Wah Fu Education Group will hold its Annual General Meeting on January 10, 2025, to discuss proposed resolutions, including a dual-class share structure.
Quiver AI Summary
Wah Fu Education Group Ltd. announced that its Annual General Meeting (AGM) will take place on January 10, 2025, in Beijing, China. Shareholders eligible to vote are those holding ordinary shares as of December 12, 2024. The company is proposing changes to its structure, including the adoption of a dual-class share system that would create Class A shares with enhanced voting rights. Specifically, each Class A share would carry fifteen votes compared to one vote for each ordinary share. Other proposals include increasing the authorized share count and modifying the existing memorandum and articles of association, along with the redemption and reissuance of certain shares. Detailed voting procedures and additional information are available on the company's website and through its investor relations contacts.
Potential Positives
- Announcement of the Annual General Meeting (AGM) provides shareholders the opportunity to engage in corporate governance and exercise their voting rights.
- Proposed adoption of a dual-class share structure aims to enhance control for certain holders, which may attract investment interest.
- The substantial increase in the number of authorized shares from 30 million to 600 million indicates potential for future capital raising and growth strategies.
- The ability to redeem and reissue shares under the new structure shows financial flexibility and a strategic approach to shareholder value management.
Potential Negatives
- The proposed adoption of a dual-class share structure, which would significantly enhance voting power for certain shareholders, could raise concerns among existing investors about fairness and governance practices.
- The increase in the total number of authorized shares from 30 million to 600 million may lead to concerns about potential dilution of existing shareholder equity.
- The requirement that all proposed resolutions regarding the amendments cannot be passed independently may limit shareholder flexibility and increase the likelihood of contentious voting scenarios.
FAQ
When is the Annual General Meeting for Wah Fu Education Group Ltd.?
The Annual General Meeting will be held on January 10, 2025, at 10:30 AM Beijing Time.
Where will the Wah Fu AGM take place?
The AGM will be held at L207b, Hesheng Fortune Plaza, Beijing, China.
What voting rights do shareholders have at the AGM?
Each ordinary share entitles the holder to one vote at the AGM.
What major change is proposed at the AGM?
The Company proposes to adopt a dual-class share structure at the AGM.
How can shareholders access Wah Fu's annual report?
Shareholders can access the annual report free on Wah Fu’s Investor Relations website or by email request.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
Beijing, China, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Wah Fu Education Group Ltd. (NASDAQ: WAFU, the “
Company
”) today announced that it will hold its Annual General Meeting (“
AGM
”), which will be held at L207b, Hesheng Fortune Plaza, No.13 Deshengmenwai Street Xicheng District, Beijing, China 100088, at 10:30 AM, Beijing Time, on January 10, 2025.
Holders of record of the Company’s ordinary shares of par value US $0.01 each on the close of business on December 12, 2024, Eastern Standard Time (the “
Record Date
”) or their proxy holders are entitled to vote at the AGM or any adjournment or postponements thereof. Each holder of ordinary shares has one (1) vote for each ordinary share held as of the close of business on the Record Date.
Under the existing memorandum and articles of association of the Company, a resolution of shareholders may be passed by the affirmative vote of a majority of in excess of 50% of the votes of the shares entitled to vote thereon which were present at the meeting and were voted.
The Company proposes to amend and restate the existing memorandum and articles of association currently registered with the Registry of Corporate Affairs in the British Virgin Islands to adopt a dual-class share structure (the “
Dual-class Share Structure
”), pursuant to which the Company will create a new class of shares of class A shares of US$0.01 par value each (the “
Class A Shares
”), with each ordinary share of US$0.01 par value each (the “
Ordinary Shares
”) being entitled to one (1) vote and each Class A Share being entitled to fifteen (15) votes on all matters subject to vote at general meetings of the Company.
In connection with the Dual-class Share Structure, the Company proposes to:
(a) create a new class of shares and change the maximum number of shares that the Company is authorised to issue from 30,000,000 ordinary shares of US$0.01 par value each to 600,000,000 shares divided into 500,000,000 Ordinary Shares with a par value of US$0.01 each and 100,000,000 Class A Shares with a par value of US$0.01 each (the “
Change in Authorised Shares
”);
(b) amend and restate its existing memorandum and articles of association registered with the Registrar or Corporate Affairs in the British Virgin Islands to include, amongst other things:
(i) the creation of a new class of Class A Shares with each Class A Share being entitled to fifteen (15) votes on all matters subject to vote at general meetings of the Company;
(ii) the following provision: “
Notwithstanding any other provision of these Articles, each Class A Share shall be automatically converted into an Ordinary Share immediately upon the holders of Class A Shares in aggregate beneficially owning less than 74,400 Class A Shares, which is equivalent to 5% of the total issued and outstanding Class A Shares as of the date of registration of these Memorandum and Articles.”;
(iii) an amendment to clause 8 of the memorandum of association to change the number of votes required to consent to a variation of class rights from a majority of the issued shares in that class to two-thirds of the issued shares in that class; and
(iv) certain amendments to clarify the process for circulating notices to shareholders under the memorandum and articles of association and deemed dates of receipt.
(c) subject to approval of the foregoing resolutions, redeem 1,488,000 Ordinary Shares held by HFGFR Inc. as at the date of this proxy statement and reissue such Ordinary Shares as 1,488,000 Class A Shares to HFGFR Inc.
Each proposed resolution is conditional upon the others being passed so no one resolution can be passed alone.
The notice of the AGM sets forth the resolutions to be submitted to shareholders of the Company for approval and other relevant information regarding the AGM, the proposed Dual-class Share Structure and how to vote ordinary shares or direct Deutsche Bank Trust Company Americas to vote the ordinary shares represented by the ADSs at the AGM. Shareholders may obtain a copy of the Company’s annual report on Form 20-F, free of charge on the Company’s Investor Relations website at
www.edu-edu.cn
, or on the website of U.S. Securities and Exchange Commission at
http://www.sec.gov
. Physical copies of the annual report on Form 20-F can be provided to shareholders of the Company without charge by emailing Wah Fu Education Group Ltd., at
ir@edu-edu.com.cn
or by writing to:
L207b, Hesheng Fortune Plaza
No.13 Deshengmenwai Street
Xicheng District, Beijing, China 100088
Attention: Raincy Du
INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE MATERIALS FILED WITH OR FURNISHED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE DUAL-CLASS SHARE STRUCTURE AND RELATED MATTERS.
About Wah Fu Education Group Ltd.
Since its establishment in 1999, Wah Fu Education Group Ltd. (“
Wah Fu
”) has been committed to providing customized and diversified education solutions for the development of students, institutions and universities. Wah Fu continues to innovate in self-taught examinations for higher academic degrees, information application in adult education, non-degree training and other online educational programs. Wah Fu has become one of the most influential brand of distance education for adults in China. For more information about Wah Fu, please visit
www.edu-edu.cn
.
Investor Relations Contact
For Wah Fu:
Raincy Du
ir@edu-edu.com.cn
Investor Relations:
Haining Wang
Fair Consulting LLC
Email:
info@fairconsulting.com
Phone: +1-646-752-9774(US) /+86-136-8536-8593(China)
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