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tigerpower 时间:2021-03-27 阅读:()
Ifyouareinanydoubtastoanyaspectofthiscircularorastotheactiontobetaken,youshouldconsultyourstockbrokerorotherlicenseddealerinsecurities,bankmanager,solicitor,professionalaccountantorotherprofessionaladviser.
IfyouhavesoldortransferredallyoursharesinSoundwillHoldingsLimited,youshouldatoncehandthiscirculartothepurchaserortransfereeortothebank,stockbrokerorotheragentthroughwhomthesaleortransferwaseffectedfortransmissiontothepurchaserortransferee.
HongKongExchangesandClearingLimitedandTheStockExchangeofHongKongLimitedtakenoresponsibilityforthecontentsofthiscircular,makenorepresentationastoitsaccuracyorcompletenessandexpresslydisclaimanyliabilitywhatsoeverforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthiscircular.
SOUNDWILLHOLDINGSLIMITED(金朝陽集團有限公司*)(IncorporatedinBermudawithlimitedliability)(StockCode:878)MAJORTRANSACTIONDISPOSALOFINDIGODRAGONLIMITEDTHISCIRCULARISIMPORTANTANDREQUIRESYOURIMMEDIATEATTENTION*Foridentificationonly2August2016PageDEFINITIONS1LETTERFROMTHEBOARD5APPENDIXI–FINANCIALINFORMATIONOFTHEGROUPI-1APPENDIXII–PROPERTYVALUATIONREPORTII-1APPENDIXIII–GENERALINFORMATIONIII-1CONTENTS–i–Inthiscircularandtheappendicestoit,unlessthecontextotherwiserequires,thefollowingtermsandexpressionshavethefollowingmeanings:"AdjustmentAmount"theadjustmentamountassetoutintheProFormaCompletionStatementandtheFinalCompletionStatement(asthecasemaybe)asascertainedinaccordancewiththeSaleandPurchaseAgreement"Board"theboardofDirectors"BusinessDay"aday(notbeingaSaturdayorSunday)whenbanksgenerallyareopeninHongKongandMacauforthetransactionofgeneralbankingbusiness"closeassociates"hasthemeaningasascribedtoitundertheListingRules"Company"SoundwillHoldingsLimited(金朝陽集團有限公司*),anexemptedcompanyincorporatedinBermudawithlimitedliability,thesharesofwhicharelistedontheMainBoardoftheStockExchange(stockcode:878)"Completion"completionofthesaleandpurchaseoftheSaleShareandtheassignmentoftheSaleLoansundertheSaleandPurchaseAgreement,whichtookplaceon15July2016"CompletionAdjustments"havingthemeaningasascribedtoitundertheparagraphheaded"AdjustmentstotheConsideration"inthe"LetterfromtheBoard"sectionofthiscircular"CompletionDate"thedayCompletiontookplace,thatis,15July2016"Condition(s)"thecondition(s)precedenttoCompletion"connectedperson(s)"hasthemeaningasascribedtoitundertheListingRules"Consideration"theconsiderationpayablebythePurchasertotheSellerfortheSaleShareandtheSaleLoansundertheSaleandPurchaseAgreement,subjecttoadjustments"ConsiderationAdjustments"havingthemeaningasascribedtoitundertheparagraphheaded"AdjustmentstotheConsideration"inthe"LetterfromtheBoard"sectionofthiscircular*ForidentificationonlyDEFINITIONS–1–"Deposit"asumofHK$164,000,000representingtwentypercent(20%)ofHK$820,000,000(beingtheamountoftheinitialConsiderationpriortoadjustmentsundertheSaleandPurchaseAgreement)"Director(s)"director(s)oftheCompany"Disposal"thedisposaloftheSaleShareandtheassignmentoftheSaleLoansbytheSellertothePurchaserpursuanttotheSaleandPurchaseAgreement"FinalCompletionStatement"thefinalstatementsettingoutthecalculationoftheAdjustmentAmountbasedontheProFormaUnauditedCompletionAccountssubjecttothetermsoftheSaleandPurchaseAgreement"Group"collectively,theCompanyanditssubsidiaries"Guarantor"EagleFundI.
L.
P.
,anexemptedlimitedpartnershipestablishedintheCaymanIslands"HK$"HongKongdollars,thelawfulcurrencyofHongKong"HongKong"theHongKongSpecialAdministrativeRegionofthePRC"LatestPracticableDate"27July2016,beingthelatestpracticabledatepriortotheprintingofthiscircularforthepurposeofascertainingcertaininformationcontainedinthiscircular"ListingRules"theRulesGoverningtheListingofSecuritiesontheStockExchange"MadamFoo"MadamFooKamChuGrace,ChairmanandanexecutiveDirectorandacontrollingshareholderoftheCompany"Post-CompletionAdjustments"havingthemeaningasascribedtoitundertheparagraphheaded"AdjustmentstotheConsideration"inthe"LetterfromtheBoard"sectionofthiscircular"PRC"ThePeople'sRepublicofChina,butforthepurposeofthiscircularonly,excludesHongKong,MacauandTaiwanDEFINITIONS–2–"ProFormaCompletionStatement"thestatementsettingoutthecalculationoftheAdjustmentAmountbasedontheProFormaUnauditedCompletionAccountsaspreparedbytheSeller"ProFormaUnauditedCompletionAccounts"theconsolidatedunauditedstatementoffinancialpositionandstatementofprofitorlossandothercomprehensiveincomeoftheTargetGroupfortheperiodfrom1January2016totheCompletionDateaspreparedbytheSellerinaccordancewiththetermsoftheSaleandPurchaseAgreement"Properties"collectively,(i)thepropertysituatedatNos.
14and14AMosqueStreetandNo.
16MosqueStreet,HongKong;and(ii)thepropertysituatedatNo.
18MosqueStreet,HongKong"Purchaser"TrillionWinnerEnterprisesLimited,acompanyincorporatedintheBritishVirginIslandswithlimitedliability"SaleandPurchaseAgreement"thesaleandpurchaseagreementdated15June2016enteredintoamongtheSeller,thePurchaser,theGuarantorandtheTargetCompanyinrelationtotheDisposal"SaleLoans"theshareholderloansowingbycertainmembersoftheTargetGrouptotheSellerasatCompletion"SaleLoansConsideration"theconsiderationpayablebythePurchasertotheSellerforthebenefitoftheSaleLoans"SaleShare"alltheissuedshareinthecapitaloftheTargetCompany"SaleShareConsideration"theconsiderationpayablebythePurchasertotheSellerfortheSaleShare"Seller"MegaBeyondLimited,acompanyincorporatedintheBritishVirginIslandswithlimitedliabilityandasubsidiaryoftheGuarantorDEFINITIONS–3–"SFO"theSecuritiesandFuturesOrdinance(Chapter571oftheLawsofHongKong)"Share(s)"ordinaryshare(s)ofHK$0.
10eachinthesharecapitaloftheCompany"Shareholder(s)"holder(s)oftheShares"StockExchange"TheStockExchangeofHongKongLimited"subsidiary(ies)"hasthemeaningasascribedtoitundertheListingRules"TargetCompany"IndigoDragonLimited,acompanyincorporatedintheBritishVirginIslandswithlimitedliability"TargetGroup"collectively,theTargetCompanyanditssubsidiaries"%"percentDEFINITIONS–4–SOUNDWILLHOLDINGSLIMITED(金朝陽集團有限公司*)(IncorporatedinBermudawithlimitedliability)(StockCode:878)ExecutiveDirectors:FOOKamChuGrace,ChairmanCHANWaiLingKONGSiuManKennyIndependentNon-ExecutiveDirectors:CHANKaiNangPAOPingWingNGChiKeungRegisteredOffice:ClarendonHouse2ChurchStreetHamiltonHM11BermudaHeadOfficeandPrincipalPlaceofBusiness:21stFloor,SoundwillPlazaNo.
38RussellStreetCausewayBayHongKong2August2016TotheShareholdersDearSirorMadam,MAJORTRANSACTIONDISPOSALOFINDIGODRAGONLIMITEDINTRODUCTIONReferenceismadetotheannouncementoftheCompanydated15June2016inrelationtotheDisposal.
On15June2016,thePurchaserenteredintotheSaleandPurchaseAgreementwiththeSeller,theGuarantorandtheTargetCompanyinrelationtothesaleandpurchaseoftheentireissuedsharecapitaloftheTargetCompanyandtheassignmentoftheSaleLoansataninitialconsiderationofHK$820,000,000(subjecttoadjustments,ifany).
Asthehighestapplicablepercentageratio(asdefinedintheListingRules)fortheDisposalexceeds25%butislessthan75%fortheCompany,theDisposalconstitutesamajortransactionoftheCompanyandissubjecttotheannouncement,reportingandshareholders'approvalrequirementsunderChapter14oftheListingRules.
*ForidentificationonlyLETTERFROMTHEBOARD–5–PursuanttoRule14.
44oftheListingRules,inlieuofaresolutiontobepassedataspecialgeneralmeetingoftheCompany,writtenapprovalfortheDisposalhasbeenobtainedfromacloselyalliedgroupofShareholderscomprisingMadamFoo,KoBeeLimitedandFullMatchLimited(bothbeingcompanieswholly-ownedbyMadamFoo),whichwerebeneficiallyinterestedin96,602,195,462,528and2,386,000Shares,representinganaggregateofapproximately69.
87%oftheentireissuedsharecapitaloftheCompanyasattheLatestPracticableDategivingtherighttoattendandvoteatspecialgeneralmeetingsoftheCompany.
Accordingly,nospecialgeneralmeetingoftheCompanywillbeconvenedtoapprovetheSaleandPurchaseAgreementandtheDisposal.
AllConditionshavebeensatisfiedandCompletiontookplaceon15July2016accordingly.
ThepurposeofthiscircularistoprovideyouwithfurtherinformationontheSaleandPurchaseAgreementandtheDisposalforinformationpurposesonly.
THESALEANDPURCHASEAGREEMENTTheprincipaltermsoftheSaleandPurchaseAgreementaresummarisedasfollows:Parties(1)Seller:MegaBeyondLimited(2)Purchaser:TrillionWinnerEnterprisesLimited(3)Guarantor:EagleFundI.
L.
P.
,actingthroughSoundwillCapitalLimited(anindirectwholly-ownedsubsidiaryoftheCompany)asitsgeneralpartner(4)TargetCompany:IndigoDragonLimitedTothebestknowledge,informationandbeliefoftheDirectors,afterhavingmadeallreasonableenquiries,eachofthePurchaseranditsultimatebeneficialowner(s)arethirdpartiesindependentofandnotconnectedwiththeCompanyanditsconnectedpersons.
SubjectMatterPursuanttotheSaleandPurchaseAgreement,(i)theSelleragreedtoselltheSaleSharerepresentingtheentireissuedsharecapitaloftheTargetCompanyandtoassigntheSaleLoans;(ii)thePurchaseragreedtopurchasetheSaleShareandtoacceptassignmentoftheSaleLoans,freefromallencumbrances.
TheTargetGroupholdstheentirelegalandbeneficialinterestintheProperties.
FurtherdetailsoftheTargetGroupandthePropertiesaresetoutbelowintheparagraphheaded"InformationoftheTargetCompanyandtheProperties"inthissection.
LETTERFROMTHEBOARD–6–PursuanttothetermsoftheSaleandPurchaseAgreement,thepartiesshallcompletethesaleandpurchaseoftheSaleShareandtheassignmentoftheSaleLoanssimultaneously.
ConsiderationSubjecttotheConsiderationAdjustments(asdefinedbelow),thetotalaggregateamountoftheconsiderationpayablebythePurchaserforthetransferoftheSaleShareandtheassignmentoftheSaleLoansshallbeaninitialsumofHK$820,000,000,whichshallbeapportionedasfollows:(i)theconsiderationfortheassignmentoftheSaleLoans(i.
e.
the"SaleLoansConsideration")shallbethefacevalueofthetotaloutstandingamountoftheSaleLoansasatCompletion;and(ii)theconsiderationforthetransferoftheSaleShare(i.
e.
the"SaleShareConsideration")shallbetheamountoftheConsiderationlesstheSaleLoansConsideration.
TheConsiderationshallbeandhasbeensatisfiedandpaidbythePurchaserinthefollowingmanner:(a)theDepositwaspaidtotheSeller'slawyersasstakeholdersuponexecutionoftheSaleandPurchaseAgreementandwasreleasedtotheSelleratCompletion;and(b)theremainingbalanceoftheConsiderationwaspaiduponCompletioninthefollowingmanner:(1)infavourofthemortgageebank,asumrepresentingthetotalamountoftheprincipalrepayableandtheinterestpayableunderabankloanintheprincipalamountofHK$202,430,000borrowedbytheTargetGroupasfullsettlementoftheloanandforredemptionofthesecurityinrespectofsuchloanatCompletion;(2)infavouroftheSeller,asumrepresentingtheSaleLoansConsideration;and(3)infavouroftheSeller,asumrepresentingthenetbalanceamount(ifany)afterdeductingtheamountreferredtoinsub-paragraphs(1)and(2)above.
TheConsiderationwasarrivedatafterarm'slengthnegotiationsbetweentheSellerandthePurchaseronnormalcommercialtermsprincipallywithreferencetotheunauditedconsolidatednetassetvalueoftheTargetGroupasat31May2016,andtakingintoaccountthemarketvalueofthePropertiesasat31May2016ofapproximatelyHK$816,000,000asindicatedinapreliminaryvaluationreportpreparedbyanindependentpropertyvaluer.
LETTERFROMTHEBOARD–7–AdjustmentstotheConsiderationTheamountoftheConsiderationpayableuponCompletionissubjecttothefollowingadjustmentsinaccordancewiththeProFormaUnauditedCompletionAccountsandtheProFormaCompletionStatement(the"CompletionAdjustments"):(a)thereshallbeaddedtotheConsiderationtheamountoftheAdjustmentAmountiftheAdjustmentAmountisapositivefigure;(b)thereshallbedeductedfromtheConsiderationtheamountoftheAdjustmentAmountiftheAdjustmentAmountisanegativefigure;and(c)thereshallbenoadjustmenttotheConsiderationiftheamountoftheAdjustmentAmountiszero.
TheConsiderationasadjustedpursuanttotheCompletionAdjustmentsissubjecttothefollowingfurtheradjustments(the"Post-CompletionAdjustments",andtogetherwiththeCompletionAdjustments,the"ConsiderationAdjustments"):(a)thereshallbeaddedtotheConsideration(aspaidonCompletionandincludingtheDeposit)theamount(ifany)bywhichtheAdjustmentAmountasshownintheFinalCompletionStatementismorethantheAdjustmentAmountasshownintheProFormaCompletionStatement(subjecttoamaximumamountofHK$10,000);and(b)thereshallbedeductedfromtheConsideration(aspaidonCompletionandincludingtheDeposit)theamount(ifany)bywhichtheAdjustmentAmountasshownintheFinalCompletionStatementislessthantheAdjustmentAmountasshownintheProFormaCompletionStatement.
TherewasnoadjustmenttotheConsiderationastheamountoftheConsiderationAdjustmentswaszero.
ConditionsCompletionshallbeconditionaluponthesatisfactionofallthefollowingConditions:(a)theCompanyhavingobtainedtherequisiteapprovalfromtheShareholdersinrelationtotheDisposalasrequiredundertheListingRules;(b)issuanceoftheacknowledgementbytheBuildingAuthorityconfirmingcompletionofthefoundationworksfortheproposedredevelopmentattheProperties;(c)theterminationornovationofcertainconstructionandconsultancycontractsinrelationtotheProperties;and(d)theterminationofamemorandumofagreemententeredintobetweentheCompanyandtheTargetGroupregardingprovisionofcorporateguarantee.
LETTERFROMTHEBOARD–8–PursuanttothetermsoftheSaleandPurchaseAgreement,thePurchasermayinitsabsolutediscretionatanytimebeforeCompletionwaiveanyoftheConditions(b),(c)and(d).
PursuanttothetermsoftheSaleandPurchaseAgreement,theSellershalluseitsreasonableendeavourstoprocurethesatisfactionoftheConditionsonorbeforetheCompletionDate,saveifanyofthemhasbeenwaivedbythePurchaseronorbeforeCompletion.
AllConditionshavebeensatisfiedandCompletiontookplaceon15July2016accordingly.
TheCompanyhasalreadyobtainedtherequisiteapprovalfromitsShareholdersinrelationtotheDisposalasrequiredundertheListingRules.
Pleaserefertotheparagraphheaded"ListingRulesImplications"belowfordetails.
GuaranteeandIndemnityTheGuarantor(i)agreedtoguaranteetothePurchaserthedueandpunctualperformancebytheSellerofthewarranties,undertakings,representationsandobligationsonitspartundertheSaleandPurchaseAgreementand(ii)undertooktoindemnifyandkeepindemnifiedthePurchaseragainstallreasonablelosses,damages,costsandexpensesofwhatsoevernaturewhichthePurchaseractuallysuffersorincursbyreasonofanydefaultorunreasonabledelayontheSellerintheperformanceoftheSeller'sobligations,subjecttothetermsoftheSaleandPurchaseAgreement.
CompletionFollowingfulfillmentofalltheConditions,Completiontookplaceon15July2016.
FollowingCompletion,eachmemberoftheTargetGrouphasceasedtobeasubsidiaryoftheCompany.
Accordingly,theprofitsandlossesandtheassetsandliabilitiesoftheTargetGrouphaveceasedtobeconsolidatedintheconsolidatedfinancialstatementsoftheCompany.
INFORMATIONOFTHETARGETCOMPANYANDTHEPROPERTIESTheTargetCompanyis,throughitssubsidiaries,theindirectbeneficialownerofthePropertiesanditssoleinvestmentistheownershipoftheProperties.
ThePropertiesarecurrentlyavacantsiteandvacantpossessionofthesitewasdeliveredonCompletionaspartoftheassetsoftheTargetCompany.
TheunauditedconsolidatedtotalassetvalueandnetassetvalueoftheTargetCompanyasat15July2016asextractedfromthemanagementaccountsoftheTargetCompanywereapproximatelyHK$816,000,000andHK$338,374,000respectively.
AstheTargetCompanywasincorporatedon8February2016,thereisnofinancialinformationoftheTargetCompanyfortheyearsended31December2014and2015.
Fortheyearended31December2014,thenetloss(excludingfairvalueadjustmentoninvestmentproperties,andbothbeforeandaftertaxationandextraordinaryitems)attributabletothePropertieswasHK$6,325,000.
LETTERFROMTHEBOARD–9–Fortheyearended31December2015,thenetloss(excludingfairvalueadjustmentoninvestmentproperties,andbothbeforeandaftertaxationandextraordinaryitems)attributabletothePropertieswasHK$29,864,000.
INFORMATIONOFTHEGROUPTheGroupisprincipallyengagedinthebusinessofpropertyassembly,propertyleasing,propertydevelopmentandpropertymanagementinHongKongandrealestatedevelopmentinthePRC.
TheSellerisaninvestmentholdingcompanyincorporatedintheBritishVirginIslandswithlimitedliabilityandanindirectwholly-ownedsubsidiaryoftheGuarantor.
TheGuarantorisanexemptedlimitedpartnershipestablishedintheCaymanIslandsanditsprincipalbusinessisinvestmentholding.
SoundwillCapitalLimited,anindirectwholly-ownedsubsidiaryoftheCompany,isthegeneralpartneroftheGuarantor,andtheGroupholdsapproximately47%interestintheGuarantorasattheLatestPracticableDate.
INFORMATIONOFTHEPURCHASERThePurchaserisaninvestmentholdingcompanyincorporatedintheBritishVirginIslandswithlimitedliability.
REASONSFORANDBENEFITSDERIVEDFROMTHEDISPOSALTheDirectorsundertakestrategicreviewsoftheGroup'sassetsfromtimetotimewithaviewtomaximisingreturnstotheShareholders.
TheDirectorsconsiderthattheDisposalprovidesanopportunityfortheCompanytorealiseitsinvestment.
TheDirectorsareoftheviewthattheDisposalwillmakeapositivecontributiontothecashflowandfinancialpositionoftheGroup,andthenetproceedsfromtheDisposalwillbeusedasgeneralworkingcapitalandforfutureinvestmentanddevelopmentoftheGroup.
TheBoardconsidersthattheDisposalandthetransactionscontemplatedthereunderareonnormalcommercialtermsandarefairandreasonableandintheinterestsoftheCompanyandtheShareholdersasawhole.
FINANCIALEFFECTSOFTHEDISPOSALANDUSEOFPROCEEDSBasedontheunauditedfinancialinformationoftheTargetGroupasat15July2016,theexcessoftheConsiderationoverthenetbookvalueofthePropertieswasapproximatelyHK$4,000,000.
Uponcompletion,theconsolidatedtotalassetsoftheCompanydecreasedbyapproximatelyHK$816,000,000andtheconsolidatedtotalliabilitiesoftheCompanydecreasedbyapproximatelyHK$202,546,000.
BasedontheConsiderationandtherelatedexpensesfortheDisposal,againarisingfromtheDisposalofapproximatelyHK$2,000,000wasrecordeduponCompletion,ofwhichapproximatelyHK$932,000wasattributabletotheGroup.
LETTERFROMTHEBOARD–10–ShareholdersandpotentialinvestorsoftheCompanyshouldnotethattheaboveexpectationisforillustrativepurposeonly.
TheactualaccountinggainorlossinconnectionwiththeDisposalmaybedifferentfromtheaboveandwillbedeterminedbasedontheauditedfinancialresultsoftheGroupfortheyearending31December2016.
ThenetproceedsfromtheDisposalareapproximatelyHK$515,683,000(afterdeductingbankloans,transactioncosts,legalcosts,commissionandexpensesrelatedtotheDisposal),ofwhichapproximatelyHK$240,050,000areattributabletotheGroupandusedbytheGrouptoprimarilyforfutureinvestmentanddevelopmentoftheGroupandforgeneralworkingcapitalaswellasadditionalcapitalresourcesfortheGrouptomakefurtherinvestmentonpotentialprofitableprojectsincludingbutnotlimitedtopropertydevelopmentand/orredevelopmentprojectsinordertoreplenishitslandreserves,shouldsuitableopportunitiesarisewithanaimtogeneratingfavourablereturnstoShareholders.
AsattheLatestPracticableDate,theCompanyhadnotyetidentifiedanyspecificinvestmenttargetnordidtheGroupenterintoanydefinitiveagreementforsuchinvestment.
LISTINGRULESIMPLICATIONSAsthehighestapplicablepercentageratio(asdefinedintheListingRules)fortheDisposalexceeds25%butislessthan75%fortheCompany,theDisposalconstitutesamajortransactionoftheCompanyandissubjecttotheannouncement,reportingandshareholders'approvalrequirementsunderChapter14oftheListingRules.
TheCompanyhasobtainedwrittenapprovalfortheSaleandPurchaseAgreementandtheDisposalinaccordancewithRule14.
44oftheListingRulesfromacloselyalliedgroupoftheShareholderscomprisingMadamFoo,KoBeeLimitedandFullMatchLimited(bothbeingcompanieswholly-ownedbyMadamFoo),whichwerebeneficiallyinterestedin96,602,195,462,528and2,386,000Sharesrespectively,representinganaggregateofapproximately69.
87%oftheentireissuedcapitaloftheCompanyasattheLatestPracticableDate.
Tothebestknowledge,informationandbeliefoftheDirectors,afterhavingmadeallreasonableenquiries,noShareholderhasanymaterialinterestintheSaleandPurchaseAgreementandtheDisposaltherebyrequiringthem(togetherwiththeircloseassociates)toabstainfromvotingiftheCompanyweretoconveneaspecialgeneralmeetingfortheapprovaloftheSaleandPurchaseAgreementandtheDisposal.
Assuch,nospecialgeneralmeetingwillbeconvenedbytheCompanyforthepurposeofapprovingtheSaleandPurchaseAgreementandtheDisposalaspermittedunderRule14.
44oftheListingRules.
ADDITIONALINFORMATIONYourattentionisalsodrawntotheadditionalinformationsetoutintheappendicestothiscircular.
Yoursfaithfully,ByOrderoftheBoardSoundwillHoldingsLimitedFOOKamChuGraceChairmanLETTERFROMTHEBOARD–11–1.
FINANCIALINFORMATIONOFTHEGROUPTheauditedconsolidatedfinancialstatementsoftheGroupforthethreeyearsended31December2013,2014and2015aredisclosedintheannualreportsoftheCompanyinrespectofthesameyeardated19March2014(pages95-216),18March2015(pages90-228)and23March2016(pages94-236),respectively,whichcanbeaccessedonthewebsiteoftheCompany(www.
soundwill.
com.
hk)andthewebsiteoftheStockExchange(www.
hkexnews.
hk).
2.
WORKINGCAPITALAftertakingintoaccounttheavailablecreditfacilities,theinternallygeneratedfundsandcashflowsimpactoftheDisposal,theDirectorsareoftheopinionthattheGrouphassufficientworkingcapitalforitsrequirementsforatleasttwelvemonthsfromthedateofpublicationofthiscircular.
3.
INDEBTEDNESSBorrowingsAtthecloseofbusinesson15June2016,beingthelatestpracticabledateforthepurposeofthisstatementofindebtednesspriortotheprintingofthiscircular,theGrouphadoutstandingsecuredborrowingsofapproximatelyHK$1,960,950,000.
TheborrowingscomprisedsecuredbankloansofHK$1,960,950,000.
Thebankborrowingsweresecuredbycertaininvestmentproperties,property,plantandequipmentandpropertiesunderdevelopmentoftheGroupwithatotalcarryingvalueofapproximatelyHK$12,432,939,000.
ContingentliabilitiesDuringthecourseofbusiness,certainbankaccountswereopenedandheldinthenameofcertainsubsidiariesonbehalfofthirdpartiestowhomthesesubsidiariesprovidedbuildingmanagementservices.
Asatthe15June2016,thosebankbalanceswhichwereheldonbehalfofthirdpartiesandwerenotaccountedforinthefinancialstatementsoftheGroupamountedtoapproximatelyHK$31,047,000.
Saveasaforesaidorasotherwisedisclosedherein,andapartfromintra-groupliabilitiesandnormalaccountspayableintheordinarycourseofbusinessoftheGroup,theGroupdidnothaveanydebtsecurities,termloansorotheroutstandingborrowingsorindebtednessincludingbankoverdrafts,liabilitiesunderacceptanceoracceptancecredits,hirepurchasecommitments,debentures,mortgages,charges,guaranteesorothermaterialcontingentliabilitiesorguaranteesasat15June2016.
APPENDIXIFINANCIALINFORMATIONOFTHEGROUP–I-1–4.
MATERIALADVERSECHANGEAsattheLatestPracticableDate,theDirectorswerenotawareofanymaterialadversechangeinthefinancialortradingpositionoftheGroupsince31December2015,beingthedatetowhichthelatestpublishedauditedfinancialstatementsoftheGroupweremadeupexceptthepaymentoffinaldividendforthefinancialyearended31December2015atthesumofHK$56,661,727onorabout17June2016.
5.
FINANCIALANDTRADINGPROSPECTSTheGroupisprincipallyengagedinthebusinessofpropertyassembly,propertyleasing,propertydevelopmentandpropertymanagementinHongKongandrealestatedevelopmentinthePRC.
TheDisposalhasincreasedsourcesoffundingtoacceleratethedevelopmentoftheGroup'sexistingprojects,andforacquisitionofpotentialnewprojects.
Duringthecurrentfinancialyear,theDirectorsexpectthatwithcashandavailablecreditfacilities,theGroup'sfinancialpositionwillremainstableandtheGroup'srevenueofthecurrentyearwillnotbemateriallyimpactedaftertheDisposal.
TheGroupwillcloselymonitorthemarketsituationsandtrendsandwillcontinuetostrengthenitsestablishedmarkets.
TheGroupwillseekcooperationanddevelopmentopportunitiesrelatingtotherealestateindustrywithanaimofmaximisingtheinvestmentreturnsforitsshareholders.
APPENDIXIFINANCIALINFORMATIONOFTHEGROUP–I-2–ThefollowingisthetextofaletterandvaluationcertificatepreparedforthepurposeofincorporationinthiscircularreceivedfromVigersAppraisalandConsultingLimited,anindependentvaluer,inconnectionwiththevaluationofthePropertyasat30June2016:VigersAppraisalAndConsultingLimitedInternationalAssetAppraisalConsultants10thFloor,TheGrandeBuilding398KwunTongRoadKowloonHongKong2August2016TheDirectorsSoundwillHoldingsLimited21/F,SoundwillPlaza38RussellStreetCausewayBayHongKongDearSirs,Re:Nos.
14,14A,16and18MosqueStreet,HongKong(the"Properties")InaccordancewithyourinstructionsforustovaluethecaptionedpropertyinterestsownedbyIndigoDragonLimited(the"TargetCompany")and/oritssubsidiaries(togetherreferredtoas"theTargetGroup"),weconfirmthatwehaveinspectedtheProperties,conductedlandsearchesattheLandRegistry,maderelevantenquiriesandinvestigationsaswellasobtainedsuchotherinformationasweconsidernecessaryforthepurposeofprovidingyouwithouropinionofthemarketvaluesofthePropertiesasat30June2016("thedateofvaluation").
Ourvaluationisouropinionofthemarket,whichisdefinedtomean"theestimatedamountforwhichanassetorliabilityshouldexchangeonthedateofvaluationbetweenawillingbuyerandawillingsellerinanarm's-lengthtransactionafterpropermarketingwhereinthepartieshadeachactedknowledgeably,prudentlyandwithoutcompulsion.
"Ourvaluationhasbeenmadeontheassumptionthattheownerssoldthepropertiesontheopenmarketwithoutthebenefitofadeferredtermscontract,leaseback,jointventure,managementagreement,oranysimilararrangementwhichmayservetoincreaseordecreasethevalueoftheproperties.
WehavevaluedthePropertiesbydirectcomparisonapproachwithreferencetothemarketcomparableswithdueallowancesmadeforthedifferencesbetweenthecomparablesandtheProperties.
APPENDIXIIPROPERTYVALUATIONREPORT–II-1–Wehaveacceptedadvicegiventousonsuchmattersasplanningapproval,statutorynotices,easements,tenure,siteareaandfloorareas,developmentproposalandallotherrelevantmatters.
WehavecausedsearchtobemadeattheLandRegistry.
However,wehavenotreadtheoriginaldocumentstoascertainownershiportoverifyanyleaseamendments,whichmightnotappearonthecopieshandedtous.
Alldocumentshavebeenusedasreferencepurposesonly.
Dimensions,measurementsandareasareapproximate.
ThePropertieswereinspectedexternallybyMr.
GilbertK.
M.
Yuen,MHKISMRICSRPS(GP)ofVigersAppraisalAndConsultingLimitedon6May2016.
However,nostructuralsurveyhasbeenmade.
Ourvaluationdoesnotmakeanyallowanceforcontaminationorpollution,ifany,whichmighthaveoccurredduetothepastusage.
Notestshavebeenmadetoanyoftheservices.
Noallowancehasbeenmadeinourreportforanycharges,mortgagesoramountsowingonthePropertiesnorforanyexpensesortaxationwhichmightbeincurredineffectingasale.
Unlessotherwisestated,itisassumedthatthePropertywasfreefromencumbrances,restrictionsandoutgoingsofanonerousnaturewhichcouldaffectstheirvalue.
Ourvaluationhasbeenpreparedinaccordancewith"TheHKISValuationStandards(2012Edition)"publishedbyTheHongKongInstituteofSurveyors,therelevantprovisionsintheCompaniesOrdinanceandtheRulesGoverningtheListingofSecuritiesonTheStockExchangeofHongKongLimited(MainBoard).
Weencloseherewithourvaluationcertificate.
Yoursfaithfully,ForandonbehalfofVIGERSAPPRAISALANDCONSULTINGLIMITEDGilbertK.
M.
YuenMHKISMRICSRPS(GP)ExecutiveDirectorNote:Mr.
GilbertK.
M.
YuenisaRegisteredProfessionalSurveyorinGeneralPracticeDivisionwithabout25years'postqualificationvaluationexperienceonpropertiesinHongKong.
APPENDIXIIPROPERTYVALUATIONREPORT–II-2–VALUATIONCERTIFICATEThePropertiesheldbytheGroupfordevelopmentPropertyDescriptionandTenureParticularsofOccupancyMarketvalueinExistingstateasat30June2016Nos.
14,14A,16and18MosqueStreet,HongKongTheRemainingPortionofSub-sectionof1ofSectionAofInlandLotNo.
58,SectionCofInlandLotNo.
58,SectionAofSub-section1ofSectionAofInlandLotNo.
58,SectionDofInlandLotNo.
58,SectionBofSub-section1ofSectionAofInlandLotNo.
58andSectionEofInlandLotNo.
58ThePropertiescomprisesadevelopmentsitewithasiteareaof544.
5sq.
m.
(5,861sq.
ft.
)approximately.
AccordingtothebuildingplansapprovedbytheBuildingAuthorityon4December2014,thepropertyistobedevelopedintoacompositebuildingcomprisinga24-storeyresidentialtowersurmountingonatwo-levelcommercialpodium.
Thegrossfloorareasofcommercialandresidentialfloorspacesinaccordancewiththeplotratiocalculationsare441.
771sq.
m.
(4,755sq.
ft)and4,223.
578sq.
m.
(45,463sq.
ft.
)approximatelyincludingtheexemptedliftshaftareas.
ThePropertiesareheldunderaGovernmentLeaseforatermof999yearsfrom1September1857.
ThegovernmentrentforthelotsistotallyHK$7.
58perannum.
Accordingtotheinstructingparty,thefoundationworkofthepropertyhasbeencompletedpendingtheissuanceoftheconfirmationbytheBuildingAuthorityofitscompletion.
HK$816,000,000Notes:1.
TheregisteredownersofthePropertiesareasthefollowings:APPENDIXIIPROPERTYVALUATIONREPORT–II-3–Nos.
14,14Aand16MosqueStreet(TheRemainingPortionofSub-section1ofSectionAofInlandLotNo.
58,SectionCofInlandLotNo.
58,SectionAofSub-section1ofSectionAofInlandLotNo.
58andSectionDofInlandLotNo.
58)–MosqueInvestmentPropertiesLimitedNo.
18MosqueStreet(SectionBofSub-section1ofSectionAofInlandLotNo.
58andSectionEofInlandLotNo.
58)–CharmWishLimitedWewereinformedbytheCompanythatMosqueInvestmentPropertiesLimitedandCharmWishLimitedaretheindirectwhollyownedsubsidiariesoftheTargetCompany.
2.
Nos.
14,14Aand16MosqueStreetaresubjecttoaDebentureandMortgage,andaSupplementtoDebentureandMortgageinfavourofWingLungBankLimitedvideMemorialNo.
12053102450156dated22May2012,andvideMemorialNo.
12090402310333dated9August2012respectively.
3.
No.
18MosqueStreetissubjecttoaSupplementtoDebentureandMortgageinfavourofWingLungBank,LimitedvideMemorialNo.
12090402310333dated9August2012.
4.
TheGovernmentLeaseofInlandLotNo.
58isofoldertypewhichcontainsnospecialrestrictionontheuseofthelotexceptoffensivetradesorbusinesses(aBrazier,Slaughterman,Soap-maker,Fellmonger,Melteroftallow,Distiller,Blacksmith,Nightman,Scavenger)withoutthelicencesoftheGovernment.
ByvirtueoftheDeedofModificationslettersvideMemorialNos.
14021002180014(re:TheRemainingPortionofsubsection1ofSectionAofInlandLotNo.
58,SectionCofInlandLotNo.
58,SectionAofSub-section1ofSectionAofInlandLotNo.
58andSectionDofInlandLotNo.
58)and14021002180022(re;SectionBofSub-section1ofSectionAofInlandLotNo.
58andSectionEofInlandLotNo.
58),bothdated6February2014,theowner(hisexecutors,administratorsorassigns)oftherespectivesectionsmaycarryoutthetradeorbusinessofsugarbaker,oilman(excludingpetrolfillingstation),butcher,victuallerandtavernkeeperonthesaidsectionssubjecttothecovenants,conditionsandprovisionsprovidedtherein.
5.
ThePropertiesarezoned"Residential(GroupA)9ontheMid-LevelsWestOutlineZoningPlanS/H11/15dated2March2010.
6.
Inaccordancewiththeinstruction,ourvaluationreflectedthevalueofPropertiesattheexistingstateatthedateofvaluationontheassumptionthatthePropertieswouldbedevelopedaccordingtotheproposeddevelopmentandthefoundationworkofthedevelopmenthasbeencompleted.
7.
ThecommencementdateofthefoundationworkofthePropertieswason8February2013andthedevelopmentofthePropertiesisexpectedtobecompletedinthefirstquarterof2018.
AccordingtotheinformationprovidedbytheCompany,theestimateddevelopmentcostofthePropertiesisapproximatelyHK$285,051,000.
ThecostforthefoundationworkofthepropertiesthathasbeenincurredasatthevaluationdatewasapproximatelyHK$80,354,440.
8.
TheestimatedcapitalvalueofthePropertiesaftercompletionisapproximatelyHK$1,200,000,000.
9.
Inaccordancewiththeinstruction,ourvaluationistobeapportionedbetweenNos.
14,14Aand16MosqueStreetandNo.
18Mosquebasedontheirrespectivesiteareas.
Nos.
14,14Aand16MosqueStreetandNo.
18MosqueStreethaveasiteareaof380.
8sq.
m.
and163.
7sq.
m.
respectively.
TheapportionedvalueofNos.
14,14Aand16MosqueStreetandNo.
18MosqueStreetisHK$570,675,500andHK$245,324,500respectively.
APPENDIXIIPROPERTYVALUATIONREPORT–II-4–1.
RESPONSIBILITYSTATEMENTThiscircular,forwhichtheDirectorscollectivelyandindividuallyacceptfullresponsibility,includesparticularsgivenincompliancewiththeListingRulesforthepurposeofgivinginformationwithregardtotheCompany.
TheDirectors,havingmadeallreasonableenquiries,confirm,thattothebestoftheirknowledgeandbelief,theinformationcontainedinthiscircularisaccurateandcompleteinallmaterialrespectsandnotmisleadingordeceptive,andtherearenoothermatterstheomissionofwhichwouldmakeanystatementhereinorthiscircularmisleading.
2.
DISCLOSUREOFINTERESTS(a)Directors'InterestsintheCompanyAsattheLatestPracticableDate,theinterestsandshortpositions,ifany,oftheDirectorsorthechiefexecutiveoftheCompanyintheshares,underlyingsharesanddebenturesoftheCompanyandanyofitsassociatedcorporations(withinthemeaningofPartXVoftheSFO)which(i)wererequiredtobenotifiedtotheCompanyandtheStockExchangepursuanttotheprovisionsofDivisions7and8ofPartXVoftheSFO(includinginterestsandshortpositionswhichtheyweretakenordeemedtohaveundersuchprovisionsoftheSFO);or(ii)wererequired,pursuanttosection352oftheSFO,tobeenteredintheregisterreferredtotherein;or(iii)wererequired,pursuanttotheModelCodeforSecuritiesTransactionsbyDirectorsofListedIssuerssetoutinAppendix10oftheListingRules(the"ModelCode"),tobenotifiedtotheCompanyandtheStockExchangewereasfollows:(i)LongpositionsintheSharesNameofDirectorCapacityNumberofSharesApproximatelypercentageofshareholdingMadamFooInterestofcontrolledcorporation197,848,528(Note)69.
83%Beneficialowner96,6020.
03%KongSiuManKennyBeneficialowner250,0000.
09%Note:These197,848,528Sharesrepresentedtheaggregateof(i)195,462,528SharesheldbyKoBeeLimited,acompanywholly-ownedbyMadamFoodirectlyand(ii)2,386,000SharesheldbyFullMatchLimited,acompanywholly-ownedbyMadamFooindirectly.
APPENDIXIIIGENERALINFORMATION–III-1–(ii)LongpositionsinunderlyingsharesofequityderivativesoftheCompany—interestsinshareoptionsoftheCompany(beinggrantedandremainedoutstanding):NameofDirectorCapacityNumberofshareoptionsoutstandingExercisableperiodPriceofGrantSubscriptionPriceperShareDateofgrant(HK$)(HK$)MadamFooBeneficialowner316,00003/01/2014to02/01/20171.
0015.
7603/01/2013ChanWaiLingBeneficialowner2,000,00003/01/2014to02/01/20171.
0015.
7603/01/2013KongSiuManKennyBeneficialowner250,00003/01/2014to02/01/20171.
0015.
7603/01/2013(b)Directors'InterestsinassociatedcorporationsNameofDirectorNameofassociatedcorporationCapacityNumberandClassofSharesPercentageofshareholdingMadamFooKoBeeLimitedBeneficialowner1ordinaryshare100%MadamFooFullMatchLimitedBeneficialowner1ordinaryshare100%Saveasdisclosedabove,asattheLatestPracticableDate,noneoftheDirectorsorchiefexecutiveoftheCompanyortheirrespectiveassociateshadanyinterestsorshortpositionsintheshares,underlyingsharesordebenturesoftheCompanyoranyofitsassociatedcorporations(withinthemeaningofPartXVoftheSFO)which(i)wererequiredtobenotifiedtotheCompanyandtheStockExchangepursuanttotheprovisionsofDivisions7and8ofPartXVoftheSFO(includinginterestsandshortpositionswhichtheyweretakenordeemedtohaveundersuchprovisionsoftheSFO);or(ii)wererequired,pursuanttosection352oftheSFO,tobeenteredintheregisterreferredtotherein:or(iii)wererequired,pursuanttotheModelCode,tobenotifiedtotheCompanyandtheStockExchange.
APPENDIXIIIGENERALINFORMATION–III-2–(c)SubstantialShareholders'InterestsSofarasisknowntoeachDirectororthechiefexecutiveoftheCompany,asattheLatestPracticableDate,thefollowingpersonsorentities,otherthanaDirectororthechiefexecutiveoftheCompany,hadaninterestorshortpositioninthesharesandunderlyingsharesoftheCompanywhichwouldfalltobedisclosedtotheCompanyundertheprovisionsofDivisions2and3ofPartXVoftheSFO,orwhowas,directlyorindirectly,interestedin10%ormoreofthenominalvalueofanyclassofsharecapitalcarryingrightstovoteinallcircumstancesatgeneralmeetingsofanyothermemberoftheGroup:LongpositionintheSharesNameofshareholderCapacityNumberofSharesApproximatepercentageofShareholdingKoBeeLimitedBeneficialowner197,848,528(Note)69.
83%Note:These197,848,528Sharesrepresentedtheaggregateof(i)195,462,528SharesheldbyKoBeeLimitedand(ii)2,386,000SharesheldbyFullMatchLimited,acompanywholly-ownedbyKoBeeLimited.
SaveforMadamFoowhoisthesoledirectorofKoBeeLimited,nootherDirectororproposedDirectorisadirectororemployeeoftheabovesubstantialshareholderswhohasaninterestsorshortpositionsintheSharesandtheunderlyingSharesoftheCompanywhichwouldfalltobedisclosedtotheCompanyundertheprovisionsofDivisions2and3ofPartXVoftheSFO.
Saveasdisclosedabove,asattheLatestPracticableDate,noneoftheDirectorsorthechiefexecutiveoftheCompanywasawareofanyotherperson,otherthanaDirectororthechiefexecutiveoftheCompany,whohadaninterestorshortpositioninthesharesorunderlyingsharesoftheCompanywhichwouldfalltobedisclosedtotheCompanyundertheprovisionsofDivisions2and3ofPartXVoftheSFO,orwhowas,directlyorindirectly,interestedin10%ormoreofthenominalvalueofanyclassofsharecapitalcarryingrightstovoteinallcircumstancesatgeneralmeetingsofanyothermemberoftheGroup.
3.
DIRECTORS'SERVICECONTRACTSAsattheLatestPracticableDate,noneoftheDirectorshadanyexistingorproposedservicecontractwiththeCompanyoranymemberoftheGroup(excludingcontractsexpiringordeterminablebytheemployerwithinoneyearwithoutpaymentofcompensation,otherthanstatutorycompensation).
APPENDIXIIIGENERALINFORMATION–III-3–4.
DIRECTORS'INTERESTSINTHEASSETS,CONTRACTSORARRANGEMENTSIGNIFICANTTOTHEGROUPAsattheLatestPracticableDate,noneoftheDirectorshadanyinterest,directorindirect,inanyassetswhichhave,since31December2015(beingthedatetowhichthelatestpublishedauditedconsolidatedfinancialstatementsoftheCompanyweremadeup),beenacquiredordisposedofbyorleasedtoanymemberoftheGroup,orwereproposedtobeacquiredordisposedofby,orleasedto,anymemberoftheGroup.
NoneoftheDirectorswasmateriallyinterestedinanycontractorarrangementsubsistingattheLatestPracticableDateandwhichissignificantinrelationtothebusinessoftheGroup.
5.
DIRECTORS'INTERESTSINCOMPETINGBUSINESSAsattheLatestPracticableDate,noneoftheDirectorsandtheirrespectivecloseassociatewasinterestedinanybusinesses(apartfrombusinessesoftheGroup),whichcompetedorwerelikelytocompete,eitherdirectlyorindirectly,withthebusinessesoftheGroup.
6.
LITIGATIONAsattheLatestPracticableDate,neithertheCompanynoranyothermemberoftheGroupwasengagedinanylitigationorclaimsofmaterialimportanceandnolitigationorclaimsofmaterialimportancewasknowntotheDirectorstobependingorthreatenedbyoragainsttheCompanyoranyothermemberoftheGroup.
7.
QUALIFICATIONANDCONSENTOFEXPERTANDEXPERT'SINTERESTSThefollowingisthequalificationoftheexpertwhohasgivenopinionoradvicewhichiscontainedinthiscircular:NameQualificationVigersAppraisalandConsultingLimitedAnindependentprofessionalpropertyvaluerNote:Fordetailsofthequalificationoftheexpertabove,pleaserefertopageII-2ofthiscircular.
AsattheLatestPracticableDate,theexperthad:(a)noshareholdinginanymemberoftheGrouporanyright(whetherlegallyenforceableornot)tosubscribeforortonominatepersonstosubscribeforsecuritiesinanymemberoftheGroup;andAPPENDIXIIIGENERALINFORMATION–III-4–(b)nointerest,directorindirect,inanyassetswhichhavebeen,since31December2015(beingthedatetowhichthelatestpublishedauditedconsolidatedfinancialstatementsoftheCompanyweremadeup),acquiredordisposedofbyorleasedtoanymemberoftheGroup,orareproposedtobeacquiredordisposedofbyorleasedtoanymemberoftheGroup.
Theaboveexperthasgivenandhasnotwithdrawnitswrittenconsenttotheissueofthiscircularwiththeinclusionofitsreportandreferencestoitsnameincludedhereinintheformandcontextinwhichtheyappear.
8.
MATERIALCONTRACTSAsattheLatestPracticableDate,thefollowingcontracts(notbeingcontractsenteredintointheordinarycourseofbusiness)wereenteredintobymembersoftheGroupwithintwoyearsimmediatelyprecedingthedateofthiscircularandare,ormaybe,material:(a)anagreementdated29October2015enteredintobetweenWorthExpressLimited(anindirectwholly-ownedsubsidiaryoftheCompany)asvendorandAlphaNationalGroupLimitedaspurchaserinrespectofthesaleandpurchaseoftheentireissuedsharecapitalofTigerPowerGlobalLimitedandalltheshareholder'sloansadvancedbytheWorldExpressLimitedtoTigerPowerGlobalLimitedataconsiderationinanaggregateamountofHK$133,000,000.
00.
FurtherdetailsoftheagreementandthetransactionscontemplatedthereunderaresetoutintheannouncementoftheCompanydated29October2015;and(b)theSaleandPurchaseAgreement.
APPENDIXIIIGENERALINFORMATION–III-5–9.
DOCUMENTSAVAILABLEFORINSPECTIONCopiesofthefollowingdocumentsareavailableforinspectionduringnormalbusinesshoursonanyweekdays(exceptforSaturdayandpublicholidays)attheCompany'sprincipalplaceofbusinessinHongKongforaperiodof14daysfromthedateofthiscircular:(a)thememorandumofassociationandbye-lawsoftheCompany;(b)thepropertyvaluationreport,thetextofwhichissetoutinAppendixIItothiscircular;(c)thewrittenconsentreferredtointheparagraphheaded"7.
QualificationandConsentofExpertandExpert'sInterests"inthisAppendix;(d)theannualreportsoftheCompanyforthetwofinancialyearsended31December2014and2015;(e)thematerialcontractsreferredtointhesectionheaded"8.
MaterialContracts"inthisAppendix;and(f)thiscircular.
10.
MISCELLANEOUS(a)theregisteredofficeoftheCompanyislocatedatClarendonHouse,2ChurchStreet,HamiltonHM11,Bermuda;(b)theheadofficeandprincipalplaceofbusinessoftheCompanyislocatedat21stFloor,SoundwillPlaza,No.
38RussellStreet,CausewayBay,HongKong;(c)theCompany'sHongKongbranchshareregistrarandtransferofficeisTricorStandardLimited,Level22,HopewellCentre,183Queen'sRoadEast,HongKong;(d)thecompanysecretaryoftheCompanyisMr.
TamChongCheong,Aaron,aqualifiedsolicitorinHongKong;and(e)theEnglishtextofthiscircularprevailsovertheChinesetextincaseofinconsistency.
APPENDIXIIIGENERALINFORMATION–III-6–
IfyouhavesoldortransferredallyoursharesinSoundwillHoldingsLimited,youshouldatoncehandthiscirculartothepurchaserortransfereeortothebank,stockbrokerorotheragentthroughwhomthesaleortransferwaseffectedfortransmissiontothepurchaserortransferee.
HongKongExchangesandClearingLimitedandTheStockExchangeofHongKongLimitedtakenoresponsibilityforthecontentsofthiscircular,makenorepresentationastoitsaccuracyorcompletenessandexpresslydisclaimanyliabilitywhatsoeverforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthiscircular.
SOUNDWILLHOLDINGSLIMITED(金朝陽集團有限公司*)(IncorporatedinBermudawithlimitedliability)(StockCode:878)MAJORTRANSACTIONDISPOSALOFINDIGODRAGONLIMITEDTHISCIRCULARISIMPORTANTANDREQUIRESYOURIMMEDIATEATTENTION*Foridentificationonly2August2016PageDEFINITIONS1LETTERFROMTHEBOARD5APPENDIXI–FINANCIALINFORMATIONOFTHEGROUPI-1APPENDIXII–PROPERTYVALUATIONREPORTII-1APPENDIXIII–GENERALINFORMATIONIII-1CONTENTS–i–Inthiscircularandtheappendicestoit,unlessthecontextotherwiserequires,thefollowingtermsandexpressionshavethefollowingmeanings:"AdjustmentAmount"theadjustmentamountassetoutintheProFormaCompletionStatementandtheFinalCompletionStatement(asthecasemaybe)asascertainedinaccordancewiththeSaleandPurchaseAgreement"Board"theboardofDirectors"BusinessDay"aday(notbeingaSaturdayorSunday)whenbanksgenerallyareopeninHongKongandMacauforthetransactionofgeneralbankingbusiness"closeassociates"hasthemeaningasascribedtoitundertheListingRules"Company"SoundwillHoldingsLimited(金朝陽集團有限公司*),anexemptedcompanyincorporatedinBermudawithlimitedliability,thesharesofwhicharelistedontheMainBoardoftheStockExchange(stockcode:878)"Completion"completionofthesaleandpurchaseoftheSaleShareandtheassignmentoftheSaleLoansundertheSaleandPurchaseAgreement,whichtookplaceon15July2016"CompletionAdjustments"havingthemeaningasascribedtoitundertheparagraphheaded"AdjustmentstotheConsideration"inthe"LetterfromtheBoard"sectionofthiscircular"CompletionDate"thedayCompletiontookplace,thatis,15July2016"Condition(s)"thecondition(s)precedenttoCompletion"connectedperson(s)"hasthemeaningasascribedtoitundertheListingRules"Consideration"theconsiderationpayablebythePurchasertotheSellerfortheSaleShareandtheSaleLoansundertheSaleandPurchaseAgreement,subjecttoadjustments"ConsiderationAdjustments"havingthemeaningasascribedtoitundertheparagraphheaded"AdjustmentstotheConsideration"inthe"LetterfromtheBoard"sectionofthiscircular*ForidentificationonlyDEFINITIONS–1–"Deposit"asumofHK$164,000,000representingtwentypercent(20%)ofHK$820,000,000(beingtheamountoftheinitialConsiderationpriortoadjustmentsundertheSaleandPurchaseAgreement)"Director(s)"director(s)oftheCompany"Disposal"thedisposaloftheSaleShareandtheassignmentoftheSaleLoansbytheSellertothePurchaserpursuanttotheSaleandPurchaseAgreement"FinalCompletionStatement"thefinalstatementsettingoutthecalculationoftheAdjustmentAmountbasedontheProFormaUnauditedCompletionAccountssubjecttothetermsoftheSaleandPurchaseAgreement"Group"collectively,theCompanyanditssubsidiaries"Guarantor"EagleFundI.
L.
P.
,anexemptedlimitedpartnershipestablishedintheCaymanIslands"HK$"HongKongdollars,thelawfulcurrencyofHongKong"HongKong"theHongKongSpecialAdministrativeRegionofthePRC"LatestPracticableDate"27July2016,beingthelatestpracticabledatepriortotheprintingofthiscircularforthepurposeofascertainingcertaininformationcontainedinthiscircular"ListingRules"theRulesGoverningtheListingofSecuritiesontheStockExchange"MadamFoo"MadamFooKamChuGrace,ChairmanandanexecutiveDirectorandacontrollingshareholderoftheCompany"Post-CompletionAdjustments"havingthemeaningasascribedtoitundertheparagraphheaded"AdjustmentstotheConsideration"inthe"LetterfromtheBoard"sectionofthiscircular"PRC"ThePeople'sRepublicofChina,butforthepurposeofthiscircularonly,excludesHongKong,MacauandTaiwanDEFINITIONS–2–"ProFormaCompletionStatement"thestatementsettingoutthecalculationoftheAdjustmentAmountbasedontheProFormaUnauditedCompletionAccountsaspreparedbytheSeller"ProFormaUnauditedCompletionAccounts"theconsolidatedunauditedstatementoffinancialpositionandstatementofprofitorlossandothercomprehensiveincomeoftheTargetGroupfortheperiodfrom1January2016totheCompletionDateaspreparedbytheSellerinaccordancewiththetermsoftheSaleandPurchaseAgreement"Properties"collectively,(i)thepropertysituatedatNos.
14and14AMosqueStreetandNo.
16MosqueStreet,HongKong;and(ii)thepropertysituatedatNo.
18MosqueStreet,HongKong"Purchaser"TrillionWinnerEnterprisesLimited,acompanyincorporatedintheBritishVirginIslandswithlimitedliability"SaleandPurchaseAgreement"thesaleandpurchaseagreementdated15June2016enteredintoamongtheSeller,thePurchaser,theGuarantorandtheTargetCompanyinrelationtotheDisposal"SaleLoans"theshareholderloansowingbycertainmembersoftheTargetGrouptotheSellerasatCompletion"SaleLoansConsideration"theconsiderationpayablebythePurchasertotheSellerforthebenefitoftheSaleLoans"SaleShare"alltheissuedshareinthecapitaloftheTargetCompany"SaleShareConsideration"theconsiderationpayablebythePurchasertotheSellerfortheSaleShare"Seller"MegaBeyondLimited,acompanyincorporatedintheBritishVirginIslandswithlimitedliabilityandasubsidiaryoftheGuarantorDEFINITIONS–3–"SFO"theSecuritiesandFuturesOrdinance(Chapter571oftheLawsofHongKong)"Share(s)"ordinaryshare(s)ofHK$0.
10eachinthesharecapitaloftheCompany"Shareholder(s)"holder(s)oftheShares"StockExchange"TheStockExchangeofHongKongLimited"subsidiary(ies)"hasthemeaningasascribedtoitundertheListingRules"TargetCompany"IndigoDragonLimited,acompanyincorporatedintheBritishVirginIslandswithlimitedliability"TargetGroup"collectively,theTargetCompanyanditssubsidiaries"%"percentDEFINITIONS–4–SOUNDWILLHOLDINGSLIMITED(金朝陽集團有限公司*)(IncorporatedinBermudawithlimitedliability)(StockCode:878)ExecutiveDirectors:FOOKamChuGrace,ChairmanCHANWaiLingKONGSiuManKennyIndependentNon-ExecutiveDirectors:CHANKaiNangPAOPingWingNGChiKeungRegisteredOffice:ClarendonHouse2ChurchStreetHamiltonHM11BermudaHeadOfficeandPrincipalPlaceofBusiness:21stFloor,SoundwillPlazaNo.
38RussellStreetCausewayBayHongKong2August2016TotheShareholdersDearSirorMadam,MAJORTRANSACTIONDISPOSALOFINDIGODRAGONLIMITEDINTRODUCTIONReferenceismadetotheannouncementoftheCompanydated15June2016inrelationtotheDisposal.
On15June2016,thePurchaserenteredintotheSaleandPurchaseAgreementwiththeSeller,theGuarantorandtheTargetCompanyinrelationtothesaleandpurchaseoftheentireissuedsharecapitaloftheTargetCompanyandtheassignmentoftheSaleLoansataninitialconsiderationofHK$820,000,000(subjecttoadjustments,ifany).
Asthehighestapplicablepercentageratio(asdefinedintheListingRules)fortheDisposalexceeds25%butislessthan75%fortheCompany,theDisposalconstitutesamajortransactionoftheCompanyandissubjecttotheannouncement,reportingandshareholders'approvalrequirementsunderChapter14oftheListingRules.
*ForidentificationonlyLETTERFROMTHEBOARD–5–PursuanttoRule14.
44oftheListingRules,inlieuofaresolutiontobepassedataspecialgeneralmeetingoftheCompany,writtenapprovalfortheDisposalhasbeenobtainedfromacloselyalliedgroupofShareholderscomprisingMadamFoo,KoBeeLimitedandFullMatchLimited(bothbeingcompanieswholly-ownedbyMadamFoo),whichwerebeneficiallyinterestedin96,602,195,462,528and2,386,000Shares,representinganaggregateofapproximately69.
87%oftheentireissuedsharecapitaloftheCompanyasattheLatestPracticableDategivingtherighttoattendandvoteatspecialgeneralmeetingsoftheCompany.
Accordingly,nospecialgeneralmeetingoftheCompanywillbeconvenedtoapprovetheSaleandPurchaseAgreementandtheDisposal.
AllConditionshavebeensatisfiedandCompletiontookplaceon15July2016accordingly.
ThepurposeofthiscircularistoprovideyouwithfurtherinformationontheSaleandPurchaseAgreementandtheDisposalforinformationpurposesonly.
THESALEANDPURCHASEAGREEMENTTheprincipaltermsoftheSaleandPurchaseAgreementaresummarisedasfollows:Parties(1)Seller:MegaBeyondLimited(2)Purchaser:TrillionWinnerEnterprisesLimited(3)Guarantor:EagleFundI.
L.
P.
,actingthroughSoundwillCapitalLimited(anindirectwholly-ownedsubsidiaryoftheCompany)asitsgeneralpartner(4)TargetCompany:IndigoDragonLimitedTothebestknowledge,informationandbeliefoftheDirectors,afterhavingmadeallreasonableenquiries,eachofthePurchaseranditsultimatebeneficialowner(s)arethirdpartiesindependentofandnotconnectedwiththeCompanyanditsconnectedpersons.
SubjectMatterPursuanttotheSaleandPurchaseAgreement,(i)theSelleragreedtoselltheSaleSharerepresentingtheentireissuedsharecapitaloftheTargetCompanyandtoassigntheSaleLoans;(ii)thePurchaseragreedtopurchasetheSaleShareandtoacceptassignmentoftheSaleLoans,freefromallencumbrances.
TheTargetGroupholdstheentirelegalandbeneficialinterestintheProperties.
FurtherdetailsoftheTargetGroupandthePropertiesaresetoutbelowintheparagraphheaded"InformationoftheTargetCompanyandtheProperties"inthissection.
LETTERFROMTHEBOARD–6–PursuanttothetermsoftheSaleandPurchaseAgreement,thepartiesshallcompletethesaleandpurchaseoftheSaleShareandtheassignmentoftheSaleLoanssimultaneously.
ConsiderationSubjecttotheConsiderationAdjustments(asdefinedbelow),thetotalaggregateamountoftheconsiderationpayablebythePurchaserforthetransferoftheSaleShareandtheassignmentoftheSaleLoansshallbeaninitialsumofHK$820,000,000,whichshallbeapportionedasfollows:(i)theconsiderationfortheassignmentoftheSaleLoans(i.
e.
the"SaleLoansConsideration")shallbethefacevalueofthetotaloutstandingamountoftheSaleLoansasatCompletion;and(ii)theconsiderationforthetransferoftheSaleShare(i.
e.
the"SaleShareConsideration")shallbetheamountoftheConsiderationlesstheSaleLoansConsideration.
TheConsiderationshallbeandhasbeensatisfiedandpaidbythePurchaserinthefollowingmanner:(a)theDepositwaspaidtotheSeller'slawyersasstakeholdersuponexecutionoftheSaleandPurchaseAgreementandwasreleasedtotheSelleratCompletion;and(b)theremainingbalanceoftheConsiderationwaspaiduponCompletioninthefollowingmanner:(1)infavourofthemortgageebank,asumrepresentingthetotalamountoftheprincipalrepayableandtheinterestpayableunderabankloanintheprincipalamountofHK$202,430,000borrowedbytheTargetGroupasfullsettlementoftheloanandforredemptionofthesecurityinrespectofsuchloanatCompletion;(2)infavouroftheSeller,asumrepresentingtheSaleLoansConsideration;and(3)infavouroftheSeller,asumrepresentingthenetbalanceamount(ifany)afterdeductingtheamountreferredtoinsub-paragraphs(1)and(2)above.
TheConsiderationwasarrivedatafterarm'slengthnegotiationsbetweentheSellerandthePurchaseronnormalcommercialtermsprincipallywithreferencetotheunauditedconsolidatednetassetvalueoftheTargetGroupasat31May2016,andtakingintoaccountthemarketvalueofthePropertiesasat31May2016ofapproximatelyHK$816,000,000asindicatedinapreliminaryvaluationreportpreparedbyanindependentpropertyvaluer.
LETTERFROMTHEBOARD–7–AdjustmentstotheConsiderationTheamountoftheConsiderationpayableuponCompletionissubjecttothefollowingadjustmentsinaccordancewiththeProFormaUnauditedCompletionAccountsandtheProFormaCompletionStatement(the"CompletionAdjustments"):(a)thereshallbeaddedtotheConsiderationtheamountoftheAdjustmentAmountiftheAdjustmentAmountisapositivefigure;(b)thereshallbedeductedfromtheConsiderationtheamountoftheAdjustmentAmountiftheAdjustmentAmountisanegativefigure;and(c)thereshallbenoadjustmenttotheConsiderationiftheamountoftheAdjustmentAmountiszero.
TheConsiderationasadjustedpursuanttotheCompletionAdjustmentsissubjecttothefollowingfurtheradjustments(the"Post-CompletionAdjustments",andtogetherwiththeCompletionAdjustments,the"ConsiderationAdjustments"):(a)thereshallbeaddedtotheConsideration(aspaidonCompletionandincludingtheDeposit)theamount(ifany)bywhichtheAdjustmentAmountasshownintheFinalCompletionStatementismorethantheAdjustmentAmountasshownintheProFormaCompletionStatement(subjecttoamaximumamountofHK$10,000);and(b)thereshallbedeductedfromtheConsideration(aspaidonCompletionandincludingtheDeposit)theamount(ifany)bywhichtheAdjustmentAmountasshownintheFinalCompletionStatementislessthantheAdjustmentAmountasshownintheProFormaCompletionStatement.
TherewasnoadjustmenttotheConsiderationastheamountoftheConsiderationAdjustmentswaszero.
ConditionsCompletionshallbeconditionaluponthesatisfactionofallthefollowingConditions:(a)theCompanyhavingobtainedtherequisiteapprovalfromtheShareholdersinrelationtotheDisposalasrequiredundertheListingRules;(b)issuanceoftheacknowledgementbytheBuildingAuthorityconfirmingcompletionofthefoundationworksfortheproposedredevelopmentattheProperties;(c)theterminationornovationofcertainconstructionandconsultancycontractsinrelationtotheProperties;and(d)theterminationofamemorandumofagreemententeredintobetweentheCompanyandtheTargetGroupregardingprovisionofcorporateguarantee.
LETTERFROMTHEBOARD–8–PursuanttothetermsoftheSaleandPurchaseAgreement,thePurchasermayinitsabsolutediscretionatanytimebeforeCompletionwaiveanyoftheConditions(b),(c)and(d).
PursuanttothetermsoftheSaleandPurchaseAgreement,theSellershalluseitsreasonableendeavourstoprocurethesatisfactionoftheConditionsonorbeforetheCompletionDate,saveifanyofthemhasbeenwaivedbythePurchaseronorbeforeCompletion.
AllConditionshavebeensatisfiedandCompletiontookplaceon15July2016accordingly.
TheCompanyhasalreadyobtainedtherequisiteapprovalfromitsShareholdersinrelationtotheDisposalasrequiredundertheListingRules.
Pleaserefertotheparagraphheaded"ListingRulesImplications"belowfordetails.
GuaranteeandIndemnityTheGuarantor(i)agreedtoguaranteetothePurchaserthedueandpunctualperformancebytheSellerofthewarranties,undertakings,representationsandobligationsonitspartundertheSaleandPurchaseAgreementand(ii)undertooktoindemnifyandkeepindemnifiedthePurchaseragainstallreasonablelosses,damages,costsandexpensesofwhatsoevernaturewhichthePurchaseractuallysuffersorincursbyreasonofanydefaultorunreasonabledelayontheSellerintheperformanceoftheSeller'sobligations,subjecttothetermsoftheSaleandPurchaseAgreement.
CompletionFollowingfulfillmentofalltheConditions,Completiontookplaceon15July2016.
FollowingCompletion,eachmemberoftheTargetGrouphasceasedtobeasubsidiaryoftheCompany.
Accordingly,theprofitsandlossesandtheassetsandliabilitiesoftheTargetGrouphaveceasedtobeconsolidatedintheconsolidatedfinancialstatementsoftheCompany.
INFORMATIONOFTHETARGETCOMPANYANDTHEPROPERTIESTheTargetCompanyis,throughitssubsidiaries,theindirectbeneficialownerofthePropertiesanditssoleinvestmentistheownershipoftheProperties.
ThePropertiesarecurrentlyavacantsiteandvacantpossessionofthesitewasdeliveredonCompletionaspartoftheassetsoftheTargetCompany.
TheunauditedconsolidatedtotalassetvalueandnetassetvalueoftheTargetCompanyasat15July2016asextractedfromthemanagementaccountsoftheTargetCompanywereapproximatelyHK$816,000,000andHK$338,374,000respectively.
AstheTargetCompanywasincorporatedon8February2016,thereisnofinancialinformationoftheTargetCompanyfortheyearsended31December2014and2015.
Fortheyearended31December2014,thenetloss(excludingfairvalueadjustmentoninvestmentproperties,andbothbeforeandaftertaxationandextraordinaryitems)attributabletothePropertieswasHK$6,325,000.
LETTERFROMTHEBOARD–9–Fortheyearended31December2015,thenetloss(excludingfairvalueadjustmentoninvestmentproperties,andbothbeforeandaftertaxationandextraordinaryitems)attributabletothePropertieswasHK$29,864,000.
INFORMATIONOFTHEGROUPTheGroupisprincipallyengagedinthebusinessofpropertyassembly,propertyleasing,propertydevelopmentandpropertymanagementinHongKongandrealestatedevelopmentinthePRC.
TheSellerisaninvestmentholdingcompanyincorporatedintheBritishVirginIslandswithlimitedliabilityandanindirectwholly-ownedsubsidiaryoftheGuarantor.
TheGuarantorisanexemptedlimitedpartnershipestablishedintheCaymanIslandsanditsprincipalbusinessisinvestmentholding.
SoundwillCapitalLimited,anindirectwholly-ownedsubsidiaryoftheCompany,isthegeneralpartneroftheGuarantor,andtheGroupholdsapproximately47%interestintheGuarantorasattheLatestPracticableDate.
INFORMATIONOFTHEPURCHASERThePurchaserisaninvestmentholdingcompanyincorporatedintheBritishVirginIslandswithlimitedliability.
REASONSFORANDBENEFITSDERIVEDFROMTHEDISPOSALTheDirectorsundertakestrategicreviewsoftheGroup'sassetsfromtimetotimewithaviewtomaximisingreturnstotheShareholders.
TheDirectorsconsiderthattheDisposalprovidesanopportunityfortheCompanytorealiseitsinvestment.
TheDirectorsareoftheviewthattheDisposalwillmakeapositivecontributiontothecashflowandfinancialpositionoftheGroup,andthenetproceedsfromtheDisposalwillbeusedasgeneralworkingcapitalandforfutureinvestmentanddevelopmentoftheGroup.
TheBoardconsidersthattheDisposalandthetransactionscontemplatedthereunderareonnormalcommercialtermsandarefairandreasonableandintheinterestsoftheCompanyandtheShareholdersasawhole.
FINANCIALEFFECTSOFTHEDISPOSALANDUSEOFPROCEEDSBasedontheunauditedfinancialinformationoftheTargetGroupasat15July2016,theexcessoftheConsiderationoverthenetbookvalueofthePropertieswasapproximatelyHK$4,000,000.
Uponcompletion,theconsolidatedtotalassetsoftheCompanydecreasedbyapproximatelyHK$816,000,000andtheconsolidatedtotalliabilitiesoftheCompanydecreasedbyapproximatelyHK$202,546,000.
BasedontheConsiderationandtherelatedexpensesfortheDisposal,againarisingfromtheDisposalofapproximatelyHK$2,000,000wasrecordeduponCompletion,ofwhichapproximatelyHK$932,000wasattributabletotheGroup.
LETTERFROMTHEBOARD–10–ShareholdersandpotentialinvestorsoftheCompanyshouldnotethattheaboveexpectationisforillustrativepurposeonly.
TheactualaccountinggainorlossinconnectionwiththeDisposalmaybedifferentfromtheaboveandwillbedeterminedbasedontheauditedfinancialresultsoftheGroupfortheyearending31December2016.
ThenetproceedsfromtheDisposalareapproximatelyHK$515,683,000(afterdeductingbankloans,transactioncosts,legalcosts,commissionandexpensesrelatedtotheDisposal),ofwhichapproximatelyHK$240,050,000areattributabletotheGroupandusedbytheGrouptoprimarilyforfutureinvestmentanddevelopmentoftheGroupandforgeneralworkingcapitalaswellasadditionalcapitalresourcesfortheGrouptomakefurtherinvestmentonpotentialprofitableprojectsincludingbutnotlimitedtopropertydevelopmentand/orredevelopmentprojectsinordertoreplenishitslandreserves,shouldsuitableopportunitiesarisewithanaimtogeneratingfavourablereturnstoShareholders.
AsattheLatestPracticableDate,theCompanyhadnotyetidentifiedanyspecificinvestmenttargetnordidtheGroupenterintoanydefinitiveagreementforsuchinvestment.
LISTINGRULESIMPLICATIONSAsthehighestapplicablepercentageratio(asdefinedintheListingRules)fortheDisposalexceeds25%butislessthan75%fortheCompany,theDisposalconstitutesamajortransactionoftheCompanyandissubjecttotheannouncement,reportingandshareholders'approvalrequirementsunderChapter14oftheListingRules.
TheCompanyhasobtainedwrittenapprovalfortheSaleandPurchaseAgreementandtheDisposalinaccordancewithRule14.
44oftheListingRulesfromacloselyalliedgroupoftheShareholderscomprisingMadamFoo,KoBeeLimitedandFullMatchLimited(bothbeingcompanieswholly-ownedbyMadamFoo),whichwerebeneficiallyinterestedin96,602,195,462,528and2,386,000Sharesrespectively,representinganaggregateofapproximately69.
87%oftheentireissuedcapitaloftheCompanyasattheLatestPracticableDate.
Tothebestknowledge,informationandbeliefoftheDirectors,afterhavingmadeallreasonableenquiries,noShareholderhasanymaterialinterestintheSaleandPurchaseAgreementandtheDisposaltherebyrequiringthem(togetherwiththeircloseassociates)toabstainfromvotingiftheCompanyweretoconveneaspecialgeneralmeetingfortheapprovaloftheSaleandPurchaseAgreementandtheDisposal.
Assuch,nospecialgeneralmeetingwillbeconvenedbytheCompanyforthepurposeofapprovingtheSaleandPurchaseAgreementandtheDisposalaspermittedunderRule14.
44oftheListingRules.
ADDITIONALINFORMATIONYourattentionisalsodrawntotheadditionalinformationsetoutintheappendicestothiscircular.
Yoursfaithfully,ByOrderoftheBoardSoundwillHoldingsLimitedFOOKamChuGraceChairmanLETTERFROMTHEBOARD–11–1.
FINANCIALINFORMATIONOFTHEGROUPTheauditedconsolidatedfinancialstatementsoftheGroupforthethreeyearsended31December2013,2014and2015aredisclosedintheannualreportsoftheCompanyinrespectofthesameyeardated19March2014(pages95-216),18March2015(pages90-228)and23March2016(pages94-236),respectively,whichcanbeaccessedonthewebsiteoftheCompany(www.
soundwill.
com.
hk)andthewebsiteoftheStockExchange(www.
hkexnews.
hk).
2.
WORKINGCAPITALAftertakingintoaccounttheavailablecreditfacilities,theinternallygeneratedfundsandcashflowsimpactoftheDisposal,theDirectorsareoftheopinionthattheGrouphassufficientworkingcapitalforitsrequirementsforatleasttwelvemonthsfromthedateofpublicationofthiscircular.
3.
INDEBTEDNESSBorrowingsAtthecloseofbusinesson15June2016,beingthelatestpracticabledateforthepurposeofthisstatementofindebtednesspriortotheprintingofthiscircular,theGrouphadoutstandingsecuredborrowingsofapproximatelyHK$1,960,950,000.
TheborrowingscomprisedsecuredbankloansofHK$1,960,950,000.
Thebankborrowingsweresecuredbycertaininvestmentproperties,property,plantandequipmentandpropertiesunderdevelopmentoftheGroupwithatotalcarryingvalueofapproximatelyHK$12,432,939,000.
ContingentliabilitiesDuringthecourseofbusiness,certainbankaccountswereopenedandheldinthenameofcertainsubsidiariesonbehalfofthirdpartiestowhomthesesubsidiariesprovidedbuildingmanagementservices.
Asatthe15June2016,thosebankbalanceswhichwereheldonbehalfofthirdpartiesandwerenotaccountedforinthefinancialstatementsoftheGroupamountedtoapproximatelyHK$31,047,000.
Saveasaforesaidorasotherwisedisclosedherein,andapartfromintra-groupliabilitiesandnormalaccountspayableintheordinarycourseofbusinessoftheGroup,theGroupdidnothaveanydebtsecurities,termloansorotheroutstandingborrowingsorindebtednessincludingbankoverdrafts,liabilitiesunderacceptanceoracceptancecredits,hirepurchasecommitments,debentures,mortgages,charges,guaranteesorothermaterialcontingentliabilitiesorguaranteesasat15June2016.
APPENDIXIFINANCIALINFORMATIONOFTHEGROUP–I-1–4.
MATERIALADVERSECHANGEAsattheLatestPracticableDate,theDirectorswerenotawareofanymaterialadversechangeinthefinancialortradingpositionoftheGroupsince31December2015,beingthedatetowhichthelatestpublishedauditedfinancialstatementsoftheGroupweremadeupexceptthepaymentoffinaldividendforthefinancialyearended31December2015atthesumofHK$56,661,727onorabout17June2016.
5.
FINANCIALANDTRADINGPROSPECTSTheGroupisprincipallyengagedinthebusinessofpropertyassembly,propertyleasing,propertydevelopmentandpropertymanagementinHongKongandrealestatedevelopmentinthePRC.
TheDisposalhasincreasedsourcesoffundingtoacceleratethedevelopmentoftheGroup'sexistingprojects,andforacquisitionofpotentialnewprojects.
Duringthecurrentfinancialyear,theDirectorsexpectthatwithcashandavailablecreditfacilities,theGroup'sfinancialpositionwillremainstableandtheGroup'srevenueofthecurrentyearwillnotbemateriallyimpactedaftertheDisposal.
TheGroupwillcloselymonitorthemarketsituationsandtrendsandwillcontinuetostrengthenitsestablishedmarkets.
TheGroupwillseekcooperationanddevelopmentopportunitiesrelatingtotherealestateindustrywithanaimofmaximisingtheinvestmentreturnsforitsshareholders.
APPENDIXIFINANCIALINFORMATIONOFTHEGROUP–I-2–ThefollowingisthetextofaletterandvaluationcertificatepreparedforthepurposeofincorporationinthiscircularreceivedfromVigersAppraisalandConsultingLimited,anindependentvaluer,inconnectionwiththevaluationofthePropertyasat30June2016:VigersAppraisalAndConsultingLimitedInternationalAssetAppraisalConsultants10thFloor,TheGrandeBuilding398KwunTongRoadKowloonHongKong2August2016TheDirectorsSoundwillHoldingsLimited21/F,SoundwillPlaza38RussellStreetCausewayBayHongKongDearSirs,Re:Nos.
14,14A,16and18MosqueStreet,HongKong(the"Properties")InaccordancewithyourinstructionsforustovaluethecaptionedpropertyinterestsownedbyIndigoDragonLimited(the"TargetCompany")and/oritssubsidiaries(togetherreferredtoas"theTargetGroup"),weconfirmthatwehaveinspectedtheProperties,conductedlandsearchesattheLandRegistry,maderelevantenquiriesandinvestigationsaswellasobtainedsuchotherinformationasweconsidernecessaryforthepurposeofprovidingyouwithouropinionofthemarketvaluesofthePropertiesasat30June2016("thedateofvaluation").
Ourvaluationisouropinionofthemarket,whichisdefinedtomean"theestimatedamountforwhichanassetorliabilityshouldexchangeonthedateofvaluationbetweenawillingbuyerandawillingsellerinanarm's-lengthtransactionafterpropermarketingwhereinthepartieshadeachactedknowledgeably,prudentlyandwithoutcompulsion.
"Ourvaluationhasbeenmadeontheassumptionthattheownerssoldthepropertiesontheopenmarketwithoutthebenefitofadeferredtermscontract,leaseback,jointventure,managementagreement,oranysimilararrangementwhichmayservetoincreaseordecreasethevalueoftheproperties.
WehavevaluedthePropertiesbydirectcomparisonapproachwithreferencetothemarketcomparableswithdueallowancesmadeforthedifferencesbetweenthecomparablesandtheProperties.
APPENDIXIIPROPERTYVALUATIONREPORT–II-1–Wehaveacceptedadvicegiventousonsuchmattersasplanningapproval,statutorynotices,easements,tenure,siteareaandfloorareas,developmentproposalandallotherrelevantmatters.
WehavecausedsearchtobemadeattheLandRegistry.
However,wehavenotreadtheoriginaldocumentstoascertainownershiportoverifyanyleaseamendments,whichmightnotappearonthecopieshandedtous.
Alldocumentshavebeenusedasreferencepurposesonly.
Dimensions,measurementsandareasareapproximate.
ThePropertieswereinspectedexternallybyMr.
GilbertK.
M.
Yuen,MHKISMRICSRPS(GP)ofVigersAppraisalAndConsultingLimitedon6May2016.
However,nostructuralsurveyhasbeenmade.
Ourvaluationdoesnotmakeanyallowanceforcontaminationorpollution,ifany,whichmighthaveoccurredduetothepastusage.
Notestshavebeenmadetoanyoftheservices.
Noallowancehasbeenmadeinourreportforanycharges,mortgagesoramountsowingonthePropertiesnorforanyexpensesortaxationwhichmightbeincurredineffectingasale.
Unlessotherwisestated,itisassumedthatthePropertywasfreefromencumbrances,restrictionsandoutgoingsofanonerousnaturewhichcouldaffectstheirvalue.
Ourvaluationhasbeenpreparedinaccordancewith"TheHKISValuationStandards(2012Edition)"publishedbyTheHongKongInstituteofSurveyors,therelevantprovisionsintheCompaniesOrdinanceandtheRulesGoverningtheListingofSecuritiesonTheStockExchangeofHongKongLimited(MainBoard).
Weencloseherewithourvaluationcertificate.
Yoursfaithfully,ForandonbehalfofVIGERSAPPRAISALANDCONSULTINGLIMITEDGilbertK.
M.
YuenMHKISMRICSRPS(GP)ExecutiveDirectorNote:Mr.
GilbertK.
M.
YuenisaRegisteredProfessionalSurveyorinGeneralPracticeDivisionwithabout25years'postqualificationvaluationexperienceonpropertiesinHongKong.
APPENDIXIIPROPERTYVALUATIONREPORT–II-2–VALUATIONCERTIFICATEThePropertiesheldbytheGroupfordevelopmentPropertyDescriptionandTenureParticularsofOccupancyMarketvalueinExistingstateasat30June2016Nos.
14,14A,16and18MosqueStreet,HongKongTheRemainingPortionofSub-sectionof1ofSectionAofInlandLotNo.
58,SectionCofInlandLotNo.
58,SectionAofSub-section1ofSectionAofInlandLotNo.
58,SectionDofInlandLotNo.
58,SectionBofSub-section1ofSectionAofInlandLotNo.
58andSectionEofInlandLotNo.
58ThePropertiescomprisesadevelopmentsitewithasiteareaof544.
5sq.
m.
(5,861sq.
ft.
)approximately.
AccordingtothebuildingplansapprovedbytheBuildingAuthorityon4December2014,thepropertyistobedevelopedintoacompositebuildingcomprisinga24-storeyresidentialtowersurmountingonatwo-levelcommercialpodium.
Thegrossfloorareasofcommercialandresidentialfloorspacesinaccordancewiththeplotratiocalculationsare441.
771sq.
m.
(4,755sq.
ft)and4,223.
578sq.
m.
(45,463sq.
ft.
)approximatelyincludingtheexemptedliftshaftareas.
ThePropertiesareheldunderaGovernmentLeaseforatermof999yearsfrom1September1857.
ThegovernmentrentforthelotsistotallyHK$7.
58perannum.
Accordingtotheinstructingparty,thefoundationworkofthepropertyhasbeencompletedpendingtheissuanceoftheconfirmationbytheBuildingAuthorityofitscompletion.
HK$816,000,000Notes:1.
TheregisteredownersofthePropertiesareasthefollowings:APPENDIXIIPROPERTYVALUATIONREPORT–II-3–Nos.
14,14Aand16MosqueStreet(TheRemainingPortionofSub-section1ofSectionAofInlandLotNo.
58,SectionCofInlandLotNo.
58,SectionAofSub-section1ofSectionAofInlandLotNo.
58andSectionDofInlandLotNo.
58)–MosqueInvestmentPropertiesLimitedNo.
18MosqueStreet(SectionBofSub-section1ofSectionAofInlandLotNo.
58andSectionEofInlandLotNo.
58)–CharmWishLimitedWewereinformedbytheCompanythatMosqueInvestmentPropertiesLimitedandCharmWishLimitedaretheindirectwhollyownedsubsidiariesoftheTargetCompany.
2.
Nos.
14,14Aand16MosqueStreetaresubjecttoaDebentureandMortgage,andaSupplementtoDebentureandMortgageinfavourofWingLungBankLimitedvideMemorialNo.
12053102450156dated22May2012,andvideMemorialNo.
12090402310333dated9August2012respectively.
3.
No.
18MosqueStreetissubjecttoaSupplementtoDebentureandMortgageinfavourofWingLungBank,LimitedvideMemorialNo.
12090402310333dated9August2012.
4.
TheGovernmentLeaseofInlandLotNo.
58isofoldertypewhichcontainsnospecialrestrictionontheuseofthelotexceptoffensivetradesorbusinesses(aBrazier,Slaughterman,Soap-maker,Fellmonger,Melteroftallow,Distiller,Blacksmith,Nightman,Scavenger)withoutthelicencesoftheGovernment.
ByvirtueoftheDeedofModificationslettersvideMemorialNos.
14021002180014(re:TheRemainingPortionofsubsection1ofSectionAofInlandLotNo.
58,SectionCofInlandLotNo.
58,SectionAofSub-section1ofSectionAofInlandLotNo.
58andSectionDofInlandLotNo.
58)and14021002180022(re;SectionBofSub-section1ofSectionAofInlandLotNo.
58andSectionEofInlandLotNo.
58),bothdated6February2014,theowner(hisexecutors,administratorsorassigns)oftherespectivesectionsmaycarryoutthetradeorbusinessofsugarbaker,oilman(excludingpetrolfillingstation),butcher,victuallerandtavernkeeperonthesaidsectionssubjecttothecovenants,conditionsandprovisionsprovidedtherein.
5.
ThePropertiesarezoned"Residential(GroupA)9ontheMid-LevelsWestOutlineZoningPlanS/H11/15dated2March2010.
6.
Inaccordancewiththeinstruction,ourvaluationreflectedthevalueofPropertiesattheexistingstateatthedateofvaluationontheassumptionthatthePropertieswouldbedevelopedaccordingtotheproposeddevelopmentandthefoundationworkofthedevelopmenthasbeencompleted.
7.
ThecommencementdateofthefoundationworkofthePropertieswason8February2013andthedevelopmentofthePropertiesisexpectedtobecompletedinthefirstquarterof2018.
AccordingtotheinformationprovidedbytheCompany,theestimateddevelopmentcostofthePropertiesisapproximatelyHK$285,051,000.
ThecostforthefoundationworkofthepropertiesthathasbeenincurredasatthevaluationdatewasapproximatelyHK$80,354,440.
8.
TheestimatedcapitalvalueofthePropertiesaftercompletionisapproximatelyHK$1,200,000,000.
9.
Inaccordancewiththeinstruction,ourvaluationistobeapportionedbetweenNos.
14,14Aand16MosqueStreetandNo.
18Mosquebasedontheirrespectivesiteareas.
Nos.
14,14Aand16MosqueStreetandNo.
18MosqueStreethaveasiteareaof380.
8sq.
m.
and163.
7sq.
m.
respectively.
TheapportionedvalueofNos.
14,14Aand16MosqueStreetandNo.
18MosqueStreetisHK$570,675,500andHK$245,324,500respectively.
APPENDIXIIPROPERTYVALUATIONREPORT–II-4–1.
RESPONSIBILITYSTATEMENTThiscircular,forwhichtheDirectorscollectivelyandindividuallyacceptfullresponsibility,includesparticularsgivenincompliancewiththeListingRulesforthepurposeofgivinginformationwithregardtotheCompany.
TheDirectors,havingmadeallreasonableenquiries,confirm,thattothebestoftheirknowledgeandbelief,theinformationcontainedinthiscircularisaccurateandcompleteinallmaterialrespectsandnotmisleadingordeceptive,andtherearenoothermatterstheomissionofwhichwouldmakeanystatementhereinorthiscircularmisleading.
2.
DISCLOSUREOFINTERESTS(a)Directors'InterestsintheCompanyAsattheLatestPracticableDate,theinterestsandshortpositions,ifany,oftheDirectorsorthechiefexecutiveoftheCompanyintheshares,underlyingsharesanddebenturesoftheCompanyandanyofitsassociatedcorporations(withinthemeaningofPartXVoftheSFO)which(i)wererequiredtobenotifiedtotheCompanyandtheStockExchangepursuanttotheprovisionsofDivisions7and8ofPartXVoftheSFO(includinginterestsandshortpositionswhichtheyweretakenordeemedtohaveundersuchprovisionsoftheSFO);or(ii)wererequired,pursuanttosection352oftheSFO,tobeenteredintheregisterreferredtotherein;or(iii)wererequired,pursuanttotheModelCodeforSecuritiesTransactionsbyDirectorsofListedIssuerssetoutinAppendix10oftheListingRules(the"ModelCode"),tobenotifiedtotheCompanyandtheStockExchangewereasfollows:(i)LongpositionsintheSharesNameofDirectorCapacityNumberofSharesApproximatelypercentageofshareholdingMadamFooInterestofcontrolledcorporation197,848,528(Note)69.
83%Beneficialowner96,6020.
03%KongSiuManKennyBeneficialowner250,0000.
09%Note:These197,848,528Sharesrepresentedtheaggregateof(i)195,462,528SharesheldbyKoBeeLimited,acompanywholly-ownedbyMadamFoodirectlyand(ii)2,386,000SharesheldbyFullMatchLimited,acompanywholly-ownedbyMadamFooindirectly.
APPENDIXIIIGENERALINFORMATION–III-1–(ii)LongpositionsinunderlyingsharesofequityderivativesoftheCompany—interestsinshareoptionsoftheCompany(beinggrantedandremainedoutstanding):NameofDirectorCapacityNumberofshareoptionsoutstandingExercisableperiodPriceofGrantSubscriptionPriceperShareDateofgrant(HK$)(HK$)MadamFooBeneficialowner316,00003/01/2014to02/01/20171.
0015.
7603/01/2013ChanWaiLingBeneficialowner2,000,00003/01/2014to02/01/20171.
0015.
7603/01/2013KongSiuManKennyBeneficialowner250,00003/01/2014to02/01/20171.
0015.
7603/01/2013(b)Directors'InterestsinassociatedcorporationsNameofDirectorNameofassociatedcorporationCapacityNumberandClassofSharesPercentageofshareholdingMadamFooKoBeeLimitedBeneficialowner1ordinaryshare100%MadamFooFullMatchLimitedBeneficialowner1ordinaryshare100%Saveasdisclosedabove,asattheLatestPracticableDate,noneoftheDirectorsorchiefexecutiveoftheCompanyortheirrespectiveassociateshadanyinterestsorshortpositionsintheshares,underlyingsharesordebenturesoftheCompanyoranyofitsassociatedcorporations(withinthemeaningofPartXVoftheSFO)which(i)wererequiredtobenotifiedtotheCompanyandtheStockExchangepursuanttotheprovisionsofDivisions7and8ofPartXVoftheSFO(includinginterestsandshortpositionswhichtheyweretakenordeemedtohaveundersuchprovisionsoftheSFO);or(ii)wererequired,pursuanttosection352oftheSFO,tobeenteredintheregisterreferredtotherein:or(iii)wererequired,pursuanttotheModelCode,tobenotifiedtotheCompanyandtheStockExchange.
APPENDIXIIIGENERALINFORMATION–III-2–(c)SubstantialShareholders'InterestsSofarasisknowntoeachDirectororthechiefexecutiveoftheCompany,asattheLatestPracticableDate,thefollowingpersonsorentities,otherthanaDirectororthechiefexecutiveoftheCompany,hadaninterestorshortpositioninthesharesandunderlyingsharesoftheCompanywhichwouldfalltobedisclosedtotheCompanyundertheprovisionsofDivisions2and3ofPartXVoftheSFO,orwhowas,directlyorindirectly,interestedin10%ormoreofthenominalvalueofanyclassofsharecapitalcarryingrightstovoteinallcircumstancesatgeneralmeetingsofanyothermemberoftheGroup:LongpositionintheSharesNameofshareholderCapacityNumberofSharesApproximatepercentageofShareholdingKoBeeLimitedBeneficialowner197,848,528(Note)69.
83%Note:These197,848,528Sharesrepresentedtheaggregateof(i)195,462,528SharesheldbyKoBeeLimitedand(ii)2,386,000SharesheldbyFullMatchLimited,acompanywholly-ownedbyKoBeeLimited.
SaveforMadamFoowhoisthesoledirectorofKoBeeLimited,nootherDirectororproposedDirectorisadirectororemployeeoftheabovesubstantialshareholderswhohasaninterestsorshortpositionsintheSharesandtheunderlyingSharesoftheCompanywhichwouldfalltobedisclosedtotheCompanyundertheprovisionsofDivisions2and3ofPartXVoftheSFO.
Saveasdisclosedabove,asattheLatestPracticableDate,noneoftheDirectorsorthechiefexecutiveoftheCompanywasawareofanyotherperson,otherthanaDirectororthechiefexecutiveoftheCompany,whohadaninterestorshortpositioninthesharesorunderlyingsharesoftheCompanywhichwouldfalltobedisclosedtotheCompanyundertheprovisionsofDivisions2and3ofPartXVoftheSFO,orwhowas,directlyorindirectly,interestedin10%ormoreofthenominalvalueofanyclassofsharecapitalcarryingrightstovoteinallcircumstancesatgeneralmeetingsofanyothermemberoftheGroup.
3.
DIRECTORS'SERVICECONTRACTSAsattheLatestPracticableDate,noneoftheDirectorshadanyexistingorproposedservicecontractwiththeCompanyoranymemberoftheGroup(excludingcontractsexpiringordeterminablebytheemployerwithinoneyearwithoutpaymentofcompensation,otherthanstatutorycompensation).
APPENDIXIIIGENERALINFORMATION–III-3–4.
DIRECTORS'INTERESTSINTHEASSETS,CONTRACTSORARRANGEMENTSIGNIFICANTTOTHEGROUPAsattheLatestPracticableDate,noneoftheDirectorshadanyinterest,directorindirect,inanyassetswhichhave,since31December2015(beingthedatetowhichthelatestpublishedauditedconsolidatedfinancialstatementsoftheCompanyweremadeup),beenacquiredordisposedofbyorleasedtoanymemberoftheGroup,orwereproposedtobeacquiredordisposedofby,orleasedto,anymemberoftheGroup.
NoneoftheDirectorswasmateriallyinterestedinanycontractorarrangementsubsistingattheLatestPracticableDateandwhichissignificantinrelationtothebusinessoftheGroup.
5.
DIRECTORS'INTERESTSINCOMPETINGBUSINESSAsattheLatestPracticableDate,noneoftheDirectorsandtheirrespectivecloseassociatewasinterestedinanybusinesses(apartfrombusinessesoftheGroup),whichcompetedorwerelikelytocompete,eitherdirectlyorindirectly,withthebusinessesoftheGroup.
6.
LITIGATIONAsattheLatestPracticableDate,neithertheCompanynoranyothermemberoftheGroupwasengagedinanylitigationorclaimsofmaterialimportanceandnolitigationorclaimsofmaterialimportancewasknowntotheDirectorstobependingorthreatenedbyoragainsttheCompanyoranyothermemberoftheGroup.
7.
QUALIFICATIONANDCONSENTOFEXPERTANDEXPERT'SINTERESTSThefollowingisthequalificationoftheexpertwhohasgivenopinionoradvicewhichiscontainedinthiscircular:NameQualificationVigersAppraisalandConsultingLimitedAnindependentprofessionalpropertyvaluerNote:Fordetailsofthequalificationoftheexpertabove,pleaserefertopageII-2ofthiscircular.
AsattheLatestPracticableDate,theexperthad:(a)noshareholdinginanymemberoftheGrouporanyright(whetherlegallyenforceableornot)tosubscribeforortonominatepersonstosubscribeforsecuritiesinanymemberoftheGroup;andAPPENDIXIIIGENERALINFORMATION–III-4–(b)nointerest,directorindirect,inanyassetswhichhavebeen,since31December2015(beingthedatetowhichthelatestpublishedauditedconsolidatedfinancialstatementsoftheCompanyweremadeup),acquiredordisposedofbyorleasedtoanymemberoftheGroup,orareproposedtobeacquiredordisposedofbyorleasedtoanymemberoftheGroup.
Theaboveexperthasgivenandhasnotwithdrawnitswrittenconsenttotheissueofthiscircularwiththeinclusionofitsreportandreferencestoitsnameincludedhereinintheformandcontextinwhichtheyappear.
8.
MATERIALCONTRACTSAsattheLatestPracticableDate,thefollowingcontracts(notbeingcontractsenteredintointheordinarycourseofbusiness)wereenteredintobymembersoftheGroupwithintwoyearsimmediatelyprecedingthedateofthiscircularandare,ormaybe,material:(a)anagreementdated29October2015enteredintobetweenWorthExpressLimited(anindirectwholly-ownedsubsidiaryoftheCompany)asvendorandAlphaNationalGroupLimitedaspurchaserinrespectofthesaleandpurchaseoftheentireissuedsharecapitalofTigerPowerGlobalLimitedandalltheshareholder'sloansadvancedbytheWorldExpressLimitedtoTigerPowerGlobalLimitedataconsiderationinanaggregateamountofHK$133,000,000.
00.
FurtherdetailsoftheagreementandthetransactionscontemplatedthereunderaresetoutintheannouncementoftheCompanydated29October2015;and(b)theSaleandPurchaseAgreement.
APPENDIXIIIGENERALINFORMATION–III-5–9.
DOCUMENTSAVAILABLEFORINSPECTIONCopiesofthefollowingdocumentsareavailableforinspectionduringnormalbusinesshoursonanyweekdays(exceptforSaturdayandpublicholidays)attheCompany'sprincipalplaceofbusinessinHongKongforaperiodof14daysfromthedateofthiscircular:(a)thememorandumofassociationandbye-lawsoftheCompany;(b)thepropertyvaluationreport,thetextofwhichissetoutinAppendixIItothiscircular;(c)thewrittenconsentreferredtointheparagraphheaded"7.
QualificationandConsentofExpertandExpert'sInterests"inthisAppendix;(d)theannualreportsoftheCompanyforthetwofinancialyearsended31December2014and2015;(e)thematerialcontractsreferredtointhesectionheaded"8.
MaterialContracts"inthisAppendix;and(f)thiscircular.
10.
MISCELLANEOUS(a)theregisteredofficeoftheCompanyislocatedatClarendonHouse,2ChurchStreet,HamiltonHM11,Bermuda;(b)theheadofficeandprincipalplaceofbusinessoftheCompanyislocatedat21stFloor,SoundwillPlaza,No.
38RussellStreet,CausewayBay,HongKong;(c)theCompany'sHongKongbranchshareregistrarandtransferofficeisTricorStandardLimited,Level22,HopewellCentre,183Queen'sRoadEast,HongKong;(d)thecompanysecretaryoftheCompanyisMr.
TamChongCheong,Aaron,aqualifiedsolicitorinHongKong;and(e)theEnglishtextofthiscircularprevailsovertheChinesetextincaseofinconsistency.
APPENDIXIIIGENERALINFORMATION–III-6–
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