REPORT OF THE DIRECTORS
The directors have pleasure in submitting their annual report together with the audited statement of accounts for the year ended 30th June, 1988.
GROUP'S ACTIVITY
The principal activity of the group is the operation of franchised public motor buses in Hong Kong.
ACCOUNTS
The profit of the company and of the group for the year ended 30th June, 1988 and the state of the company's and of the group's affairs at that date are set out in the accounts on pages 9 to 21.
A first interim dividend of 21 cents per share and a special dividend of 5 cents per share were paid on 27th May, 1988. A second interim dividend of 18 cents per share was declared on 16th July, 1988 and paid on 25th August, 1988. The directors now recommend that a final dividend of 33 cents per share be paid in respect of the year ended 30th June, 1988, and that $10,000,000 be transferred to general reserve.
CHARITABLE DONATIONS
Donations made by the group during the year amounted to $24,800.
FIXED ASSETS
Movements in fixed assets during the year are set out in note 7 on the accounts.
DIRECTORS
The directors during the financial year are given on page 2.
In accordance with articles 122 and 120A of the company's articles of association, Madam Ngan Kit-ling, Dr. Henry Ngan, Messrs. M.T. Geoffrey Yeh, Liu Lit-mo and Jimmy S.F. Tse retire from the board and, being eligible, offer themselves for re-election.
The interests of the directors and their associates in the ordinary share capital of the company as at 30th June, 1988, all of which were beneficial, were as follows:-
Name of Director
*NGAN Shing-kwan
NGAN Kit-ling
*NGAN Kit-keung
*Dr. Henry NGAN
M.T. Geoffrey YEH
LIU Lit-mo
Jimmy S.F. TSE
James Y.C. SO
No. of Ordinary Shares
5,032,105
2,873,799
6,050,718
6,381,829
1,250
62,250
712,100
*
Alice LAI SIU Po Chun
The interests of each of these directors included all the ordinary shares in the company beneficially owned, as at 30th June, 1988, by a private company of which each of the directors concerned was, as at 30th June, 1988, a substantial shareholder.
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