THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
CRITICISM
Regent Pacific Group Limited
(formerly known as iRegent Group Limited)
(the "Company")
| The Stock Exchange of Hong Kong Limited (the Exchange) hereby publicly criticises the Company in relation to its failure to: (i) send and publish its annual report (including audited accounts) and annual results for the financial years ended 31 March 2001 and 31 March 2002 respectively on time; and (ii) publish its unaudited results for the financial years ended 31 March 2001 and 31 March 2002 respectively on time. The failures constituted breaches of the Listing Agreement. |
At a disciplinary hearing held on 9 March 2004 (the "Disciplinary Hearing"), the Listing Committee of the Exchange (the "Listing Committee") conducted a hearing into the conduct of the Company.
The Company was required under: (i) paragraph 8(1) of the Listing Agreement to send to its shareholders its annual report and audited accounts within four months of the end of its financial year; (ii) paragraph 11(1) of the Listing Agreement to publish in the newspapers its preliminary results in respect of its financial year no later than four months after the date upon which the financial period ended; and (iii) paragraph 11(3)(i)(c) of the Listing Agreement to make an announcement within four months of its financial year end where it was unable to make an announcement of its preliminary results, setting out, among other things, the results for the financial year based on unaudited financial results.
For the financial year ended 31 March 2001, the Company's annual report (including audited accounts) and annual results were not sent and published until 5 September 2001 and 3 September 2001 respectively and the unaudited results were published on 31 August 2001. For the financial year ended 31 March 2002, the Company's annual report (including audited accounts) and annual results were not sent and published until 18 October 2002 and 3 October 2002 respectively and the unaudited results were published on 2 October 2002.
The Disciplinary Hearing was conducted into possible breaches by the Company of its obligations under paragraphs 8(1), 11(1) and 11(3)(i)(c) of the Listing Agreement. The Company admitted breaching the said provisions.
The Listing Committee attaches great importance to compliance with these provisions, which are designed to ensure prompt dissemination of essential financial information on the affairs of the Company to the shareholders and the public.
The Listing Committee concluded that the Company was in breach of paragraphs 8(1), 11(1) and 11(3)(i)(c) of the Listing Agreement.
Accordingly, the Listing Committee hereby publicly criticises the Company for breaching paragraphs 8(1), 11(1) and 11(3)(i)(c) of the Listing Agreement.