FINANCIAL EFFECTS OF THE DISPOSAL. Based on the valuation of the shareholder’s equity value of SAGA as of 31 May 2022 and the Consideration, it is preliminary estimated that the Group may record an unaudited after tax gain of approximately RMB0.2439 billion from the Disposal. Shareholders should however note that the actual gain or loss from the Disposal to be recorded by the Group will depend on the corresponding applicable tax treatment and costs incurred for the Disposal, and will be subject to the review by the auditors of the Company. The Board is of the view that the Disposal will not have any material financial impact on the Group. The proceeds from the Disposal will be applied towards the Group’s general working capital requirement.
FINANCIAL EFFECTS OF THE DISPOSAL. As a result of the Disposal, the Group is expected to realise an estimated gain on Disposal before tax of approximately US$20.6 million (equivalent to approximately HK$160.7 million). Such gain is estimated based on the Consideration of approximately US$42.0 million (equivalent to approximately HK$327.7 million) less (i) the aggregate carrying value of the Properties amounted to approximately US$19.7 million (equivalent to approximately HK$153.7 million) as at 31 October 2019; (ii) the aggregate non-controlling interests in the Target Companies of approximately US$26,000 (equivalent to approximately HK$200,000); and (iii) the estimated transaction costs of approximately US$1.7 million (equivalent to approximately HK$13.3 million) (subject to adjustments as set out under the paragraph headed “Adjustment to the Consideration” above). Such calculation is only an estimate provided for illustrative purposes and the actual gain on the Disposal will depend on the final Consideration after the adjustment and be subject to further review by the auditors of the Company. Following the Completion, the Company will cease to hold any interests in the Target Companies and the Target Companies will cease to be a subsidiary of the Company. Accordingly, the Target Companies’ financial results will no longer be consolidated into the Company’s consolidated financial statements.
FINANCIAL EFFECTS OF THE DISPOSAL. It is preliminarily estimated that the Group will recognise a gain before taxation attributable to the Company’s shareholders (before related costs and expenses) of approximately RMB6,616,675 from the Disposal under the Original SPA (as amended by the Supplemental SPA), which is calculated based on the consideration for the approximately 7.50% equity interest in Tongcheng New Energy (708,610 Luoyang Glass A Shares with a value of approximately RMB16,616,905) less the carrying value of the approximately 7.50% equity interest in Tongcheng New Energy recorded in the Group’s consolidated financial statements (the relevant net gain on the Disposal is to be recorded in the Company’s consolidated financial statements after the completion of audit by the Company’s auditor).
FINANCIAL EFFECTS OF THE DISPOSAL. The financial effects of the Disposal set out below are purely for illustrative purposes only and do not reflect the future financial position of the Company or the Group after completion. The following financial effects have been calculated using the audited consolidated financial statements of the Group for the financial year ended 31 March 2019. Net Tangible Assets (“NTA”) per share Assuming that the Disposal had been completed on 31 March 2019, the effect of the Disposal on the NTA per Share of the Group is as follows: Before the Disposal After the Disposal NTA (S$’000) (1) 102,895 102,678 Number of shares (2) 559,406,000 559,406,000 NTA per share (S$) 18.39 18.35 Notes:
FINANCIAL EFFECTS OF THE DISPOSAL. Upon completion of the Disposal, the Target will no longer be a subsidiary of the Company. Accordingly, the assets, liabilities and the financial results of the Target will no longer be consolidated into the financial statements of the Group. Based on (i) the unaudited net assets value of the Target of approximately RMB199,058,000; (ii) the net value of the liabilities (including payables and outstanding loans) of the Target to be borne by the Vender of approximately RMB220,765,000; and (iii) the consideration of RMB476,000,000, it is expected that the Company will record a gain of approximately RMB56,177,000 from the Disposal after deducting the expenses attributable to the Disposal. The actual amount of gain or loss as a result of the Disposal to be recorded by the Company will be subject to the review and final audit by the auditors of the Company.
FINANCIAL EFFECTS OF THE DISPOSAL. Upon Completion, the Target will no longer be a subsidiary of the Company. Accordingly, the assets, liabilities and the financial results of the Target will no longer be consolidated into the financial statements of the Group. Based on (i) the unaudited net assets value of the Target of approximately RMB231,120,000; and
FINANCIAL EFFECTS OF THE DISPOSAL. Earnings The Company expects to record a gain on the Disposal of approximately HK$79.6 million before taxation, which is calculated with reference to the Consideration, as adjusted by, amongst other things,
FINANCIAL EFFECTS OF THE DISPOSAL. Upon Completion, all Vendor Debt (if any) shall be discharged and settled, and the Target Company will cease to be a subsidiary of the Company and the Group will cease to have any interest in the Target Group. The financial results of the Target Group will no longer be consolidated with the financial statements of the Group following Completion.
FINANCIAL EFFECTS OF THE DISPOSAL. The Group intends to use the amount to be received by GP Auto Parts under the Equity Transfer Agreement for general working capital purposes. The Company has adopted the proportionate consolidation method in recognizing its interests in Shanghai Jinting in its financial statements. Based on the unaudited consolidated net asset value of Shanghai Jinting as at 30 September 2012, the Group is expected to record a net unaudited gain upon the GP Disposal of approximately HK$63 million after deduction of the estimated capital gain tax payable to the PRC tax authorities, the costs and expenses related to the GP Disposal, warranty cost provision and non-controlling interests. As a result, the net asset value of the Group would be increased slightly upon completion. UNDERTAKING On the date of the Equity Transfer Agreement, Xx. Xxxxxx XX Xxxxx Xxxx, Mr. Xxxxxx XX Xxxx On and a company in which they have beneficial interests, which held in aggregate 42.38% of the issued share capital of the Company, executed an unconditional and irrevocable undertaking to the Company in the form prescribed in the Equity Transfer Agreement, pursuant to which they undertook to exercise (or to procure the exercise of) all the voting rights owned or controlled by them in the Company to vote in favour of the resolutions to be proposed at the EGM to approve the transactions contemplated under the Equity Transfer Agreement.
FINANCIAL EFFECTS OF THE DISPOSAL. Based on the interim results of the Group for the six months ended 30 June 2013, the net book value of the Disposal Assets as at 30 June 2013 is RMB2,058,632,590. The net loss attributed to the Disposal Assets is RMB105,632,000 for the six months period from 1 January 2013 to 30 June 2013. Pursuant to the valuation report dated 31 August 2013 commissioned by the Company and issued by DTZ Debenham Tie Xxxxx Limited, the value placed on the property interests of the Group that fall under the Disposal Assets as at 30 June 2013 is RMB4,241,300,000. The excess of the Disposal Consideration over the net book value of the Disposal Assets is approximately RMB11,200,004. The Company has been advised by DTZ Debenham Tie Xxxxx Limited that the basis of their valuation is market value which in accordance with The HKIS Valuation Standards 2012 Edition published by the Hong Kong Institute of Surveyors is defined as “the estimated amount for which an asset or liability should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”. Assuming that all the Disposal Assets are disposed of to SREI and/or its subsidiaries, the Group expects to recognize a loss after tax of approximately RMB194,478,000 from the Disposal, which is calculated with reference to the consideration to be received, the carrying amounts of assets and liabilities of Disposal Group as at 30 June 2013 and the estimated transaction expenses as well as estimated taxes (including income taxes) related to the Disposal. [Please refer to Appendix III to this announcement for the text of the valuation report issued by DTZ Debenham Tie Xxxxx Limited, for, inter alia, the value placed on the property interests of the Group that fall under the Disposal Assets as at 30 June 2013 and Appendix IV of this announcement for the text of the letter issued by DTZ Debenham Tie Xxxxx Limited containing supplementary information in relation to the valuation report set out in Appendix III of this announcement. DTZ Debenham Tie Xxxxx Limited has given and has not withdrawn its written consent to the issue of this announcement with the inclusion herein of its valuation report and its letter of supplementary information in relation to the valuation report and references to its name in the form and context in which they respectively appear in this announcement.] The loss ...
