Plastec Technologies, Ltd 6-K, filed Nov 29, 2024
Plastec Technologies, Ltd. (PLTYF)
About this 6-K
Plastec Technologies, Ltd filed this 6-K on November 29, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of: November 2024
Commission File Number: 000-53826
PLASTEC TECHNOLOGIES, LTD.
(Translation of registrant’s name into English)
c/o Unit 01, 21/F, Aitken Vanson Centre, 61 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨
On November 29, 2024, the board of directors of Plastec Technologies, Ltd. (the “Company”) approved the declaration and timing of a special cash dividend to shareholders of $0.35 per share. The dividend will be paid on or about December 20, 2024 to shareholders of record as of the close of business on December 13, 2024.
Additionally, on November 29, 2024, Viewmount Development Limited, the Company’s wholly-owned subsidiary (“Viewmount”), disposed of all of its equity interests of Sun Line Industrial Limited, one of its dormant wholly-owned subsidiaries (“Sun Line”), to an independent third party for an aggregate payment of approximately HKD4.65 million, which is roughly equivalent to the net book value of Sun Line. The determination to dispose of Sun Line was made in an effort to streamline the group’s organizational structure given its limited operations at this time. The sale also allowed Viewmount to dispose of Sun Line in a more efficient and quicker manner than if it had sought to formally dissolve and liquidate Sun Line under applicable Hong Kong law.
On November 29, 2024, the Company issued a press release announcing the foregoing. The press release is included with this Report of Foreign Private Issuer on Form 6-K as Exhibit 99.1 and is incorporated herein by reference.
Exhibits
| Exhibit No. | Description | |
| 99.1 | Press release dated November 29, 2024. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 29, 2024
| PLASTEC TECHNOLOGIES, LTD. | ||
| By: | /s/ Kin Sun Sze-To | |
| Name: | Kin Sun Sze-To | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
PLASTEC TECHNOLOGIES DECLARES SPECIAL CASH DIVIDEND OF $0.35 PER SHARE
Announces Sale of Sun Line Industrial Limited Subsidiary
Hong Kong –November 29, 2024 – Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today announced that its Board of Directors has approved a special one-time cash dividend of $0.35 per share to the holders of the Company’s ordinary shares. The dividend will be payable on or about December 20, 2024, to holders of record as of December 13, 2024, using the Company’s available cash and cash equivalents position which at June 30, 2024 was $12.2 million.
The Company also announced that Viewmount Development Limited, the Company’s wholly-owned subsidiary, consummated the sale of the 100% equity interest in its wholly-owned subsidiary, Sun Line Industrial Limited (“Sun Line”), to an independent third party for an aggregate payment of approximately HKD4.65 million. The purchase price for the equity interests in Sun Line was roughly equivalent to the net book value of Sun Line. The determination to dispose of Sun Line was made in an effort to streamline the group’s organizational structure given its limited operations at this time.
Mr. Kin Sun Sze-To, Chairman of the Company, stated, "As we continue to explore ways to deliver value to all of our stakeholders, we believe that a special dividend is the most effective way to return capital to shareholders at this time. Furthermore, we remain committed to monetize assets that no longer fit our going forward strategy, while at the same time, due to our strong balance sheet we are well-positioned to act quickly on any new opportunities that may arise.”
Forward Looking Statements
This press release contains “forward-looking statements.” These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements.
CONTACT:
Plastec Technologies, Ltd.
HL Ning, Chief Financial Officer
ning@plastec.com.hk
INVESTOR RELATIONS:
The Equity Group Inc.
Alice Zhang, Associate
(212) 836-9610 / azhang@equityny.com
Lena Cati, Senior Vice President
(212) 836-9611 / lcati@equityny.com