REASONS FOR THE REDUCTION OF SHARE PREMIUM ACCOUNT
For the year ended 31 December 2006, the Accumulated L oss incurred by the Company stood at approximately HK$837,876,000 as shown in the audited financial statements of the Company for the year ended 31 December 2006.
Under the Companies Ordinance, the Company is not permitted to pay dividends while there remain any accumulated loss.
The elimination of the Accumulated L oss by the Reduction of Share Premium Account should bring forward flexibility to the Directors on the dividend policy of the Company. The Company will then be in a position to consider making distribution to the Shareholders from its future profits.
EFFECTS OF THE REDUCTION OF SHARE PREMIUM ACCOUNT
The implementation of the Reduction of Share Premium Account will not, of itlf, alter the underlying asts, business operations, management or financial position of the Company or the proportionate interests of the Shareholders. The Directors believe that the Reduction of Share Premium Account will not have any adver effect on the financial position of the Group.
The Reduction of Share Premium Account does not involve (i) any reduction of the issued share capital of the Company and accordingly shares holding by the Shareholders will not be affected; or (ii) the diminution of any liability in respect of any unpaid capital of the Company; or (iii) the repayment to the Shareholders of any paid-up share capital of the Company.
Bad on the reasons and effects of the Reduction of Share Premium Account as t out above, the Directors consider that the Reduction of Share Premium Account to be in the best interests of the Company and the Shareholders as a whole.
CONDITIONS OF THE REDUCTION OF SHARE PREMIUM ACCOUNT
The Reduction of Share Premium Account is subject to fulfilment of the following conditions:
(i) the passing by the Shareholders of a special resolution to approve the Reduction of Share Premium保护牙齿教案
Account and related matters at the EGM;
(ii) the confirmation of the Reduction of Share Premium Account by the Court and the registration by the Registrar of Companies in Hong Kong of a copy of the Court order confirming the Reduction of S
hare Premium Account and, if required by the Court, the minute required under ction 61 of the Companies Ordinance; and
平顶山山顶公园(iii) the obtaining of all requisite connts from lenders to the Group in connection with the Reduction of Share Premium Account.
The Reduction of Share Premium Account will become effective upon the fulfilment of the above conditions. The Effective Date cannot be ascertained at prent as it depends on the availability of the date of hearing of the petition for the confirmation of the Reduction of Share Premium Account by the Court. Further announcement(s) will be made by the Company informing the Shareholders of the Effective Date.
EGM
The EGM is expected to be convened on 11 September 2007 at which a special resolution will be propod to approve the Reduction of Share Premium Account.
CIRCULAR
A circular containing further details of the Reduction of Share Premium Account and a notice conveni
ng the EGM will be despatched to the Shareholders on or about 17 August 2007.
DEFINITIONS
“Accumulated Loss” the accumulated loss of the Company bad on the audited financial
statements of the Company as at 31 December 2006 in the amount of
炒什么菜HK$837,876,000
“Board” the board of Directors of the Company
“Companies Ordinance” the Companies Ordinance, Chapter 32 of the Laws of Hong Kong “Company” Wing
Shan International L imited, a company incorporated in Hong
Kong with limited liability, the shares of which are listed on the Stock
Exchange
“Court” the High Court of Hong Kong, Court of First Instance
“Directors” the directors of the Company
“Effective Date” the date upon which the Reduction of Share Premium Account becomes
unconditional and effective when all the conditions to which it is
subject to are satisfied
“EGM” the extraordinary general meeting of the Company expected to be held
冰箱怎么清理at Rooms 2801-2805, China Insurance Group Building, 141 Des Voeux
Road Central, Hong Kong on Tuesday, 11 September 2007 at 10:00
< to approve the Reduction of Share Premium Account, notice of
which is t out in a circular to be despatched by the Company, or any
梅花树adjournment thereof
“Group” the Company and its subsidiaries甲午兴国
“HK$” Hong Kong dollars, the lawful currency of Hong Kong
“Hong Kong” the Hong Kong Special Administrative Region of the People’s Republic
of China
“Reduction of Share the propod reduction of the Share Premium Account as t out in this Premium Account” announcement
“Share Premium Account” the share premium account of the Company which credit stood at
approximately HK$1,041,726,000 as at 31 December 2006 bad on
the audited financial statements of the Company for the year ended 31
December 2006
“Shareholders” the shareholders of the Company
“Stock Exchange” The Stock Exchange of Hong Kong Limited
“Updated Accumulated the accumulated loss of the Company as at the time of prentation L oss” of petition for confirmation of the Reduction of the Share Premium
Account by the Court
五口人说话
“%” Percent
By Order of the Board
Wing Shan International Limited
He Haochang
Chairman
Hong Kong, 27 July 2007微商如何做
As at the date of this announcement, the Board compris 7 Directors, of which Mr. He Haochang is non-executive Director, Mr. Lam Siu Hung, Mr. Situ Min and Mr. Li Songquan are executive Directors and Mr. Chan Ting Chuen, David, Mr. Ng Pui Cheung, Joph and Mr. Cheung Kin Piu, Valiant are independent non-executive Directors.
