HKWOT definition
Examples of HKWOT in a sentence
For further details on HKWOT and the Disposal Group, please refer to the paragraphs headed “Information on the Disposal Group” below.
As at 31 December 2009, HKWOT recorded an audited net liability of approximately HK$306.2 million which was principally due to the accumulated losses arising from the operations of the Disposal Group during the past years and it might take a few years for the Disposal Group to return to a positive net asset position.
The Company shall procure that each Share certificate issued by it shall carry the following statement: “Any disposition, transfer, charge of or dealing in any other manner in the Shares represented by this certificate is restricted by a Shareholders’ Agreement dated [•] 2010 and made between C-Travel International Limited, ▇▇▇▇▇.▇▇▇ International, Ltd., Wing On Travel (Holdings) Limited and HKWOT (BVI) Limited”.
As at 31 December 2009, the consolidated audited net current liabilities of HKWOT was approximately HK$319.3 million, of which approximately HK$104.5 million was due by the Disposal Group to the Company.
The Directors believe that after Completion, the Group and the Purchaser can build upon their mutual interest in HKWOT to create opportunities for business cooperation between the two groups that benefits the Group’s hotel and leisure business through the Purchaser’s booking and customers network in the PRC.
The Board announces that, on 3 February 2010, the Company entered into the Disposal Agreement with the Purchaser pursuant to which the Company has conditionally agreed to sell and the Purchaser has conditionally agreed to purchase the Sale Shares, representing a 90% interest in the issued share capital of HKWOT, at a consideration of US$88 million (equivalent to approximately HK$684 million) (subject to adjustment) to be satisfied by way of cash at Completion.
For so long as the Company and its Associated Companies collectively hold not less than 5% of the issued share capital in HKWOT, the Company shall have the right, exercisable by notice in writing to require the appointment of one director and by like notice in writing to require the removal of such director and the appointment of another person to act in place of such director.
Based on the audited financial statements of HKWOT, the Actual Net Profit of the Disposal Group for the year ended 31 December 2009 was approximately HK$42.6 million.
Dated SIGNED, SEALED AND DELIVERED ) as a Deed by: ) in the presence of: ) To: HKWOT (BVI) Limited [Date] Dear Sirs, We give you notice that by a share charge dated [•] 2010 (the “Share Charge”), we have agreed to charge all our right, title and interest to all the shares in your company legally and beneficially owned by us (the “Shares”) to C-Travel International Limited (the “Chargee”).
The Assignor and the Assignee are parties to a sale and purchase agreement dated [•] 2010 pursuant to which the Assignor agreed to sell, and the Assignee agreed to purchase, 90% of the issued and outstanding share capital of HKWOT (BVI) Limited (the “Sale and Purchase Agreement”).