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Barclays 27 | LSE:BQ36 | London | Medium Term Loan |
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RNS Number:9171W Zhejiang Southeast Elec Power Co Ld 25 March 2004 Zhejiang Southeast Electric Power Company Limited Announcement on Resolutions of the Seventh Meeting of the Third Board of Directors and Notice to Convene the 2003 Shareholders' General Meeting The seventh meeting of the third Board of Directors of Zhejiang Southeast Electric Power Company Limited ("the Company") was convened at the Air Forces Hangzhou Sanatorium on 23 March 2004. Fifteen directors should be present and fourteen directors were present at the meeting. Huan Guocang, an independent director, was unable to attend the meeting due to illness. Supervisors and senior management personnel of the Company attended the meeting as non-voting delegates. The convening of the meeting complied with the relevant stipulations of the Company Law and the Articles of Association and the meeting was lawful and valid. The meeting was chaired by Chairman Sun Yongsen and Vice Chairman Wang Xiaosong. The following resolutions were discussed and unanimously passed at the meeting: I. Discussed and approved the Work Report of the Board of Directors for 2003; II. Discussed and approved the Work Report of the General Manager for 2003; III. Discussed and approved the Final Accounting Statements for 2003; IV. Discussed and approved the Proposal on Allocation of Long-term Investment Value Diminution Provisions in relation to China Southern Securities Co., Ltd; As the financial and fund position of China Southern Securities Co., Ltd. worsened as a result of disorderly management, inadequate internal control and improper management, it was put under administrative receivership on 2 January 2004. Owing to the above circumstances and according to the information on auditing statements provided by the auditing organ of China Southern Securities Co., Ltd., it was agreed to allocate corresponding long-term investment value diminution provisions in the amount of RMB180,150,000. V. Discussed and approved the Proposal on Property Abandonment Loss for 2003; The property inspection results of the Company for 2003 were agreed: net loss of RMB29,446,133.75 as a result of fixed assets abandonment due to technical transformation and maturity of the useful life of equipment; net loss of RMB649,439.12 as a result of current assets abandonment and inventory loss due to renewal of equipment and natural wear and tear. VI. Discussed and approved the Proposal on Profit Distribution for 2003; The Proposal on Profit Distribution for 2003 is as follows: taking the after-tax profit of the parent company in the amount of RMB609,283,351.82 audited by the domestic accountants as the base, 10%, that is RMB60,928,335.18, will be allocated as statutory common reserve fund and statutory public welfare fund respectively, totalling RMB121,856,670.36. The profit of the Company distributable to the shareholders is RMB1,736,264,021.69. After distribution of dividend in the sum of RMB498,480,000.00 for 2002, the undistributed profit of the Company for 2003 is RMB1,237,784,021.69. According to the accounting statements audited by domestic and international accounting firms, following the principle of "whichever the lower" and taking the 2.01 billion shares in the aggregate share capital of the Company at the end of 2003 as the base number, a cash dividend of RMB2.50 (including tax) will be distributed per 10 shares, totalling RMB502,500,000.00. The above proposal for profit distribution has to be submitted to the 2003 shareholders' general meeting for discussion and approval prior to implementation. VII. Discussed and approved the Proposal on Board Reward for 2003 and Remuneration Assessment Methods for 2004; It was agreed to give a one-off board award for 2003 to the staff of the Company totalling RMB20,000,000 which shall be stated in the profit and loss items of the current period in 2003; agreed to reward senior management personnel of the Company according to three responsibility system assessment methods, that is, safe production, operating resultsand honest party practice; the remuneration and assessment methods of the Company for 2004 were hereby agreed. VIII. Discussed and approved the Annual Report for 2003 and the Summary of the Annual Report; IX. Discussed and approved the Technical Transformation and Technology Projects Investment Plans for 2004; X. Discussed and approved the Financial Budgetary Report for 2004; XI. Discussed and approved the Proposal onRe-appointment of Accounting Firms; To reappoint Zhejiang Pan-China Certified Public Accountants and PricewaterhouseCoopers China Limited to provide accounting statements auditing and other relevant consultancy services to the Company for oneyear. The amount and method in relation to the payment of remuneration will be proposed by the management team upon authorisation by the board of directors and submitted to the chairman for approval. XII. Discussed and approved the Proposal on Convening the 2003 Shareholders' General Meeting; The Company will convene its 2003 shareholders' general meeting at Hangzhou Sunny Hotel (No.108 Jiefang Road, Hangzhou) on 12 May 2004 at 9.00 a.m. Specific matters are as follows: 1. Matters to be discussed at the meeting: (i) To discuss the Work Report of the Board of Directors for 2003; (ii) To discuss the Work Report of the Supervisory Committee for 2003; (iii) To discuss the Final Accounting Statements for 2003; (iv) To discuss the Proposal on Allocation of Long-term Investment Value Diminution Provisions in relation to China Southern Securities Co., Ltd.; (v) To discuss the Proposal on Profit Distributionfor 2003; (vi) To discuss the Financial Budgetary Report for 2004; (vii) To discuss the Proposal on Re-appointment of Accounting Firms. 2. Attendees of the meeting (i) All the shareholders of the Company who have registered at China Securities Clearing & Registration Corporation Shanghai Branch by the time the market closes in the afternoon of 23 April 2004 shall have the right to attend the meeting (the last trading day for B shares shall be 20 April); (ii) Shareholders who are unable to attend the meeting due to certain reasons may appoint their proxies to attend the meeting (please find below the proxy form); (iii) Directors, supervisors and senior management personnel of the Company. 3. Registration method (i) Registration formalities: Legal person shareholders complying with the above conditions shall produce their shareholders' account cards, copies of business licenses and legal representativeproxy forms and identity cards of the attendees and complete the registration formalities; Individual shareholders complying with the above conditions shall produce their shareholders' account cards, identity cards and shareholding evidence and complete the registration formalities; Proxies shall produce proxy forms, identity cards, shareholder account cards of the appointors and shareholding evidence of the appointors and complete the registration formalities. (ii) Timeof registration: 28 April 2004 9:00 a.m. - 11:00 a.m., 2:00 p.m. - 4.00 p.m. (iii) Place of registration: Secretarial Office of the Board of the Company 4. Other matters (i) The meeting will last half a day and the shareholders shall bear their own costs of board and lodging and transportation. Address of the Company: Secretarial Office of the Board, Level 22-23, Triplenic Mansion, 528 Yanan Road, Hangzhou Postal code: 310006 Telephone: 0571-85774566 Fax: 0571-85774321 Board of Directors Zhejiang Southeast Electric Power Company Limited 25 March 2004 Proxy Form I/We hereby authorise Ms/Mr _____________ to attend the Shareholders' General Meeting of Zhejiang Southeast Electric Power Company Limited on behalf of our company/on my behalf and exercise shareholders' rights according to the following power: 1. To vote for item ( ) of the matters for discussion as stated in the announcement on convening the shareholders' general meeting; 2. To vote against item ( ) of the matters for discussion as stated in the announcement on convening the shareholders' general meeting; 3. To abstain from voting in relation to item ( ) of the matters for discussion as stated in the announcement on convening the shareholders' general meeting; 4. As regards the mattersfor which specific instructions have not been given in items 1 - 3 above, the proxy ______________ (may / may not) vote according to his own intention. Appointer: Business license/identity card number of the Appointer: Shareholder number of the Appointer: Number of shares held by the Appointer: Appointee: Identity card number of the appointee: Date of appointment: Signature of the Appointer (seal): Zhejiang Southeast Electric Power Company Limited Announcement on Resolutions of the Second Meeting of the Third Supervisory Committee The second meeting of the third Supervisory Committee of Zhejiang Southeast Electric Power Company Limited (the "Company") was convened at Air Forces Hangzhou Sanatorium on 23 March 2004. Seven supervisors should be present and four supervisors were present at the meeting. Supervisor Fu Muqing, Supervisor Chen Xi and Supervisor YangJianxiong were unable to attend the meeting due to work requirements and appointed Supervisor Huang Guanlin, Supervisor Huang Lixin and Supervisor Sun Chaoyang respectively to attend the meeting and vote on their behalf. The convening of the meeting complied with the relevant stipulations of the Company Law and the Articles of Association. The meeting was chaired by the convenor of the Supervisory Committee Huang Lixin. The following resolutions were discussed and approved at the meeting: I. Discussed and approved the Work Report of the Supervisory Committee for 2003; The Supervisory Committee is of the view that: (1) The Company operates according to law and the policy-making procedures complywith the stipulations of the Company Law and the Articles of Association and the internal control system has been further perfected. The directors and senior management personnel of the Company aim for improvement and work hard to fulfil their duties and have not violated the laws, regulations and Articles or Association or damaged the benefits of the Company during performance of their duties for the Company. (2) The financial statements of the Company for 2003 truly, accurately and completely reflect the financial condition and operating results of the Company and Zhejiang Pan-China Certified Public Accountants and PricewaterhouseCoopers China Limited have issued the standard unqualified opinion auditing reports. (3) The projects actually invested by the funds raised by the Company are consistent with the committed projects. Construction of the 4x600MW power generating units of Zhejiang Jiahua Electric Power Generation Company Limited has progressed smoothly on the premise of ensuring safety, quality and investment control and by way of the joint efforts of the principal party and the construction unit, strengthening of construction management and tapping operating potentials. (4) The connectedtransactions between the Company and the connected party shall be regulated by the agreements and contracts signed by both parties. Both parties have strictly performed their rights and obligations according to the agreement and have not damaged the interests of the Company or small and medium-sized investors and there were no insider dealings. II. Discussed and approved the Proposal on Allocation of Long-term Investment Value Diminution Provisions in relation to China Southern Securities Co., Ltd.; As the financial and fund position of China Southern Securities Co., Ltd. invested by the Company worsened as a result of disorderly management, inadequate internal control and improper management, China Southern Securities Co., Ltd. was put under administrative receivership on 2 January 2004. The Supervisory Committee is of the view that before comprehensive auditing of China Southern Securities Co., Ltd. and announcement of the relevant investigation results, the allocation of corresponding long-term investment value diminution provisions in the amount of RMB180,150,000 by the Company in 2003 reflects the principle of stability. The above allocation has been recognised by Zhejiang Pan-China CertifiedPublic Accountants and PricewaterhouseCoopers China Limited. III. Discussed and approved the Proposal on Property Abandonment Loss for 2003; The Supervisory Committee is of the view that it was reasonable for the Company to conduct inspection on the fixed assets and inventory goods and materials at the end of the year and dispose of the abandoned assets in a timely manner according to the stipulations of the current accounting system. The above property abandonment loss has been verified and confirmed by Zhejiang Pan-China Certified Public Accountants. IV. Discussed and approved the Financial Budgetary Report for 2003; V. Discussed and approved the Proposal on Profit Distribution for 2003; VI. Discussed and approved the 2003 Annual Report and the Summary of the Annual Report; The Supervisory Committee is of the view that the contents of the 2003 Annual Report and the Summary of the Annual Report are true, accurate and complete and there are no false representations, material omissions and serious misleading statements and it was agreed to disclose the same. VII. Discussed and approved the Financial Budgetary Report for 2004. Supervisory Committee Zhejiang Southeast Electric Power Company Limited 25 March 2004 This information is provided by RNS The company news service from the London Stock Exchange END NOAUVUSRSVROURR
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