Annual Report - QuamIR

Report of the Directors (Continued)
Opinion from the Independent Non-executive Directors
on the continuing connected transactions
In accordance with rule 14A.37 of the Listing Rules, the Independent Nonexecutive
Directors of the Company have reviewed and approved the
continuing connected transactions described in (i) and (ii) above (“Continuing
Connected Transactions”) and confirmed that the Continuing Connected
Transactions were carried out in accordance with the following principles:
14A.37
(i)(ii)
(a)
in the ordinary and usual course of business of the Group;
(a)
(b)
on normal commercial terms no less favourable than terms available to
(or from) independent third parties;
(b)
(c)
in accordance with the terms of the relevant agreements governing the
Continuing Connected Transactions; and
(c)
(d)
on a fair and reasonable basis and in the interest of the Company and
its shareholders as a whole.
(d)
Report from the auditor on the continuing connected
transactions
The Company’s auditor was engaged to report on the Group’s continuing
connected transactions in accordance with Hong Kong Standard on
Assurance Engagements 3000 “Assurance Engagements Other Than Audits
or Reviews of Historical Financial Information” and with reference to Practice
Note 740 “Auditor’s Letter on Continuing Connected Transactions under
the Hong Kong Listing Rules” issued by the Hong Kong Institute of Certified
Public Accountants. The auditor has issued his unqualified letter containing
his findings and conclusions in respect of the abovementioned continuing
connected transactions disclosed by the Group in accordance with the Main
Board Listing Rule 14A.38. A copy of the auditor’s letter has been provided
by the Company to The Stock Exchange of Hong Kong Limited.
3000
740
14A.38
64 HKC (Holdings) Limited • Annual Report 2011