DIRECTORS’ REPORT PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES Repurchase During the financial year ended 31 December 2021, the Company had repurchased, under the Repurchase Mandate, a total of 13,873,800 shares of the Company (the “Shares”) on market ranging from HK$22.2 to HK$24.5 per share, representing approximately 0.46% of the issued Shares as at 31 December 2021 for a consideration of US$42.0 million (approximately HK$326.6 million, excluding transaction cost). The repurchased Shares have been cancelled. Details of Shares repurchased are as follows: Purchase price per share Month Number of shares repurchased Highest Lowest Aggregate consideration HK$ HK$ HK$ million August 2021 6,105,000 24.50 23.55 146.1 September 2021 4,290,400 24.00 22.95 101.1 October 2021 3,478,400 23.50 22.20 79.4 13,873,800 326.6 The share repurchase reflects the Company’s confidence in its financial position, business fundamentals and prospects, and would, ultimately, benefit the Company and create value to the Shareholders. The share repurchase was financed by the Company with its existing available cash. The Board believes that the current financial resources of the Company would enable it to implement the share repurchase while maintaining a solid and healthy financial position for the continued growth of the Group’s operations. Saved as disclosed above, during the year ended 31 December 2021, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the listed securities of the Company. ORDINARY SHARES ISSUED During the year ended 31 December 2021, a total of 2,662,626 ordinary shares were issued by the Company in satisfaction of the 4,837,951 options exercised, since all options holders opted for net share settlement method in lieu of paying in full the exercise price for the number of shares over which the option was exercised. The shares issued at nominal value of US$0.001 each were credited as fully paid. Details of the movements in the share capital of the Company and the shares issued during the reporting year are disclosed in note 39 to the Consolidated Financial Statements. PERPETUAL CAPITAL SECURITIES ISSUED The Group has historically financed its expansion through various instruments including fixed rate notes. In March and June 2021, the Group issued S$200 million (approximately US$148.6 million) and S$150 million (approximately US$111.6 million) perpetual resettable step-up subordinated securities at a distribution rate of 5.65% respectively, bringing the aggregate total amount to S$350 million (approximately US$260.2 million) under its US$2.0 billion Multicurrency Debt Issuance Programme, which was listed on the Singapore Exchange Securities Trading Limited. E S R C A Y M A N L I M I T E D A N N U A L R E P O R T 2 0 2 1 121
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