REMT(00601)

Search documents
稀镁科技(00601) - 2020 - 年度财报
2021-04-08 22:36
Financial Performance - The Group recorded an operating income of approximately HK$744.8 million for the year ended December 31, 2020, with an after-tax loss of approximately HK$74.0 million, resulting in an overall gross profit margin of 17.5%[21] - The Group's revenue for 2020 was HK$744,836,000, a decrease of 50.8% compared to HK$1,515,291,000 in 2019[37] - The overall gross profit margin decreased by 10.0% to 17.5% in 2020, down from 27.5% in 2019[39] - Loss attributable to shareholders was HK$74,011,000 in 2020, compared to a profit of HK$209,732,000 in 2019[39] - EBITDA for 2020 was HK$133,220,000, a decrease of 70.2% from HK$447,150,000 in 2019[45] - The total sales volume of the Group's products decreased from 60,559 tons in 2019 to 39,156 tons in 2020, significantly impacting performance[45] - The Group recorded a consolidated net loss of approximately HK$74,011,000 for the year ended 31 December 2020[179] Market and Industry Trends - In 2020, China's magnesium output was about 907,000 tons, down 6.4% year-on-year, and the export volume was approximately 393,800 tons, down 12.78% year-on-year[21] - The average magnesium usage per vehicle in China increased to about 5 kg in 2019, while developed countries reached up to 40 kg, indicating significant growth potential in the domestic automotive sector[25] - The global compound annual growth rate for magnesium in the automotive sector is projected to be 23.7% over the next five years[25] - The magnesium industry is considered a strategic new material for the 21st century, with strong and stiff properties, good thermal and electrical conductivity, and low processing costs[22] - The Chinese Government's plan predicts that by 2025, new energy vehicle sales will exceed 5 million, representing about 20% of total new vehicle sales[30] Company Strategy and Innovation - The company aims to leverage lightweight innovation to create opportunities for future growth in the magnesium sector[6] - The company is focused on expanding its market presence and enhancing its product offerings in response to the evolving industry landscape[6] - The company plans to adopt a cautious approach to business development in 2021, focusing on product, technology, and marketing innovation[76] - The company aims to enhance overall competitiveness and profitability by exploring new-quality customers while retaining loyal ones[77] - The company will expand its market network to cater to the demand for lightweight materials in the post-epidemic era[77] Operational Challenges - The pandemic has significantly impacted the magnesium industry, leading to challenges in both supply and demand sides of the industrial chain[20] - The Group is undergoing a restructuring process due to defaults related to its controlling shareholder's notes, which has caused cross defaults on certain borrowings[64] - A petition for winding up the Company was filed in February 2021 due to failure to repay outstanding debts totaling US$20,707,777.78[68] - The Group's liquidity risk is highlighted by its inability to raise sufficient funds to meet financial obligations, as indicated by the significant gap between liabilities and assets[102] Corporate Governance - The Group has established relevant committees and adopted internal policies to enhance corporate governance and transparency[128] - The Company complied with the Code on Corporate Governance Practices, with some deviations noted regarding attendance at general meetings[129] - The Board is responsible for formulating overall strategies and policies, reviewing financial performance, and overseeing management operations[136] - The Audit Committee held four meetings in the year ended December 31, 2020, to review the Group's annual results and evaluate the effectiveness of internal controls[160][163][167] - The Company has adopted a Board Diversity Policy to enhance the diversity of its Board members based on meritocracy and competence[178] Employee and Workforce Management - The company has reduced its workforce from 722 employees in 2019 to 382 employees as of December 31, 2020[88] - The Group has implemented measures to optimize its compensation structure to retain key personnel and enhance employee training and career development opportunities[106] - The number of employees was approximately 382 as of December 31, 2020, with remuneration determined based on performance, work experience, and market conditions[115] Financial Management - Finance costs rose to approximately HK$97,857,000, an increase of 35.8% from HK$72,064,000 in 2019[54] - The Group's interest coverage ratio decreased to 1.36 times, indicating reduced ability to cover interest expenses[63] - Cash in bank at the end of the year was HK$46,289,000, including pledged bank deposits[63] Compliance and Risk Management - The Group's operations must comply with relevant laws and regulations in Mainland China and Hong Kong, with no material non-compliance reported for the year ended 31 December 2020[114] - The internal control system is designed to manage and mitigate risks associated with achieving business objectives[197] - The Company regularly reminds directors and employees about compliance with policies regarding inside information[199]
稀镁科技(00601) - 2020 - 中期财报
2020-09-07 22:05
Financial Performance - Revenue for the six months ended June 30, 2020, was HK$368,178,000, a decrease of 49.3% compared to HK$726,229,000 for the same period in 2019[9]. - Gross profit for the same period was HK$75,465,000, down 63.5% from HK$206,318,000 in 2019[9]. - Loss before tax for the six months was HK$2,795,000, compared to a profit of HK$149,813,000 in the prior year[9]. - The net loss attributable to owners of the Company for the period was HK$12,440,000, a significant decline from a profit of HK$116,295,000 in 2019[9]. - Total comprehensive loss for the period was HK$58,098,000, compared to a total comprehensive income of HK$87,417,000 in the previous year[11]. - The Company reported a basic and diluted loss per share of HK$0.19 cents, compared to earnings of HK$1.77 cents per share in the previous year[11]. - For the six months ended June 30, 2020, the Group recorded a loss of approximately HK$12,440,000[39]. - The loss after tax for the Period is HK$12,440,000, compared to a profit after tax of HK$116,295,000 for the same period in 2019[142]. Assets and Liabilities - Non-current assets decreased to HK$1,582,386,000 as of June 30, 2020, from HK$1,666,026,000 at the end of 2019[16]. - Current assets totaled HK$799,439,000, down from HK$888,298,000 at the end of 2019[16]. - Current liabilities decreased to HK$500,408,000 from HK$804,577,000 at the end of 2019[16]. - The net current assets increased to HK$299,031,000, compared to HK$83,721,000 at the end of 2019[16]. - As of June 30, 2020, total non-current liabilities increased to HK$546,641,000 from HK$361,860,000 in the previous year, representing a 51.1% increase[18]. - The company's net assets decreased to HK$1,334,776,000 from HK$1,387,887,000, reflecting a decline of 3.8%[18]. - The total borrowings decreased to HK$448,384,000 as of June 30, 2020, compared to HK$487,442,000 as of December 31, 2019, reflecting a reduction of approximately 8.0%[87]. Cash Flow - Operating activities generated a net cash outflow of HK$66,049,000 for the six months ended June 30, 2020, compared to a cash inflow of HK$41,911,000 in the prior year[24]. - Net cash used in financing activities was HK$147,768,000, compared to HK$19,282,000 in the previous period[28]. - The net decrease in cash and cash equivalents for the period was HK$213,156,000, significantly higher than HK$3,060,000 in the prior period[28]. - The Group's cash and cash equivalents at the end of the period were HK$32,687,000, down from HK$123,926,000 at the end of the previous period[28]. Debt Restructuring - The Bermuda Court appointed joint provisional liquidators for the Group to oversee a coordinated debt restructuring process[35]. - The Company is exploring debt restructuring options, including equity restructuring to raise cash from third-party investors through equity issuance[47]. - The Group is considering a debt restructuring that may involve refinancing and/or a compromise or arrangement of debts and liabilities[47]. - The directors believe it is appropriate to prepare the consolidated financial statements on a going concern basis, dependent on successful negotiations with creditors[46]. - If the Group cannot continue as a going concern, adjustments will be made to write down asset values and reclassify non-current assets and liabilities[46]. Operational Impact - The COVID-19 pandemic has severely impacted the Group's operations, leading to logistics obstruction and a sharp decline in sales due to weak export orders[141]. - The Group will closely monitor the ongoing pandemic and adjust operational strategies to respond to market changes[145]. Share Capital and Options - The company's share capital increased slightly to HK$658,439,000 from HK$657,439,000, indicating a growth of 0.2%[21]. - The Group's treasury policy aims to manage significant foreign currency exposure cautiously and minimize foreign currency risk[176]. - As of June 30, 2020, options to subscribe for a total of 401,400,000 shares were outstanding under the share option scheme[180]. - The total interests of directors in the company, including share options, amount to 143,818,236 shares, which is approximately 2.26% of the issued share capital[190]. Management and Governance - The company applied for "light touch" joint provisional liquidators on July 3, 2020, for debt restructuring purposes[120]. - Century Sunshine Group Holdings Limited, the controlling shareholder, defaulted on the redemption of SGD101,750,000 notes on July 3, 2020, triggering events of default for certain borrowings[119]. - The Bermuda Court granted the appointment of joint provisional liquidators on July 16, 2020, with powers to act jointly and severally[164].
稀镁科技(00601) - 2019 - 年度财报
2020-04-24 00:04
Financial Performance - Revenue for 2019 was HK$1,538 million, a 1.5% increase from HK$1,515 million in 2018[10] - Gross profit margin improved to 27.5% in 2019 from 26.6% in 2018[11] - EBITDA for 2019 was HK$429 million, with an EBITDA margin of 29.5%, up from 27.9% in 2018[14][16] - Profit attributable to owners of the Company was HK$209 million, resulting in a net profit margin of 13.8%[17] - Total equity decreased to HK$1,272 million in 2019 from HK$1,388 million in 2018[13] - Proposed final dividend per share increased to HK$0.60 from HK$0.50 in 2018, with a dividend payout ratio of 18.8%[19][17] - The Group's revenue for the year was HK$1,515,291,000, a decrease of 1.5% compared to HK$1,537,781,000 in 2018[60] - EBITDA increased by 4.3% year-on-year to HK$447,150,000, up from HK$428,905,000 in 2018[61] - Profit attributable to shareholders decreased by 3.7% to HK$209,732,000 from HK$217,691,000 in 2018[60] - The overall gross profit margin increased by 0.9% to 27.5%[60] - Total sales volume slightly declined to 60,559 tonnes from 61,463 tonnes in 2018[61] Market and Product Development - The market outlook for rare earth magnesium alloys is promising, driven by increasing application demands[7] - The company is focused on expanding its market presence and enhancing product offerings in lightweight materials[7] - The Group plans to expand its production capacity by 60,000 tonnes per annum, aiming to become the world's largest manufacturer of rare earth magnesium alloys[32] - In 2019, the Group focused on optimizing its product mix, increasing the proportion of high-performance rare earth magnesium alloys, which effectively enhanced profitability[39] - The Group currently holds 22 patents for the production process and preparation method of high-performance magnesium alloys, enhancing its competitive advantage[41] - The Group's products have been accredited by Alunorf, the world's largest aluminum processing enterprise, broadening sales channels for its high-quality magnesium products[43] - The Group aims to increase the sales proportion of high-value-added rare earth magnesium alloys, leveraging its patented technology and high-tech advantages[46] - The increasing application of magnesium alloys in various industries, including transportation and aerospace, is expected to grow significantly due to their eco-friendly properties and performance advantages[75][82] Research and Development - The company holds 22 patents in magnesium technology, indicating strong R&D capabilities[7] - The Group's high-performance rare earth magnesium alloy products are primarily patented, allowing for independent pricing power and a differentiated product strategy[46] - The Group's development aligns with the direction of "re-industrialization" in Hong Kong and high-end manufacturing-technology innovation in the Guangdong-Hong Kong-Macao Greater Bay Area[39] Operational Efficiency - The average collection period for accounts receivable improved from 55 days to 44 days[66] - The Group maintains a stable and high-quality customer base, enhancing its financial structure and risk management[66] - The production base in Xinjiang has been recognized as a national-level "High and Advanced Technology Enterprise," focusing on technological innovation and adopting advanced vertical retorts smelting technology to enhance production efficiency[68][74] - The Group's treasury policy focuses on managing significant currency exposure and minimizing currency risk, with no engagement in interest rate or currency speculation during the review period[103] - The Group actively monitors liquidity risk by maintaining adequate cash and cash equivalents to meet operational funding needs[120] Environmental and Regulatory Compliance - The Group is committed to improving its environmental performance and compliance with regulations, adopting green initiatives in daily operations[126] - The Group has adopted green initiatives, including resource recycling and energy-saving measures, to enhance environmental performance[130] - The Group's subsidiaries have been compliant with relevant laws and regulations in Mainland China and Hong Kong, with no material non-compliance reported[131] Corporate Governance - The Group's management emphasizes the importance of corporate governance and has established relevant committees to enhance transparency and protect stakeholder interests[147] - The Company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Executive Management Committee[172] - The Audit Committee held four meetings in the year ended December 31, 2019, and reviewed the annual results of the Group for that period[177] - The Remuneration Committee held one meeting in the year ended December 31, 2019, to review the remuneration policies of Directors and senior management[180] - The Company adopted a "Board Diversity Policy" to enhance the diversity of the Board[169] - The Nomination Committee reviewed the qualifications and experiences of individual Directors to ensure the Board structure aligns with the Group's business growth needs[193] Employee and Talent Management - As of December 31, 2019, the Group had 722 employees, an increase from 686 employees in 2018[104] - The management team is focused on retaining key personnel and optimizing the compensation structure to remain competitive in the talent market[129] - Continuous professional development for directors included participation in training sessions and reading materials related to corporate governance and regulatory updates[162]
稀镁科技(00601) - 2019 - 中期财报
2019-09-05 22:04
Financial Performance - Revenue for the six months ended June 30, 2019, was HK$726,229,000, a decrease of 8.7% compared to HK$795,638,000 for the same period in 2018[8] - Gross profit increased to HK$206,318,000, representing a gross margin of 28.4%, compared to HK$202,665,000 in the previous year[8] - Profit before income tax for the period was HK$149,813,000, up 10.5% from HK$135,630,000 in 2018[8] - Profit for the period from continuing operations was HK$116,295,000, an increase of 10.7% compared to HK$105,050,000 in the same period last year[9] - Total comprehensive income for the period was HK$87,417,000, compared to HK$69,803,000 in 2018, reflecting a growth of 25.2%[9] - Basic and diluted earnings per share from continuing operations were 1.77 cents, up from 1.60 cents in the previous year, indicating a growth of 10.6%[11] - Profit for the period was HK$116,295,000, contributing to a total comprehensive income of HK$87,417,000 for the first half of 2019[18] - Profit after tax rose to HK$116,295,000, representing a 12% increase from HK$103,816,000 in 2018, attributed to improved gross profit margins and reduced administrative expenses by 37%[108] Income and Expenses - Other income and gains for the period were HK$2,063,000, compared to HK$1,516,000 in the same period last year, showing an increase of 36.1%[8] - Administrative expenses decreased to HK$16,159,000 from HK$25,694,000, a reduction of 37.1%, contributing to improved profitability[8] - Finance costs increased slightly to HK$37,379,000 from HK$35,933,000, reflecting a rise of 4.0%[8] - The Group's income tax expenses for the six months ended June 30, 2019, were HK$33,518,000, compared to HK$30,580,000 for the same period in 2018, reflecting an increase of approximately 9.5%[49] - Finance costs paid decreased to HK$12,039,000 from HK$13,233,000, reflecting a 9.0% reduction[22] Assets and Liabilities - Total non-current assets increased to HK$1,686,653,000 as of June 30, 2019, compared to HK$1,683,148,000 at December 31, 2018, reflecting a growth of 0.15%[14] - Current assets rose to HK$812,591,000, up 17.9% from HK$689,070,000 at the end of 2018, driven by an increase in inventories and other receivables[14] - Total current liabilities increased to HK$261,149,000, a rise of 51.8% from HK$172,078,000, primarily due to higher borrowings[14] - Net current assets improved to HK$551,442,000, up 6.6% from HK$516,992,000, indicating a stronger liquidity position[14] - Total equity reached HK$1,361,587,000, representing a 7.1% increase from HK$1,271,217,000 at the end of 2018, supported by retained earnings growth[16] - Total assets as of June 30, 2019, amounted to HK$2,499,244,000, up from HK$2,347,923,000 as of June 30, 2018, indicating a growth of approximately 6.5%[37] - Total liabilities as of June 30, 2019, were HK$1,137,657,000, compared to HK$1,190,983,000 as of June 30, 2018, showing a decrease of about 4.5%[37] Cash Flow - Net cash generated from operating activities decreased to HK$41,911,000, down 81.9% from HK$231,796,000 in the previous year[21] - Cash and cash equivalents at the end of the period were HK$123,926,000, a decrease of 32.5% from HK$183,356,000 as of June 30, 2018[22] - Net cash used in investing activities was HK$25,689,000, a reduction of 79.5% compared to HK$125,298,000 in the same period last year[22] - Proceeds from new borrowings amounted to HK$67,555,000, significantly higher than HK$15,000,000 in the previous year[22] - The Group's cash and cash equivalents were approximately HK$133,674,000 as of June 30, 2019, down from HK$156,008,000 at the end of 2018, but sufficient to meet business needs[132] Borrowings and Financing - Borrowings surged to HK$135,486,000, up 106.5% from HK$65,706,000, reflecting increased financing needs[14] - Bank borrowings increased to HK$166,398,000 as of June 30, 2019, compared to HK$110,500,000 as of December 31, 2018, reflecting a 50.5% rise[68] - Total borrowings reached HK$411,087,000, up from HK$376,627,000, marking an increase of 9.1%[68] - The company issued bonds with an outstanding amount of US$20,504,000 (equivalent to HK$159,838,000) at an interest rate of 7% per annum, maturing on August 11, 2020[71] - The secured borrowings increased to HK$218,377,000 from HK$216,480,000, while unsecured borrowings rose to HK$192,710,000 from HK$160,147,000[68] Operational Highlights - Segment results for magnesium products were HK$193,893,000 for the six months ended June 30, 2019, compared to HK$174,854,000 for the same period in 2018, an increase of approximately 10.9%[41] - The gross profit margin for the magnesium business increased to 28.4%, up approximately 3% from 25.4% in the previous year, despite a decrease in total sales volume from 31,933 tons in 2018 to 28,395 tons in the current period[107] - Rare earth magnesium alloy products accounted for approximately 36% of production and sales volume and approximately 58% of revenue, indicating a strong market position[114] - The Group plans to increase R&D investment and optimize the product structure to meet the growing demand for magnesium alloys in the lightweight automotive sector, which could improve fuel efficiency by 6% to 8% for every 10% reduction in vehicle weight[116] - The Group aims to leverage resource advantages in the Hami region to accelerate project construction and optimize the magnesium industry, forming a circular economy model[116] Corporate Governance - The Audit Committee held two meetings during the review period to discuss accounting principles and internal control matters, reviewing the unaudited consolidated interim results for the six months ended June 30, 2019[180] - The Company complied with the Code on Corporate Governance Practices, with deviations noted regarding attendance of independent non-executive directors at the annual general meeting held on June 26, 2019[182] - All directors confirmed compliance with the Model Code for Securities Transactions throughout the six months ended June 30, 2019[183] - The Audit Committee has made a positive contribution to enhancing the Company's corporate governance[181]
稀镁科技(00601) - 2018 - 年度财报
2019-04-09 00:19
Magnesium Product Development - The Group's magnesium product business has achieved rapid development under favorable policies from the Chinese government, including the "Belt and Road" initiative and the "Thirteenth Five-Year Plan for the Non-ferrous Metals Industry" which prioritizes the development of new magnesium alloy materials[11] - The automotive industry is a leading driver of magnesium alloy market demand, with targets set to reduce vehicle weight by 10%, 20%, and 35% by 2020, 2025, and 2030 respectively, aiming for magnesium usage of 15kg, 25kg, and 45kg per vehicle[14] - The Group's subsidiary, Xinjiang Tengxiang Magnesium Products Co., Ltd., was recognized as a "High-tech Enterprise" in 2018, highlighting the Group's achievements in research and development and technological strength[14] - A new vertical furnace reduction magnesium production line was officially launched in the Xinjiang production base, marking the Group's leading position in magnesium production technology within the industry[15] - The Group successfully sold its electronics business to focus resources on developing magnesium alloy new materials, aiming to become China's largest magnesium product leader[15] - The Chinese government's policies are expected to further promote the application of magnesium alloys in lightweight automotive components, contributing positively to energy-saving and emission reduction efforts[12] - The Group is committed to continuous innovation and increasing R&D investment, adopting advanced vertical furnace reduction technology to enhance production efficiency[15] - The market for magnesium alloys is anticipated to expand significantly due to the growing trend of lightweight materials in various industries, including transportation and electronics[12] - The Group aims to modernize production technology and promote the industrialization of technological achievements in the magnesium industry[15] - The Group's strategic focus on magnesium alloy materials aligns with the increasing demand for lightweight solutions in the automotive sector, driven by environmental considerations[12] Financial Performance - The Group's magnesium production contributed HK$1,537,781,000 to revenue, representing a year-on-year growth of 33%[25] - Profit increased by 18% to HK$216,377,000, excluding one-off gains from the disposal of the electronic business[27] - The revenue from the magnesium business for the year ended December 31, 2018, was approximately HK$1,537,781,000, representing a year-on-year increase of 33% due to a 24% rise in sales volume to 61,463 tonnes[47] - The gross profit for the same period was approximately HK$409,483,000, reflecting a year-on-year increase of 35, driven by continuous innovation and improved operational efficiency[50] - The net profit for the year, excluding the gain on disposal of subsidiaries, was HK$216,377,000, marking an 18% increase compared to HK$184,067,000 in 2017[52] - The Group recorded a consolidated net profit of approximately HK$285,860,000 for the year ended 31 December 2018[149] - The company reported a profit for the year ended December 31, 2018, with retained earnings of approximately HKD 515,381,000[199] Strategic Focus and Business Shift - The Group completed the disposal of its electronic business in July 2018, marking a strategic shift to focus on magnesium products[27] - The company plans to utilize proceeds from the electronic business disposal for general working capital to further develop its magnesium products business[37] - The Group aims to become the largest leading magnesium product enterprise in China, focusing on high-tech product development and market expansion[29] - The Group plans to accelerate the development of magnesium business and expand production capacity to enhance economies of scale[29] Research and Development - Xinjiang Tengxiang was recognized as a national-level "High and New Technology Enterprise," enhancing its R&D capabilities and competitiveness[28] - The Group adopted innovative vertical retorts smelting technology, improving energy conservation and production efficiency[32] - The vertical retorts smelting technology is the most advanced in the magnesium industry, driving high-quality product development[32] - The Group's focus on R&D and technological upgrades is expected to stimulate future growth and competitiveness in the magnesium industry[30] - The Group aims to strengthen research and development of rare earth magnesium alloy products and expand both domestic and international markets[43] Financial Management and Structure - Financing costs increased to HK$73,058,000 in 2018, primarily due to convertible bonds issued to major shareholders as part of a restructuring[52] - The gearing ratio was approximately 31% as of December 31, 2018, indicating a stable financial structure[58] - Interest expenses increased significantly to HK$73,058,000 in 2018 from HK$16,699,000 in 2017, primarily due to convertible bonds issued[55] - The interest coverage ratio for the Group was around 4.7 times, indicating strong ability to meet interest obligations[58] - The Group's borrowings as of December 31, 2018, were HK$726,963,000, down 6.9% from HK$780,766,000 in 2017[57] Human Resources and Employee Management - The Group employed 686 staff as of December 31, 2018, reflecting a 57% decrease from 1,609 employees in 2017, mainly due to the disposal of electronic product units[66] - The Group is committed to optimizing its compensation structure to ensure remuneration packages are competitive and aligned with market standards, addressing manpower and retention risks[85] - The Group has approximately 686 employees as of 31 December 2018, with employee benefits including annual leave, medical insurance, and provident fund[91] Corporate Governance - The Company held a total of five board meetings during the year ended 31 December 2018[112] - All Directors confirmed compliance with the Model Code for Securities Transactions throughout the year ended December 31, 2018[105] - The Board comprises seven Directors, including two Executive Directors and five Non-executive Directors[109] - Independent Non-executive Directors have been appointed in sufficient numbers, with at least one possessing appropriate accounting or financial management expertise[115] - The Company encourages Directors to participate in continuous professional development courses to enhance their knowledge and skills[118] - The Company has established relevant committees to improve internal controls and enhance transparency[103] - The Audit Committee held five meetings during the year ended December 31, 2018, and reviewed the annual results of the Group for that period[131] - The Remuneration Committee held one meeting in the year ended December 31, 2018, to review the existing remuneration policies of the Directors and senior management[137] - The Company has implemented a whistle-blowing policy to ensure employees can raise concerns about possible improprieties in financial reporting and internal control[126] Environmental and Social Responsibility - The Group monitors environmental policies closely and has adopted green initiatives, including resource recycling and energy-saving measures, to comply with environmental regulations[89] - The company emphasizes the importance of environmental protection for its long-term development and will continue to review and improve management practices[198] - The environmental, social, and governance report is expected to be published by June 2019[198] Future Outlook and Shareholder Engagement - The next AGM is scheduled for June 28, 2019, providing an opportunity for shareholders to engage with the management[172] - The Company has a policy for shareholders to requisition special general meetings if they hold at least 10% of the paid-up capital[156] - The Company encourages shareholders to communicate through its website and provides regular updates via corporate communication documents[173]