Annual Report - QuamIR

Notes to the Consolidated Financial Statements (Continued)
39 Derivative liability
A subsidiary of the Group allotted and issued 300,000,000 convertible
preference shares at HK$0.65 each on 23 November 2010 to
STAR Butterfly Energy Ltd (“STAR”), a subsidiary of TPG. STAR
may at any time during 4 years following the completion of the initial
investment require the subsidiary to issue to them up to a maximum of
260,000,000 additional preference shares at a price of HK$0.75 per
each preference share. Derivative liability represented the subscription
right granted to STAR, and was fair valued at 31 December 2011 and
2010.
40 Commitments – Group
(a) Capital commitments
Capital expenditure at the balance sheet date but not yet
incurred is as follows:
39
0.65TPG
STAR Butterfly Energy LtdSTAR
300,000,000STAR
4
0.75
260,000,000
STAR
40
(a)
Group
2011 2010
HK$ Million HK$ Million
(i) Capital commitments undertaken (i)
by the Group
(a) Property, plant and equipment (a)
– Contracted but not provided for 99.0 73.2
– Authorised but not contracted for 229.7 322.3
(b) Property development projects (b)
– Contracted but not provided for 1,737.8 364.5
– Authorised but not contracted for – 5.2
2,066.5 765.2
(ii) Capital commitments undertaken
by the jointly controlled entities
Property development projects
Contracted but not provided for
– the Group’s share
(ii)
1,289.2 139.6
176 HKC (Holdings) Limited • Annual Report 2011