Vision Values Holdings Ltd. — Earnings Release 1999

Sep 28, 1999

Listed Company Information

WAH YIK HOLD<0862> - Results Announcement Wah Yik Holdings Company Limited announced on 28/9/1999: (stock code: 862) Year end date: 31/12/1999 Currency: HK$ Last Current Corresponding Period Period from 1/1/1999 from 1/1/1998 to 30/6/1999 to 30/6/1998 ('000) ('000) Turnover/Interest Income : 32,359 43,211 Profit-Continuing Operations - Operating Profit/(Loss) : 19,992 25,402 - Exceptional Items : - - - Discontinued Operations : - - Total Operating Profit/(Loss) : 19,992 25,402 Share of Profit/(Loss) of Associated Companies : - - Profit/(Loss) after Tax & MI : 16,086 20,679 % Change over Last Period : -22% EPS/(LPS)-Basic : 8.04 cents 12.92 cents -Diluted : - - Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 16,086 20,679 Interim Dividend per Share : NIL N/A (Specify if with other options) : - - B/C Dates for Interim Dividend : - Payable Date : - B/C Dates for (-) General Meeting : - Other Distribution for Current Period : Bonus issue of warrants B/C Dates for Other Distribution : 25/10/1999 to 1/11/1999 bdi. Remarks: (1) Basis of presentation Wah Yik Holdings Company Limited (the "Company") was incorporated in the Cayman Islands on 25 May 1998 as an exempted company with liability under the Companies Law (1998 Revision) of the Cayman Islands. Pursuant to a group reorganisation in preparation of the listing of the Company's share on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Company became the holding company of its subsidiaries on 11 September 1998. The shares of the Company were listed on the Stock Exchange on 14 October 1998. (2) Earnings per share The calculation of earnings per share is based on the profit attributable to shareholders of HK$16,086,000 (1998: HK$20,679,000) and the weighted average number of 200,000,000 shares (1998:160,000,000 shares) in issue during the year. In determining the weighted average number of shares in issue for 1998, a total of 160,000,000 shares issued on the establishment of the Company and reorganisation of the Group were deemed to have been issued since 1 January 1998. There is no diluted earnings per share since the Company has no dilutive potential ordinary share. (3) Bonus issue of warrants The Company intends to propose for approval by Shareholders a bonus issue of warrants on the basis of one warrant for every five subdivided shares then held by the shareholders of the Company at the close of business on 1 November 1999. Each warrant will entitle the holder to subscribe HK$0.195 in cash for one subdivided share at an initial subscription price of HK$0.195 per subdivided share from the date of issue thereof to 30 November 2000. (4) Share subdivision The directors of the Company propose that each of the issued and unissued share of HK$0.10 each in the share capital of the Company be subdivided into 10 shares of HK$0.01 each in the share capital of the Company ("the Subdivided Shares"). Upon the share subdivision becoming effective, the authorised share capital of the Company will remain at the HK$100,000,000 comprising 2,000,000,000 issued subdivided shares and 8,000,000,000 unissued subdivided Shares. The Subdivided Share will rank pari passu in all respects with each other.