During the year, arrangements had been made for a placing with institutional investors of 16,635,395 ordinary shares of the company (''Placed Shares") at a price of $7.10 per share. The Placed Shares are existing shares of the company which were sold by the company's principal shareholders, Henderson Land Development Company Limited ("HL") and its subsidiaries. HL's subsidiaries then subscribed for 16,635,395 new ordinary shares of the company at a price of $7.05 per share, raising a total of approximately $117 million for the company, which was equivalent to the net proceeds of the placing received by HL and its subsidiaries after allowance for expenses and interest earned. The proceeds of the share issue were used to reduce bank indebtedness and to provide additional working capital.
Donations
The group donated HK$100,000 to the Community Chest of Hong Kong and HK$10,500 to other charitable organisations, making total charitable donations of HK$110,500 (1987 - HK$30,000) for the year.
Fixed assets
Movements in fixed assets during the year are set out in notes 9 and 10 on the accounts.
Directors' shareholdings
At 31 December 1988, the directors and their associates had the following interests in the share capital of the company. Their interests were beneficial interests except where otherwise indicated.
Number of shares
1988
1987
Lau Chan Kwok (Chairman)
100,000
100,000
Edmond T. C. Lau (Managing Director)
60,000
60,000
Sir Kenneth P. F. Fung
1,000
1,000
Michael Y. L. Kan
19,138
19,138
Lambert Kwok
13,500
13,500
Colin K. Y. Lam
Eddie Y. C. Lau
Lee Pak Yiu
Lee Shau Kee
Leung Hay Man
Dominic W. Wong
Alex S. C. Wu
*
Non-beneficial interests
663,746
663,746
34,290*
34,290*
59,385,800
53,474,800
50,000
10,000
10,000
95,400
95,400
9
No comments yet.
Private notes are available after approval.