CMB_1991 — Page 25

Notes on The Accounts (Continued)

20. OPERATING LEASE COMMITMENTS

At 30th June, 1991, the group and the company had commitments under operating leases for land and buildings to make payments in the next year as follows :-

Leases expiring:

Within 1 year

After 1 year but within 5 years

Group and company

1991

1990

$000's

$000's

1,066

726

211

174

1,277

900

21.CAPITAL COMMITMENTS

Capital commitments outstanding at 30th June, 1991 not provided for in the accounts were as follows:-

Contracted for

Authorised but not contracted for

Group and company

1991

1990

$000's

$000's

6,078

549

533

457

22. POST BALANCE SHEET EVENT

Subsequent to the balance sheet date, the company has reached agreement in principle, subject to contract, with a property developer, to establish a limited company which would be owned by the property developer and the company's subsidiary. This new company will purchase from the company and its subsidiary certain of their leasehold properties for a consideration of $980 million. Such disposal of the leasehold properties will be subject to the approval of the company's shareholders in general meeting. The profit arising from such disposal will be accounted for in the accounts for the year ending 30th June, 1992 upon finalisation of the relevant agreement.

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