Annual Report 2019

ANNUAL REPORT 2019 131 DIRECTORS’ REPORT DISCLOSURE PURSUANT TO RULE 13.21 OF THE LISTING RULES The Company and certain of its Subsidiaries, as guarantors, and City Sight Limited (“City Sight”), its Subsidiary, as borrower, entered into a facility agreement (the “Facility Agreement”) with a group of banks, as lenders, on 19 September 2018 and a term loan facility in the aggregate amount of HK$1,700 million was granted to City Sight. The final maturity date is 37 months from the date of the Facility Agreement. Pursuant to the Facility Agreement, the following specific performance covenants were imposed on the Controlling Shareholder: (a) Sumptuous Assets Limited shall own, directly or indirectly, at least 40% of the beneficial interest in the Company, carrying at least 40% of the voting right; and (b) Chiu Family (as defined in the Facility Agreement) shall own, directly or indirectly, more than 51% of the beneficial interest in Sumptuous Assets Limited, carrying more than 51% of the voting right, free from any security. During the Year, the above specific performance covenants under the Facility Agreement have been complied with. For details, please refer to the announcement of the Company dated 19 September 2018. AUDITOR A resolution will be submitted to the 2019 AGM to re-appoint Messrs. Deloitte Touche Tohmatsu as auditor of the Company. On behalf of the Board David CHIU Chairman and Chief Executive Officer 20 June 2019