Annual Report 2011 - QuamIR

Directors’ ReportMr. Cai Wei Lun has signed an appointment letterwith the Group on 1 April 2010 for an initial termof two years commencing from 1 April 2010, whichwould then be renewed thereafter on terms to bemutually agreed, unless terminated by either partygiving not less than one month’s notice in writing tothe other party.Mr. Zhang Qingkui has signed an appointment letterwith the Group on 31 January 2011 for an initialterm of two years commencing from 31 January2011, which would then be renewed thereafter onterms to be mutually agreed, unless terminated byeither party giving not less than one month’s noticein writing to the other party.None of the Directors proposed for re-election atthe forthcoming annual general meeting of theCompany has a service contract with the Companyor any of its subsidiaries which is not determinableby the Company within one year without payment ofcompensation other than statutory compensation.DIRECTORS’ INTERESTS INCONTRACTS AND CONNECTEDTRANSACTIONSDetails of the related party transactions are set outin note 42 to the consolidated financial statements.Save as disclosed above and the acquisitionagreements as mentioned in note 37(b) and 37(c)to the consolidated financial statements (namely,the acquisition by the Group from Mr. Leung ofthe equity and loan interests in Nice Think GroupLimited at a consideration of RMB360 million, andthe acquisition by the Group from Mr. Leung ofequity and loan interests in Jet Power HoldingsLimited at a consideration of about HK$1.45million) and in note 38 to the consolidatedfinancial statements (namely, the acquisition bythe Group from Ms. Gao Liyan and Mr. Song Yang(who were then substantial shareholders of anon-wholly owned subsidiary of the Company) atotal of 27% equity interest in Zhongyi Weiye at atotal consideration of RMB24 million, immediatelyfollowing the completion of which Ms. Gao Liyanowned 8% equity interest in Zhongyi Weiye) andthe disposal agreement as mentioned in note 39 tothe consolidated financial statements (namely, thedisposal by the Group to Mr. Leung of the equityand loan interests in SP Gas at a considerationof HK$13.3 million), no Director had a materialinterest, either directly or indirectly, in any contractof significance to the business of the Group towhich the Company or any of its subsidiarieswas a party during the year, nor are there anyother connected transactions which are subject toreporting or announcement requirements under theListing Rules.DIRECTORS’ INTERESTS ANDSHORT POSITIONS IN SHARESAs at 31 March 2011, the interests and shortpositions of the Directors and chief executive ofthe Company in the shares, underlying sharesand debentures of the Company or its associatedcorporations (within the meaning of Part XV of theSecurities and Futures Ordinance (the “SFO”)),which had been notified to the Company and TheStock Exchange of Hong Kong Limited (the “StockExchange”) pursuant to Divisions 7 and 8 of PartXV of the SFO (including interests and shortpositions which the Directors were deemed or takento have under such provisions of the SFO) or asrecorded in the register required to be kept by theCompany pursuant to Section 352 of the SFO, or asotherwise notified to the Company and the StockExchange pursuant to the Model Code (the “ModelCode”) for Securities Transactions by Directors ofListed Issuers set out in Appendix 10 to the ListingRules were as follows:–Annual Report 201129