2014 — Page 98

96

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

23

CAPITAL AND RESERVES (Continued)

(b)

Share capital

Authorised: (note 1)

Ordinary shares of HK$1 each

(note 2)

Ordinary shares, issued

2014

Number of

shares

2013

Number of

HK$'000

shares

HK$'000 :

550,000,000

550,000

and fully paid:

At 1 January

356,273,883

356,274

356,273,883

356,274

Transition to no-par value regime

on 3 March 2014 (note 3)

1,398,527

At 31 December

356,273,883

1,754,801

356,273,883

356,274

Note 1: Under the new Hong Kong Companies Ordinance (Cap. 622), which commenced operation on 3 March 2014, the concept of

authorised share capital no longer exists.

Note 2: In accordance with section 135 of the new Hong Kong Companies Ordinance (Cap. 622), the Company's shares no longer have a par or nominal value with effect from 3 March 2014. There is no impact on the number of shares in issue or the relative entitlement of any of the members as a result of this transition.

Note 3: In accordance with the transitional provisions set out in section 37 of Schedule 11 to the new Hong Kong Companies Ordinance (Cap. 622), on 3 March 2014 any amount standing to the credit of the share premium account has become part of the Company's share capital.

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual

assets.

Hong Kong Ferry (Holdings) Company Limited Annual Report 2014