Examples of Surrender in a sentence
On 16 December 2024, the Operator (an indirect wholly-owned subsidiary of the Company), as the tenant, submitted the Surrender Agreement to the Landlord, whereby the Operator will surrender the remaining term in the Tenancy Agreement in respect of the leasing of the Wet Market and the Landlord will agree to the surrender and to release the Operator from the Tenancy Agreement with effect from 16 December 2024 in consideration of HK$5,400,000 payable by the Operator to the Landlord.
Having taking into account of the above reasons, the Directors (including the independent non- executive Directors) are of the view that the terms of the Surrender Agreement are on normal commercial terms that are fair and reasonable, and is in the interest of the Company and its shareholders as a whole.
This announcement is made by the Company pursuant to Rule 14.36 of the Listing Rules as the entering into of the Surrender Agreement constitutes a termination of the discloseable transaction previously announced by the Company on 24 May 2022.