The board announced that on 21 March 2018, a new license agreement was entered into by Dickson Concepts (International) Limited with the ST Dupont Group regarding the granting of an exclusive license by the ST Dupont Group to Bondwood Investments Limited to distribute ready-to-wear apparel bearing the ‘S.T. Dupont’ name, logo or trademark solely in the PRC (excluding Hong Kong) with effect from 1 April 2018. The New STD RTW License Agreement will supersede the Existing STD RTW License Agreement with an expiry date on 7th June, 2019 with effect from 1st April, 2018. Following the Supersession, the combined maximum annual caps payable by the Group under the Existing STD RTW License Agreement and the Existing STD Shoe License Agreement (which are conducted on normal commercial terms) should be revised. Accordingly, the Company has proposed to revise the combined maximum annual caps by separating the maximum annual caps payable by the Group under the Existing STD Shoe License Agreement only for the financial years ending 31 March, 2019 and 31 March, 2020 from HKD 22,500,000 and HKD 5,000,000 (two months and seven days) to HKD 10,000,000 and HKD 1,700,000 (two months and seven days) respectively (‘the Revised Caps’), reflecting the separate projection of the license fee payable by the Group to the ST Dupont Group for the use of various ‘S.T. Dupont’ trademarks in order to manufacture, sell, market and promote the relevant ‘S.T. Dupont’ shoe products, and open and operate respective points of sale within the PRC (excluding Hong Kong) under the Existing STD Shoe License Agreement.