At a disciplinary hearing held on 21 May 2002 (the "Disciplinary Hearing"), the Listing Committee of the Exchange (the "Listing Committee") conducted a hearing into the conduct of, among others, the Company, Mr. Chung Kam Ming and Mr. Wong Kui Chuen (both being former executive directors of the Company, resigned on 7 August 2000 and 15 May 2000 respectively).
The Company was required under:
For the financial year ended 31 March 1999, the Company's annual report including the audited accounts (the "1999 Annual Report") was only sent on 19 April 2000 and the Company's annual general meeting (the "1999 AGM") was not held until 31 May 2000; and for the six months ended 30 September 1999, the interim results (the "2000 Interim Results") were only published on 29 June 2000.
The Disciplinary Hearing was conducted into, among other things, the following issues:
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, among other things, that:
Accordingly, the Listing Committee hereby publicly censures the Company and the Relevant Directors for their respective breaches mentioned in (1) and (2) above.
For the avoidance of doubt the Exchange confirms that this public censure applies only to the Company and the Relevant Directors named herein and not to any other past or present member of the Board of Directors of the Company. The Company changed its name to Telecom Plus Holdings Limited on 27 December 2000.