BNT Entertainment Plc plans to reduce its registered capital by Bt2.05 billion, in order to offset share discounts and wipe out retained loss, by reducing subscribed shares at a ratio of one existing share to 0.1008725 new shares.

The company said it will also change its name to Live Incorporation Plc.

The company reported to the Stock Exchange of Thailand

(SET) yesterday that it would reduce registered capital from Bt2.28 billion to Bt230 million

in a bid to wipe out its Bt1.29

billion worth of accumulative losses, as well as offset share discounts by Bt760.48 million.

The company's stock was

earlier this month posted with "suspension" and "pending

notice" signs by the SET, be-

cause its company's auditor could not reach any conclusion on its second-quarter financial statements.

The company also reported that its board of directors on Monday voted to reduce its registered capital from Bt2.5 billion to Bt2.28 billion, by reducing 219.84 million unsubscribed shares at a par value of Bt1 apiece.

The board then endorsed the reduction of registered capital from Bt2.28 billion to Bt230 million. As a result, the total number of shares would be reduced by 2.05 billion.

The company reported the reduction was aimed at a clearer understanding of its financial statements.

Following the capital reduction, the company will increase registered capital from Bt230 million to Bt460 million by issuing 230 million new ordinary shares at a par value of Bt1 each. The proceeds will be used for future business expansion by the company and its subsidiaries and as reserve for working capital.

The newly issued shares will be allocated to existing shareholders at a ratio of one existing share (after capital reduction) to one new share at a subscription price of Bt1.10 apiece.

BNT Entertainment recorded a second-quarter net loss of Bt267.47 million, or 12 satang per share.

That was Bt185.23 million, or 225.23 per cent, worse than the net loss of Bt82.24 million, or 4 satang per share, in the same period last year.

The company had earlier explained the more serious loss was due to second-quarter provisions of Bt225.35 million.

That amount was Bt197.79 million, or 717.67 per cent, higher than in the same period last

year.

The company recorded a first-half net loss of Bt341.24 million, which was Bt260.31 million, 321.65 per cent, worse than in the same period last year.