Gold Mission Limited
Skyway (1141) sells 2 Lincoln Road to CSPT (0139)
| CSPT announcement
Company announcement, 28-Nov-2016
CSPT owns 15.48% of Skyway and is paying with bonds convertible into 11.11% of CSPT, while Skyway owns 13.56% of CSPT, so this potentially increases the cross-holding. The sale values the property at HK$406m. They are selling the BVI company that indirectly owns the property, thereby avoiding all stamp duties. Skyway only acquired this company on 4-Mar-2016, so if it had bought and sold the property, the sale would have attracted 15% Special Stamp Duty, 15% Stamp Duty and 15% Buyer's Stamp Duty, a total of 45%, if anyone was mad enough to transact on those terms.
Company announcement, 28-Nov-2016
CSPT owns 15.48% of Skyway and is paying with bonds convertible into 11.11% of CSPT, while Skyway owns 13.56% of CSPT, so this potentially increases the cross-holding. The sale values the property at HK$406m. They are selling the BVI company that indirectly owns the property, thereby avoiding all stamp duties. Skyway only acquired this company on 4-Mar-2016, so if it had bought and sold the property, the sale would have attracted 15% Special Stamp Duty, 15% Stamp Duty and 15% Buyer's Stamp Duty, a total of 45%, if anyone was mad enough to transact on those terms.
Skyway Securities (1141) buys 2 Lincoln Road from Central Wealth Financial (0572) at HK$403m
| CWF announcement
Company announcement, 4-Mar-2016
Skyway is buying the BVI shell that owns the house via a HK subsidiary, avoiding 23.5% or $94.7m in Buyer's Stamp Duty (15%) and Double Stamp Duty (8.5%). CWF completed the purchase of the HK subsidiary on 30-Nov-2015. CWF reveals that the ultimate vendor then is a substantial shareholder of Skyway and an Executive Director of Skyway is sister of that person. So that person must be Lam Hoi Sze, brother of Lin Yuehe, Chairman of Skyway since 1-Mar-2016. CWF will become a 9.31% shareholder of Skyway.
Company announcement, 4-Mar-2016
Skyway is buying the BVI shell that owns the house via a HK subsidiary, avoiding 23.5% or $94.7m in Buyer's Stamp Duty (15%) and Double Stamp Duty (8.5%). CWF completed the purchase of the HK subsidiary on 30-Nov-2015. CWF reveals that the ultimate vendor then is a substantial shareholder of Skyway and an Executive Director of Skyway is sister of that person. So that person must be Lam Hoi Sze, brother of Lin Yuehe, Chairman of Skyway since 1-Mar-2016. CWF will become a 9.31% shareholder of Skyway.
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