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, 1991.
GROUP'S ACTIVITY
The principal activity of the company and 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, 1991 and the state of affairs of the of the group at that date are set out in the accounts on pages 9 to 22.
company
and
A first interim dividend of 21 cents per share and a special dividend of 5 cents per share were paid on 29th April, 1991. A second interim dividend of 18 cents per share was declared on 18th September, 1991 and paid on 15th October, 1991. The directors now recommend that a final dividend of 33 cents per share be paid in respect of the year ended 30th June, 1991 and that $10 million be transferred to general reserve.
CHARITABLE DONATIONS
Donations made by the group during the year amounted to $12,500.
FIXED ASSETS
Movements in fixed assets during the year are set out in note 9 on the accounts.
DIRECTORS
The directors during the year are given on page 2.
In accordance with articles 120A and 122 of the company's articles of association, Madam Ngan Kit-ling, Dr. Henry Ngan, Messrs. M.T. Geoffrey Yeh and Liu Lit-mo retire from the board and, being eligible, offer themselves for re-election.
The
company has not entered into service contracts with any of the above directors.
The interests of the directors and their associates in the ordinary share capital of the company as at 30th June, 1991, 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
Gordon K.C. SIU
No. of Ordinary Shares
3,568,637
3,313,799
5,510,718
5,741,829
1,250 62,250
Andrew K.P. LEUNG
No attribution has been made to the directors in respect of the 33,468 shares in the company included in the estate of the late Madam Wong Yick-mui, wife of Mr. Ngan Shing-kwan.
Madam Ngan Kit-ling is interested, as nominee of the company, in 10 ordinary shares in Island Communication Enterprises. Limited, a wholly-owned subsidiary of the company.
Madam Ngan Kit-ling is the sole proprietor of Ngan & Co., one of the company's solicitors, and as such has an interest in legal fees and expenses paid by the company to that firm.