Nick/banker19 Jul 2015 23:24
A couple of points from the admission document.
The Directors expect to target an annual dividend payout ratio of approximately 30 per cent. of
historic profit after tax, subject to 5 per cent. withholding tax (which becomes payable on inter group
transfers), i.e. an effective rate of 28.50 per cent. of the Company’s net profit will be paid annually.
The payment by the Group of any dividends in the future and the amount thereof will depend on the
performance of the Group, its financial position, cash requirements, prospects, profits available for
distribution and other factors deemed by the Directors to be relevant at the time. It is expected that
the dividend will be paid on an interim and full year basis, split approximately one third and two
thirds.
Lock-In and orderly market agreements all dated 7 July 2014 between the Company, Cairn,
Hume and each of Mr Tsoi Ping Ping, Mr Weigang Chen, Mr Jinji Chen and Mr Tianzhi
Chen (together representing 78.1 per cent. of the Enlarged Issued Shares) pursuant to which
each of Mr Tsoi Ping Ping, Mr Weigang Chen, Mr Jinji Chen and Mr Tianzhi Chen have
agreed with the Company, Cairn and Hume not to dispose of any interest he holds in
Ordinary Shares for a period of 12 months from Admission, except in certain limited
circumstances. Each of Mr Tsoi Ping Ping, Mr Weigang Chen, Mr Jinji Chen and Mr Tianzhi
Chen have also agreed that, for a further period of 12 months thereafter they will only dispose
of their Ordinary Shares through Hume (except in certain limited circumstances) in order to
maintain an orderly market, unless (in each case) agreed otherwise in advance with Cairn and
Hume.
So who has been dumping stock over the last couple of months???
Still more questions than answers atm, however this could all change with a detailed positive statement from the company.
GL.
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