Annual Report 2011 - QuamIR

Notes to the Consolidated Financial StatementsFor the year ended 31 March 201137. Acquisition of Subsidiaries (continued)(c)Acquisition of Jet Power Holdings Limited (continued)The net assets acquired in the transaction were as follows:HK$’000Property, plant and equipment 1,406Other receivables 45Net assets acquired 1,451Consideration satisfied by:– Cash 1,451Net cash outflow arising on acquisition:Cash consideration paid 1,45138. Acquisition of Additional Interests in a SubsidiaryPursuant to the acquisition agreement entered into among Victor Bright Investment Limited, a whollyownedsubsidiary of the Company (as purchaser), Ms. Gao Liyan (as first vendor) and Mr. Song Yang(as second vendor) (collectively as vendors) on 17 May 2010 (the “ 2010 Acquisition Agreement”), thepurchaser has agreed to acquire from the vendors an aggregate of 27% equity interests in HeilongjiangZhongyi Weiye, of which 13% equity interests was acquired from the first vendor and 14% equityinterests was acquired from the second vendor. The consideration payable to the vendors under the2010 Acquisition Agreement was RMB24,000,000 in aggregate, of which RMB11,560,000 was payable tothe first vendor and RMB12,440,000 was payable to the second vendor. The consideration was payablein the form of cash only. The ordinary resolution for approving the 2010 Acquisition Agreement was dulypassed by way of poll by the shareholders of the Company at the extraordinary general meeting heldon 24 June 2010 and the transaction was completed on 3 August 2010. Immediately after completion ofthe acquisition under the 2010 Acquisition Agreement, Heilongjiang Zhongyi Weiye is owned as to 92%by the Group and 8% by the first vendor respectively.Sino Prosper State Gold Resources Holdings Limited116