REPORT OF THE DIRECTORS (CONTINUED)
CONNECTED TRANSACTIONS
Pursuant to the transactions and arrangements entered into by the Group with persons who are connected persons for the purposes of the Listing Rules, the Group recorded the transactions as described in note 30 to the financial statements.
Continuing Connected Transactions
For the year ended 31 December 2016 and up to the date of this Annual Report, the Company and/or its subsidiaries have been entered into certain continuing connected transactions, with details below, which were subject to reporting, and announcement requirements but are exempt from the independent shareholders' approval requirement under Chapter 14A of the Listing Rules:
1.
نه
Date
5 September 2013
24 December 2013
Connected Persons
Henderson Real Estate Agency Limited ("HREAL"), a wholly-owned subsidiary
of Henderson Land
Development Company Limited ("HLD")
Henderson Property Agency Limited ("HPAL”), a wholly-
owned subsidiary of HLD
Transactions
Hung Hom Project Management Agreement between Well Dynamic Limited ("WDL"), a wholly-owned subsidiary of the Company, and
HREAL, for the appointment of HREAL as the project manager for the development of Hung Hom Inland Lot No. 555, Kowloon, Hong Kong located at the junction of Gillies Avenue South and Bulkeley Street, Hung Hom, Kowloon, Hong Kong (the "Hung Hom Property") for a term of three years commencing from 5 September 2013.
The aggregate remuneration for the services to be provided by HREAL shall be subject to a total annual ceiling of HK$600,000 for the year ended 31 December 2016.
Details of the Hung Hom Project Management Agreement were set out in the announcement of the Company dated 5 September 2013. Hung Hom Project Management Agreement expired on 4 September 2016.
Hung Hom Sales Management Agreement between WDL and HPAL, for the appointment of HPAL as the sales manager of the development of the Hung Hom Property for a term of three years commencing from 1 January 2014.
The sales fee of half of one per cent. (0.5%) of the gross proceeds of sale of the residential units and other portions of the Hung Hom Property shall be subject to the ceiling of HK$1,500,000 for the year
ended 31 December 2016.
20
Hong Kong Ferry (Holdings) Company Limited Annual Report 2016
Details of the Hung Hom Sales Management Agreement were set out in the announcement of the Company dated 24 December 2013. Hung Hom Sales Management Agreement expired on 31 December
2016.