Disposal Completion definition
Examples of Disposal Completion in a sentence
After Disposal Completion, the HK PropCo will become a connected person of the Company and all transactions between members of the Disposal Group and other members of the Group will, as long as it remains as a connected person of the Company, constitute connected transactions under Chapter 14A of the Listing Rules.
Following the change in group structure of CTFE and NWD, who are the counterparties to the CTFE Master Services Agreement and the NWD Master Services Agreement respectively, NWS has become a member of the CTFE Group and ceased as a member of the NWD Group on the NWD Disposal Completion Date (i.e. 17 November 2023).
Upon the Disposal Completion, the HK PropCo will be held as to 20% by the HK Vendor (thereby ceasing to be a subsidiary of the Company) and 80% by the HK Purchaser, and the respective rights and obligations of, among others, the HK Vendor and the HK Purchaser in relation to the Proposed Joint Venture will be governed by the Shareholders’ Deed.
FINANCIAL EFFECTS OF THE DISPOSAL AND THE POSSIBLE ACQUISITION Following the Disposal Completion, the Property Company will remain as a subsidiary of the Company so long as the Put Option has not been exercised and has not lapsed in accordance with the terms of Option Deed.
However, if SSCL Disposal Completion does not take place due to the default of FSL, FSL shall bear any losses arising from tax payment and refund to the SSCL Purchaser any tax already paid by the SSCL Purchaser in the event that such tax payment has not been refunded by the relevant government authorities within six (6) months from the date of termination of the SSCL Share Transfer Agreement.
Subject to the satisfaction or (if applicable) waiver of the Disposal Conditions as set out above, Disposal Completion will take place on the Disposal Completion Date.
AGREEMENT ADDENDUM, AND CHANGE IN CTFE ANNUAL CAPS This announcement is published in view of the change in group structure of CTFE and NWD, the counterparties to the CTFE Master Services Agreement and the NWD Master Services Agreement respectively, following NWS becoming a member of the CTFE Group and ceasing as a member of the NWD Group on the NWD Disposal Completion Date (i.e. 17 November 2023) as notified by NWD on 17 November 2023.
The actual book gain or loss derived from the Disposal would depend on the profit or loss of the Allywing Group up to the date of Disposal Completion.
After reviewing the financial position of the Company and in consideration of the net proceeds expected to be received upon Disposal Completion, the Board considers that it would be appropriate for the Distribution be declared as a reward to the Shareholders for their support to the Company in the past.
The HK Property is currently, and will after Disposal Completion remain, subject to a mortgage to secure the Existing Bank Loan which was obtained by the HK PropCo to finance part of the consideration for its acquisition of Subsidiary A.