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38 VTech Holdings Limited Annual Report 2014
Report of the Directors
Public Float
Based on the information publicly available and within the
knowledge of the Directors, the Company has maintained at least
25% of the total issued share capital of the Company to be held by
the public at all times during the year ended 31 March 2014 and
up to the date of this Annual Report.
Management Contracts
No contracts concerning the management and administration of
the whole or any substantial part of the business of the Company
were entered into or existed during the year ended 31 March 2014.
Securities Purchase Arrangements
At the 2013 AGM, shareholders renewed the approval of a general
mandate authorising the Directors to effect repurchases of the
Company’s own shares up to a limit of 10% of the shares in issue as
at that date.
Purchase, Sale or Redemption of Listed Shares
The Company and its subsidiaries have not redeemed any of its
shares during the financial year. Neither the Company nor any of
its subsidiaries has purchased or sold any of the Company’s shares
during the financial year, except that the trustee of the Share
Purchase Scheme, pursuant to the rules and trust deed of the
Share Purchase Scheme, purchased on the Stock Exchange a total
of 69,000 Company’s shares at a consideration of US$1.0 million.
Major Customers and Suppliers
For the year ended 31 March 2014, the aggregate amount of
purchases attributable to the Group’s five largest suppliers
represented less than 30% of the Group’s total value of purchases.
The Group’s largest customer accounted for approximately 14.8%
of the Group’s revenue and the Group’s five largest customers
in aggregate accounted for approximately 34.0% of the Group’s
revenue during the financial year. None of the Directors, their
associates or any shareholder (who, to the knowledge of the
Directors, owns more than 5% of the Company’s share capital) had
an interest in the customers and the suppliers noted above.
Pre-emptive Rights
There is no provision for pre-emptive rights under the Bye-laws
of the Company and there are no statutory restrictions against
such rights under the laws of Bermuda in which the Company
is incorporated.
Auditor
The financial statements have been audited by KPMG, who shall retire
and, being eligible, offer itself for re-appointment at the 2014 AGM.
On behalf of the Board
Allan WONG Chi Yun
Chairman
Hong Kong, 22 May 2014