LEGAL PROCEEDINGS
−Removed: We may be subject to legal proceedings, investigations
−Removed: and claims incidental to the conduct of our business from time to time.
−Removed: We are not currently a party to any material litigation or other
−Removed: legal proceedings brought against us.
−Removed: We are also not aware of any legal proceeding, investigation or claim, or other legal exposure that
−Removed: has a more than remote possibility of having a material adverse effect on our business, financial condition or results of operations.
+Added: From time to time, the Company may be subject
+Added: to various legal proceedings, investigations, or claims that arise in the ordinary course of our business activities.
+Added: Except for the proceeding
+Added: below, the Company is not currently a party to any other legal proceedings the outcome of which, if determined adversely to the Company,
+Added: would individually or in the aggregate have a material adverse effect on its business, financial condition, and results of operations.
+Added: On March 27, 2018, the writ of summons was issued
+Added: against the Company and seven related companies of the former shareholder by the Plaintiff.
+Added: This action alleged the infringement of certain
+Added: registered trademarks currently registered under the Plaintiff.
+Added: Subsequent to the year ended December 31, 2022, in February 2023, the
+Added: Court granted leave for this action be set down for trial of 13 days, which the period has yet to be fixed.
+Added: Legal counsel of the Company
+Added: will continue to handle in this matter.
+Added: At this stage in the proceedings, it is unable to determine the probability of the outcome of
+Added: the matter or the range of reasonably possible loss, if any.
+Added: On April 30, 2019, the writ of summons was issued
+Added: against the Company’s subsidiary, three related companies and the former directors, shareholders and financial consultant by the
+Added: This action alleged the deceit and misrepresentation from an inducement of the fund subscription and claimed for compensatory
+Added: damage of approximately $2 million (equal to HK$17.1million).
+Added: The case is on-going and the parties have yet to attempt mediation.
+Added: counsel of the Company will continue to handle in this matter.
+Added: At this stage in the proceedings, it is unable to determine the probability
+Added: of the outcome of the matter or the range of reasonably possible loss, if any.
+Added: HCA 2097/2020 and HCA 2098/2020
+Added: On December 15, 2020, the writs of summons were
+Added: issued against the Company and the former consultant by the Plaintiff.
+Added: This action alleged the misrepresentation and conspiracy causing
+Added: the loss from the investment in corporate bond and claimed for compensatory damage of approximately $1.67 million (equal to HK$13 million).
+Added: The Company previously made $0.84 million as contingency loss for the year ended December 31, 2021.
+Added: The parties participated in a mediation
+Added: held on March 25, 2022 and negotiated for settlement through without prejudice correspondence, no settlement was reached.
+Added: up-coming case management hearing on July 25, 2023 and legal counsel of the Company will continue to handle this matter.
+Added: At this stage
+Added: in the proceedings, it is unable to determine the probability of the outcome of the matter or any further potential loss, if any.
MINE SAFETY DISCLOSURES
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.