Annual Report 2016
185
Financial Section
47 Event Subsequent to Year Ended
Privatisation of NWCL
On 6 January 2016, the Company and the Offeror announced a voluntary conditional cash offer by the Offeror to acquire all
of the issued shares of NWCL, an indirect non wholly owned subsidiary of the Company incorporated in the Cayman Islands,
other than those shares already held by the Offeror and the Company (“the Offered Shares”).
On 5 April 2016, the Offeror received acceptance of approximately 98.65% of the Offered Shares. The Offeror could privatise
NWCL by exercising its rights, pursuant to section 88 of the Companies Law of the Cayman Islands, to compulsorily acquire
those Offered Shares not already acquired by the Offeror.
On 28 June 2016, the Offeror had despatched the compulsory acquisition notices to the shareholders of the remaining
Offered Shares. Based on a search of the Cayman Islands Register of Writs and Other Originating Process maintained by the
Grand Court, no remaining offer shareholder has filed an objection to the compulsory acquisition with the Grand Court of
the Cayman Islands by 28 July 2016. Accordingly, the Offeror became entitled and bound to compulsorily acquire the
remaining Offered Shares at HK$7.80 per remaining Offered Share in accordance with the terms of the share offer and as
set out in the compulsory acquisition notice. On 3 August 2016, the compulsory acquisition was completed. As a result of
and with effect from the completion of the compulsory acquisition, NWCL has become an indirect wholly owned subsidiary
of the Company and the listing of NWCL shares on the Stock Exchange was withdrawn on 4 August 2016.
48 Company Statement of Financial Position
2016
2015
HK$m
HK$m
Assets
Non-current assets
Investment property
107.0
115.0
Property, plant and equipment
13.0
9.0
Interests in subsidiaries
46,819.7
44,980.2
Interests in joint ventures
1,031.6
983.2
Interests in associated companies
18.2
29.4
Available-for-sale financial assets
3.5
3.6
Deferred tax assets
55.4
55.4
48,048.4
46,175.8
Current assets
Properties held for sale
1,229.3
1,256.0
Debtors and prepayments
180.2
280.4
Amounts receivable from subsidiaries
80,970.0
65,281.4
Cash and bank balances
295.2
333.6
82,674.7
67,151.4
Total assets
130,723.1
113,327.2
Equity
Share capital
69,599.8
66,711.6
Reserves (note)
21,502.9
21,350.3
Total equity
91,102.7
88,061.9
Liabilities
Current liabilities
Creditors and accrued charges
335.1
336.8
Amounts payable to subsidiaries
39,285.3
24,928.5
Total liabilities
39,620.4
25,265.3
Total equity and liabilities
130,723.1
113,327.2
Dr. Cheng Kar-Shun, Henry
Dr. Cheng Chi-Kong, Adrian
Director
Director
