Examples of TM Licence Agreement in a sentence
As the Group elects to recognise each of the lease of the Premises under the TM Licence Agreement and the lease of the Existing Premises under the Existing Licence Agreement as a one-off acquisition of a right-of-use asset under HKFRS 16, they together constitute a connected transaction for the Company under Chapter 14A of the Listing Rules.
As one or more of the applicable percentage ratios in respect of the Aggregated Transaction Amount exceed 0.1% but are less than 5%, the TM Licence Agreement is subject to the reporting and announcement requirements, but exempt from the independent shareholders’ approval requirements under Chapter 14A of the Listing Rules.
No boat may be stored along the Lake Access Piers for more than 72 hours.
REASONS FOR THE TRANSACTIONS The Company considers it beneficial to enter into the TM Licence Agreement for a larger premises to facilitate a more effectual provision of consumer credit finance services and insurance-related advisory services to the customers of both the Company and AEON Stores, as well as to maintain a close business relationship and collaboration with AEON Stores.
Payment of Outgoings from the Company to AEON Stores respectively under the TM Licence Agreement and the Existing Licence Agreement constitutes a continuing connected transaction.
The unaudited value of the right-of-use asset recognised by the Company for the lease of the Premises under the TM Licence Agreement amounts to approximately HK$3,380,000, which is the present value of (i) the total Licence Fee payable throughout the Term; and (ii) the estimated costs of reinstatement of the Premises on the surrender of the Premises following expiry or earlier termination of the TM Licence Agreement, in accordance with HKFRS 16.
As the Existing TM Licence Agreement expired on 27 February 2024, the Company and AEON Stores entered into the 2024 TM Licence Agreement to renew the Existing TM Licence Agreement for the lease of the Premises for a term of one year.
As none of the Directors has a material interest in the transactions contemplated under the 2024 TM Licence Agreement, no Director has abstained from voting on the Board resolutions approving the 2024 TM Licence Agreement.
The Company considers it beneficial to enter into the 2024 TM Licence Agreement to support the continued provision of the services to the customers at the Premises, as well as to maintain a close business relationship and collaboration with AEON Stores.
Given that none of the applicable percentage ratios in relation to the Annual Caps exceed 0.1%, the continuing connected transaction with respect to payment of Outgoings under the 2024 TM Licence Agreement constitutes a de minimis transaction of the Company and is exempt from reporting, announcement, annual review (as applicable) and independent shareholders’ approval requirements.