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. Immediately after completion of the Disposal, the Target Company will continue to be a subsidiary of the Company and the financial results of the Target Company will be consolidated into the Group’s financial statements. According to the Valuation Report, the market value of the entire issued share capital of the Target Company was approximately HK$30,000,000. As a result of the disposal, a gain of approximately HK$30,000 will be recognized in equity reserves. The actual amount of such gain arising from the Disposal will be subject to the review and final audit by the auditors of the Company. The cash proceeds from the Disposal of approximately HK$12 million will remain in the Group and are intended to be used by the Group:
FINANCIAL EFFECTS OF THE DISPOSAL. It is expected that the Group will record a gain of approximately HK$22,265,000 on Completion after taking into account of the related expenses of approximately HK$5,200,000 payable by the Group in connection with the Disposal. Such gain is calculated by reference to the unaudited net asset value of the Target Company as at 25 July 2023.
FINANCIAL EFFECTS OF THE DISPOSAL. The Company expects to record a loss as a result of the Disposal of approximately RMB88,742,000 (equivalent to approximately HK$96,459,000), being the difference between the aggregate consideration, the unaudited net assets value of Zhuhai Coastal, the carrying amount of the Shareholder’s Loan, relevant transaction costs and tax. The above figures are for illustrative purpose only. The actual loss in connection with the Disposal will be determined based on the net proceeds received, the fair value of the Acquired Interest as to be valued by independent professional valuer, the financial position of Zhuhai Coastal at Completion and subject to the review and final audit by the independent auditors of the Company. Following the waiver of the outstanding balance of the consideration of RMB908,080,000 (equivalent to approximately HK$987,044,000) under the Disposal Agreement, the amount of this outstanding balance will be fully written off.
FINANCIAL EFFECTS OF THE DISPOSAL. (a) Net Asset Value (“NAV”) and Net Tangible Assets (“NTA”) As at 31 December 2009 Before Disposal After Disposal
(b) Loss Per Share For the year ended 31 December 2009 Before Disposal After Disposal
FINANCIAL EFFECTS OF THE DISPOSAL. (a) Net Tangible Asset ("NTA") per Share For illustration purposes only, the pro-forma financial effect of the Disposal on the NTA per Share of the Group for the financial year ended 31 December 2003 ("FY2003"), assuming that the Disposal had been effected as at 31 December 2003, would have been as follows:- NTA as at 31 December 2003 (S$'000) (63) Pro-forma NTA as at 31 December 2003 (S$'000) (1) 5,400 NTA per share as at 31 December 2003 (cents) (2) (0.02) Pro-forma NTA per Share as at 31 Dec 2003 (cents) (2) 1.57
FINANCIAL EFFECTS OF THE DISPOSAL. Since the acquisition of the Property, no income has been generated from the Property. As set out in the 2012 Interim Results Announcement, based on the valuation report prepared by an independent professional valuer, the carrying value of the Property was HK$315 million as at 30 June 2012. For illustration purpose only, it is estimated that the Company will recognise a loss of approximately HK$36,000,000 from the Disposal netting off related commissions and the relevant legal fees. The net proceeds from the sale of the Property will be approximately HK$279 million, among which (i) approximately HK$146 million will be used to repay the existing bank borrowings secured by the Property; and (ii) approximately HK$133 million will be used as general working capital of the Group.
FINANCIAL EFFECTS OF THE DISPOSAL. The Group expects to record an unaudited gain on disposal of approximately HK$6,378,000 which is arrived at after deducting (i) the unaudited carrying value of the Vessel of S$3,690,476 (equivalent to approximately HK$21,331,000) as at 30 September 2020; and (ii) the transaction cost arising from the Disposal of approximately HK$200,000, from the Consideration of US$3,591,880.60 (equivalent to approximately HK$27,909,000). Shareholders and potential investors of the Company should note that the above figures are for illustrative purpose only. The actual accounting gain or loss in connection with the Disposal may be different from the above and the actual financial effect as a result of the Disposal to be recorded by the Group is subject to final audit to be performed by the auditor of the Company.
