulated losses the EGM of Shareholders resolved to approve the transfer of legal reserve at 210.00 MB together with share premium at 9,218.84 MB, to compensate the accumulated loss of 9,428.84 MB. After transfer of legal reserve and share premium to compensate accumulated loss, the remaining amount of the Company’s accumulated loss is 4,290.92 MB. in order to ensure that dividend can be paid in the future when the Company makes a profit and has sufficient cash flow
At a glance
- Company
- Bangkok Airways Plc
Key figures
- Legal reserve transferred
- 210.00 MB
- Share premium transferred
- 9,218.84 MB
- Accumulated losses offset
- 9,428.84 MB
- Accumulated losses remaining
- 4,290.92 MB
- Shareholders attending
- 496
- Shares represented
- 1,493,488,370
People
- Mr. Puttipong Prasarttong-OsothVice Chairman of the Board; acting Chairman of the Meeting
A total of 496 shareholders attended the EGM of Shareholders No. 1/ 2023 in person and by proxy, holding a total of 1,493,488,370 shares.
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Questions around this news
What did shareholders approve at the E-EGM?
Shareholders approved transferring the company’s legal reserve of 210.00 MB and share premium of 9,218.84 MB to offset accumulated losses of 9,428.84 MB. The release states that 4,290.92 MB of accumulated losses remained after the transfer.
Why did the company transfer its legal reserve and share premium?
The stated purpose was to compensate for accumulated losses. The release also said the transfer was intended to help ensure that dividends could be paid in the future, if the company makes a profit and has sufficient cash flow. It does not say that a dividend was declared at this meeting.
What is a share premium?
Share premium is the amount received by a company for issuing shares above their nominal or par value. It is generally recorded separately from share capital in the company’s accounts, and rules on how it may be used depend on applicable law and company circumstances.
