7. Current liabilities
Company 1985
Company
1984
HK$Millions
HK$ Millions
Group 1985 HK$Millions
Group
1984
HK$Millions
Bank loans and overdrafts
104.9
21.8
183.9
77.6
Other loans
32.9
31.0
Creditors
14.3
15.7
1,030.5
854.7
Taxation
6.7
101.2
82.2
Proposed final dividend
371.2
291.0
371.2
291.0
490.4
335.2
1,719.7
1,336.5
Bank loans, overdrafts and other loans of the Group are secured to the extent of HK$41.6 million (1984 – HK$40.6 million). Bank overdrafts of the Company are unsecured (1984 unsecured).
8. Share capital
Authorised:
Number
of shares
1985
Number of shares 1984
Company 1985 HK$Millions
Company 1984 HK$Millions
Ordinary shares of HK$1 each
697,282,144 697,282,144
697.3
697.3
72% cumulative redeemable participating
preference shares of HK$1 each
402,717,856 402,717,856
402.7
402.7
1,100.0
1,100.0
Issued and fully paid:
Ordinary shares:
At 1st January, 1985
519,627,350 443,495,577
519.6
443.5
Exercise of warrant rights Allotment of new shares Election of scrip dividend
173,111 38,228,534 10,431,000
0.2
38.2
10.4
37,903,239
37.9
At 31st December, 1985
530,231,461 519,627,350
530.2
519.6
Preference shares:
At 1st January, 1985
Redemption
At 31st December, 1985
402,717,856 402,717,856
82,717,856
402.7
402.7
82.7
320,000,000 402,717,856
320.0
402.7
850.2
922.3
The 72% cumulative redeemable participating preference shares are compulsorily redeemable on 31st December, 1992, but may, at the option of the Company, be redeemed earlier. There is a premium on redemption, depending upon when redemption takes place, as follows:
Year of redemption
1985
1986
Premium per
HK$1 nominal amount of preference shares
2 cents
I cent
nil
1987 and thereafter
38
HUTCHISON WHAMPOA LIMITED