Annual Report 2016 - page 92

Report of the Directors
New World Development Company Limited
78
Report of the Directors
The Directors have pleasure in presenting their annual report and financial statements for the year ended 30 June 2016.
Group Activities
The principal activities of the Company remain investment holding and property development and investment. The principal
activities of the principal subsidiaries, joint ventures and associated companies are shown in notes 49, 50 and 51 to the financial
statements on pages 186 to 199.
Results and Appropriation
The results of the Group for the year ended 30 June 2016 are set out in the consolidated income statement on page 108 of this
annual report.
The Directors have resolved to recommend a final dividend for the year ended 30 June 2016 of HK$0.31 per share (2015: HK$0.30
per share) to shareholders whose names appear on the register of members of the Company on 25 November 2016. Together with
the interim dividend of HK$0.13 per share (2015: HK$0.12 per share), the total dividend for the financial year ended 30 June 2016 is
HK$0.44 per share (2015: HK$0.42 per share).
The Directors propose that shareholders be given the option to receive the final dividend in new shares in lieu of cash. The scrip
dividend arrangement is subject to (1) the approval of the proposed final dividend at the annual general meeting to be held on
22 November 2016; and (2) the Stock Exchange granting the listing of and permission to deal in the new shares to be issued
pursuant to this proposal. A circular containing the details of the scrip dividend arrangement will be despatched to shareholders
together with the form of election for scrip dividend on or about 29 November 2016. It is expected that the final dividend warrants
and share certificates for the scrip dividend will be despatched to shareholders on or about 30 December 2016.
Business Review
The business review of the Group for the year ended 30 June 2016 is set out in the sections headed “Executive Vice-Chairman’s
Report” on pages 16 to 35, “Management Discussion and Analysis” on pages 36 to 41, “Corporate Sustainability” on pages 56 to
75 and “Risk Factors” on pages 202 to 212 of this annual report.
Shares Issued
During the year, the Company has issued shares as follows:
1.
As a result of the exercise of share options under the share option scheme of the Company, a total of 470,000 shares of the
Company, fully paid, were issued for a total consideration of HK$3,595,345.
2.
The Company declared final dividend for the year ended 30 June 2015 and interim dividend for the six months ended
31 December 2015 in cash (with scrip option) during the year. Accordingly, a total of 391,035,664 shares of the Company,
fully paid, were issued for a total consideration of HK$2,884,574,720.
Details of the shares issued during the year are set out in note 36 to the financial statements.
Debentures Issued
NWD (MTN) Limited, a wholly owned subsidiary of the Company, has issued notes for the purpose of financing the general working
capital requirement of the Group during the year as follows:
1.
On 30 November 2015, USD950.0 million (equivalent to approximately HK$7,381.5 million) 4.375% notes due 2022 were
issued and listed on the Stock Exchange at a price of 99.405% of the principal amount with net proceeds of USD938.0 million
(equivalent to approximately HK$7,287.8 million);
2.
On 8 March 2016, HK$872.0 million 4.70% notes due 2026 were issued at a price of 98.447% of the principal amount with net
proceeds of HK$858.5 million; and
3.
On 14 March 2016, HK$450.0 million 4.65% notes due 2026 were issued at a price of 98.597% of the principal amount with
net proceeds of HK$443.7 million.
Save as disclosed above, the Group has not issued any debenture during the year.
Equity-Linked Agreements
Save for the share option schemes of the Group as set out on pages 93 to 103, no equity-linked agreements were entered into by
the Group, or existed during the year.
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