Macau Legend Development Limited has moved its legal base from the Cayman Islands to Bermuda, formalising a corporate restructuring that includes new governance arrangements and a forthcoming capital reorganisation, according to a company announcement.
The Hong Kong-listed company, which owns Macau Fisherman’s Wharf, said it officially de-registered in the Cayman Islands and established domicile in Bermuda as an exempted company on 19 December. The move saw its registered office relocate to Canon’s Court in Hamilton, Bermuda, and Appleby Global Corporate Services (Bermuda) Ltd appointed as its principal share registrar. Computershare Hong Kong Investor Services will remain its branch share registrar in Hong Kong.
Shareholders have also approved the adoption of a new memorandum of continuance and new bylaws, which took effect alongside the domicile change. In addition, the company cancelled its share premium account, transferring the full balance to a contributed surplus account in accordance with the Bermuda Companies Act.
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Macau Legend also said it was implementing a capital reorganisation effective today, subject to remaining procedural requirements. The restructure involves reducing the par value of each issued share from HK$1.00 to HK$0.01, alongside a subdivision of authorised but unissued shares on the same basis.
The credit arising from this capital reduction would be transferred to a contributed surplus account and applied to offset the group’s accumulated losses, which is permitted under Bermuda law and the company’s revised bylaws.
Macau Legend said key conditions for the restructure, including shareholder approval at an extraordinary general meeting and the completion of the domicile change, have already been met. Directors also confirmed they were satisfied that the company would be able to meet its liability deadlines.
In August, the company’s board issued a profit warning due to Legend Palace Casino’s impending closure under Macao’s revised gaming law – which prevents casinos from being run by third parties after 31 December. Macau Legend’s satellite casino, located on Macau Fisherman’s Wharf precinct and operated under SJM Holdings’ concession, shuttered in mid-November.
