9. Reserves
Share
Capital Property redemption revaluation
Retained
profit
Total
1985
Tota!
1984
premium HK$Millions HK$Millions HK$Millions HK$Millions HK$Millions HK$Millions
a. Company
At 1st January, 1985
417.4
991.8 1,409.2 226.5
Premium on exercise of warrant rights and
allotment of new shares
261.9
261.9
414.8
Reversal of dividend provision due to
exercise of scrip option
241.0
Share issue expenses
(1.8)
(1.8)
(2.9)
Premium on redemption of preference shares
(1.9)
(1.9)
Transfer to capital redemption reserve fund
82.7
(82.7)
Profit for the year retained
0.6
0.6 529.8
At 31st December, 1985
675.6
82.7
909.7 1,668.0 1,409.2
b. Group
At 1st January, 1985
417.4
1,227.4
2,510.8 4,155.6 2,606.8
Premium on exercise of warrant rights and
allotment of new shares
261.9
261.9 414.8
Reversal of dividend provision due to
exercise of scrip option
Goodwill on consolidation written off
1 1
241.0
(30.8)
(30.8) (12.3)
Profit for the year retained
Share issue expenses
Premium on redemption of preference shares
Transfer to capital redemption reserve fund
Revaluation surplus arising during the year
Released to extraordinary items
Exchange difference
Others
At 31st December, 1985
(1.8)
(1.8) (2.9)
(1.9)
(1.9)
82.7
(82.7)
950.2
950.2 721.6
383.5
383.5 300.5
(100.4)
(100.4)
(112.7)
(6.9)
(6.9)
(1.2)
4.6
9.7
14.3
675.6
82.7
1,515.1 3.350.3
3,350.3 5,623.7 4,155.6
Including retained reserves of
associated companies
21.9
152.5 174.4
41.8
10. Loan stock
The 9% unsecured loan stock 1989/93 was issued with warrants in 1980. Each warrant carries the entitlement to subscribe for ordinary shares of the Company until 31st March, 1989.
The loan stock may be surrendered at any time in payment of the sum due on the exercise of the warrants which is currently HK$11.85 per ordinary share. If fully exercised, the outstanding subscription rights would require the issue of approximately 11.7 million ordinary shares (1984 11.9 million ordinary shares), which have been reserved for this purpose.
39
HUTCHISON WHAMPOA LIMITED