Tysan has new controlling shareholder

Tysan Holdings Limited, the group contracted for the Passenger Clearance Building of the Hong Kong-Zhuhai-Macau Bridge, announced in an update to their previously launched annual results that the company has issued a profit warning given the completion of one of the groups’ transactions previously disclosed on April 19, according to a filing to the Hong Kong Stock Exchange.
With the completion of the negotiations, the company comes under a new controlling shareholder – HNA Finance I – causing an additional HK$197.98 million reportedly ‘under the Management Incentive Scheme’ to have ‘become payable’ for the 2015 fiscal results, as well as adding an additional HK$192.41 million to the loss sheets for the 2016 fiscal year ending March 31, 2017, the report notes.
The adjusted profit for the 2015 fiscal year, following the transaction, fell from its previously announced HK$512.5 million (US$66 million) profit for the year, to HK$396.9 million (US$38.28 million), and the board warns that ‘there will be a significant and negative impact on the Group’s financial results for the six months ending 30 September 2016 and the full financial year ending 31 March 2017’.
However the group notes that the scheme’s expense is not recurring, as it is ‘a one-off expense and following the completion of the Tides Transaction, there will be no more payments or entitlements under the Management Incentive Scheme’. The board also noted that it does not expect a ‘gain on disposal of subsidiaries of approximately HK$113 million,’ which took place in the 2015 fiscal year, to be repeated again in the 2016 fiscal year.