Examples of Property Transfer Agreements in a sentence
The transactions contemplated under the Property Transfer Agreements constitute connected transactions for the Company under Chapter 14A of the Listing Rules.
As one or more of the applicable percentage ratios (as defined under the Listing Rules) in respect of the transactions contemplated under the Property Transfer Agreements, in aggregate, exceed 0.1% but all of which are less than 5%, the transactions contemplated under the Property Transfer Agreements are subject to the reporting and announcement requirements under Chapter 14A of the Listing Rules, but exempt from the circular and independent shareholders’ approval requirements.
With continuous efforts, the Group had finally reached an agreement the Jinke Property Group to enter into the Property Transfer Agreements for the relevant debt offset and settlement arrangement.
At the same time, with reference to the real estate restructuring strategy and according to the asset valuation report of an independent third party valuer, the transactions contemplated under the Property Transfer Agreements ensure that the total appraised value of the Offset Properties is greater than the amount of the total CCT Payables to offset, which is conducive to resolving the Group’s receivables risk and is in the interests of the shareholders of the Company.
BOARD APPROVAL At the Board meeting held to approve the Property Transfer Agreements, Xx. Xxxxx Xxxxxxxx who also holds management positions in Jinke Property, and Xx. Xx Xxxxx who also holds management positions in Chongqing Jinke Investment Holding (Group) Co., Ltd.
In view of the above, the Directors (including the independent non-executive Directors) are of the view that the terms of the Property Transfer Agreements and the transactions contemplated thereunder are fair and reasonable, on normal commercial terms, and that although the entering into of the Property Transfer Agreements are not made in the ordinary course of business of the Group, they are in the interests of the Company and the Shareholders as a whole.
As one or more of the applicable percentage ratios as defined under the Listing Rules in respect of the transactions contemplated under the Property Transfer Agreements, in aggregate, exceed 0.1% but all of which are less than 5%, the transactions contemplated under the Property Transfer Agreements are subject to the reporting and announcement requirements under Chapter 14A of the Listing Rules, but exempt from the circular and independent shareholders’ approval requirements.
The Directors (including the independent non-executive Directors) consider that the terms of the Property Transfer Agreements and the transactions contemplated thereunder are fair and reasonable, are not entered in the ordinary and usual course of business of the Group but are on normal commercial terms or better and in the interests of the Company and its Shareholders as a whole.
Save for Xx. Xxxx Xxxxx Xxxx and Xx. Xxxxx Xxxxxxxx, the executive Directors who are directors and shareholders of Agile, and Xx. Xxx Xxxx, a non-executive Director who is a senior member of management and shareholder of Agile, none of the Directors has or is deemed to have a material interest in the Property Transfer Agreements and the transactions contemplated thereunder.
The property transfers contemplated under the Property Transfer Agreements allow the Group to recover receivables due and payable from Agile Group.