Examples of Tenancy Agreement B in a sentence
In view of the above, the Directors (including the independent non-executive Directors) are of the view that the Annual Cap for the 2021 Tenancy Agreement B is fair and reasonable and in the interests of the Company and the Shareholders as a whole.
Given that the Existing CCT Agreements will expire on 31 December 2020 and the continuing connected transactions contemplated thereunder will continue on an on-going basis, on 29 December 2020, the 2021 Master Supply Agreement A, the 2021 Master Supply Agreement B, the 2021 Tenancy Agreement A and the 2021 Tenancy Agreement B were entered into by the respective parties thereto.
In view of the stable rental income to be generated under the 2021 Tenancy Agreement B and the rent and terms under the 2021 Tenancy Agreement B will not be more favourable to Jiangxi Jingxing than those offered to independent tenants, the Directors consider that the entering into the 2021 Tenancy Agreement B is in the interests of the Company and its Shareholders as a whole.
The Annual Cap for the transactions contemplated under 2021 Tenancy Agreement B is set out below: For the year ending 31 December Annual Cap amount (RMB) 2021 (1 January 2021 to 31 December 2021) 3,645,852 The above Annual Cap is arrived at by translating the monthly rent of RMB303,821 into rent receivable by Jiangxi Xingfa for the year ending 31 December 2021 under the 2021 Tenancy Agreement B.
As the highest applicable percentage ratio relating to the Annual Cap for the continuing connected transactions contemplated under the 2021 Tenancy Agreement B exceeds 0.1 % but is less than 5%, the continuing connected transactions under the 2021 Tenancy Agreement B are subject to the reporting, announcement and annual review requirements but exempt from circular and independent Shareholders’ approval requirement under Chapter 14A of the Listing Rules.
Accordingly, the transactions contemplated under the 2021 Tenancy Agreement B constitute continuing connected transactions for the Company under Chapter 14A of the Listing Rules.
The Directors (including the independent non-executive Directors) are of the view that the terms of each of the 2021 Master Supply Agreement A, the 2021 Master Supply Agreement B, the 2021 Tenancy Agreement A and the 2021 Tenancy Agreement B are on normal commercial terms, in the ordinary and usual course of business of the Group and are fair and reasonable to the Group and in the interests of the Shareholders and the Group as a whole.
Details of each of the 2021 Master Supply Agreement A, the 2021 Master Supply Agreement B, the 2021 Tenancy Agreement A and the 2021 Tenancy Agreement B are set out below.