2015 — Page 120

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

23

CAPITAL AND RESERVES (Continued)

(b) Share capital

(c)

Ordinary shares, issued and fully paid:

At 1 January

Transition to no-par value regime

on 3 March 2014 (note)

At 31 December

2015

2014

Number of

shares

Number of

HK$'000

shares

HK$'000

356,273,883

1,754,801

356,273,883

356,274

1,398,527

356,273,883

1,754,801

356,273,883

1,754,801

Note:

The transition to the no-par value regime under the Hong Kong Companies Ordinance occurred automatically on 3 March 2014. On that date, the share premium account and any capital redemption reserve were subsumed into share capital in accordance with section 37 of Schedule 11 to the Ordinance. These changes did not impact on the number of shares in issue or the relative entitlement of any of the members. Since that date, all changes in share capital have been made in accordance with the requirements of Parts 4 and 5 of the Ordinance.

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.

Nature and purpose of reserves

(1)

Securities revaluation reserve

The securities revaluation reserve comprises the cumulative net change in the fair value of available-for-sale securities held at the end of the reporting period and is dealt with in accordance with the accounting policies adopted for the revaluation of securities (see note 1(f)).

(ii)

Other capital reserves

The other capital reserves comprise the unrealised profit on inter-company interest capitalised under investment properties.

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Hong Kong Ferry (Holdings) Company Limited Annual Report 2015

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