INTENDED USE OF PROCEEDS Sample Clauses

INTENDED USE OF PROCEEDS. The sale proceeds from the Disposal will be applied to general working capital of the Group.

INTENDED USE OF PROCEEDS. The net proceeds from the Disposal after deducting related transaction costs and relevant tax are estimated to be approximately HK$107,000,000. The Group intends to apply the net proceeds from the Disposal for the purpose of general working capital of the Group, including operational, business expansion and brand building activities, and should any business with high potential arises the Company may also apply part of the proceeds for funding business development opportunities which are in line with the Group’s strategies. The Group is principally engaged in (i) film, TV series and variety show production and distribution; (ii) film exhibition; (iii) pan-entertainment (including artiste and celebrity agency business as well as pan-entertainment businesses along the value chain); and (iv) other businesses. Taking into account the historical performance of the Target Subsidiaries and the unfavourable and challenging environment brought about by COVID-19 resulting in the temporary closure of cinemas and a drastic decline in the profit of the Target Group, the Group intends to dispose of the cinema operations so as to reallocate its financial and other resources to the other businesses of the Group which are considered to have higher development potential, in order to generate more return to the Shareholders. The Directors believe that the Disposal will be beneficial to realizing the Company’s strategic goal of developing its businesses in the current stay-at-home economy. Based on the above, the Directors (including all of the independent non-executive Directors) consider that, although the Disposal is not in the ordinary and usual course of business of the Group, the Disposal is fair and reasonable, the transactions contemplated thereunder are on normal commercial terms and in the interests of the Company and the Shareholders as a whole. None of the Directors has any material interest in the Disposal, as such no Director would be required to abstain from voting on the board resolution approving the Disposal.

INTENDED USE OF PROCEEDS. Upon the full exercise of the subscription rights attaching to the Warrants, the proceeds from the Subscription are expected to be approximately HK$80,000,000. It is intended that the proceeds received by the Company will be utilized in the manner as set out in the following table: approximately 80% of the net proceeds for the production and deployment of EV business (including EV chargers, EV charging infrastructure, trade projects and EHSS projects) HK$64,000,000 4-6 months approximately 10% of the net proceeds for eTaxi/eVan business HK$8,000,000 4-6 months approximately 10% of the net proceeds for working capital HK$8,000,000 4-6 months The Company will apply to the Listing Committee of the Stock Exchange for the listing of, and permission to deal in, the Warrant Shares which may fall to be allotted and issued upon exercise of the subscription rights attaching to the Warrants. As at the date of this announcement, the Company has 886,239,399 Shares in issue. Set out below are the shareholding structure of the Company (i) as at the date of this announcement; and (ii) immediately upon the allotment and issue of the Warrant Shares. Controlling Shareholder, Substantial Shareholders, Directors and Senior Management Number of Shares Approx.% of shareholding Number ofShares Approx.% of shareholding Golden Fortune Global Limited (Note 1) 235,603,225 26.58% 235,603,225 23.89% Xxx Capital 94,226,703 10.63% 94,226,703 9.55% Glorytwin Limited (Note 2) 81,000,000 9.14% 81,000,000 8.21% Xx. Xxxxxx Xx 47,550,000 5.37% 47,550,000 4.82% Xx. Xx Xxxxxxx 32,992,000 3.72% 32,992,000 3.35% Mr. Xxx Xxxxxxx 27,096,000 3.06% 27,096,000 2.75% Xx. Xxxxx Xxxxx 22,508,000 2.54% 22,508,000 2.28% Xxxxxx Enterprises Group Limited (Note 2) 17,392,000 1.96% 17,392,000 1.76% Mr. Xx Xxx Xxxxx Xxxxx 14,712,613 1.66% 14,712,613 1.49% Xx. Xxx Xxxx Xxxx 5,997,905 0.68% 5,997,905 0.61% Xx. Xx Shu Ki Xxxxxxx 3,712,000 0.42% 3,712,000 0.38% Xx. Xx Xxx Xxxx 2,998,953 0.34% 2,998,953 0.30% Subscriber – – 100,000,000 10.14% Other public Shareholders 300,450,000 33.90% 300,450,000 30.46% Total 886,239,399 100.00% 986,239,399 100.00% Notes:

INTENDED USE OF PROCEEDS. Upon Completion, the gross proceeds and net proceeds of the Disposal will be RMB350 million and approximately RMB349.89 million, respectively. The Board intends to apply the net proceeds for the repayment of debt and working capital of the Group. As one or more of the applicable percentage ratios under the Listing Rules in respect of the Disposal exceeds 25% but are below 75%, the Disposal constitutes a major transaction of the Company under Chapter 14 of the Listing Rules and is therefore subject to the reporting, announcement, circular and Shareholders’ approval requirements.

INTENDED USE OF PROCEEDS. 5.1 Assuming the consideration in relation to the Proposed Assignment is 21,366,177 DSS Shares (which is derived based on the principal amount of the AMRE Convertible Promissory Note of US$8,350,000 (equivalent to approximately S$11,285,860) plus accrued interest income of US$367,400 (equivalent to approximately S$496,578))). The Proposed Assignment will not result in any gain or loss upon the completion of the Proposed Assignment. 5.2 The costs and expenses incurred or to be incurred in connection with the Proposed Assignment are not material and shall be funded through the Group’s internal resources. 5.3 The consideration for the Proposed Assignment will be satisfied by way of an allotment and issue of 21,366,177 DSS Shares. Accordingly, the net proceeds from the Proposed Assignment shall be utilised by the Company to subscribe for the aforementioned shares in the share capital of DSS.

INTENDED USE OF PROCEEDS. The Company intends that the net proceeds from the Disposal of approximately HK$27,709,000 will be applied as the Group’s general working capital.

INTENDED USE OF PROCEEDS. 6.1 The Consideration represents an excess of approximately S$2.54 million over the book value of the Sale Shares, representing 53% of the total issued and paid-up share capital of the Target, as at 30 June 2020. 6.2 The costs and expenses incurred or to be incurred in connection with the Proposed Disposal is approximately S$0.01 million which shall be partially funded by the Consideration and partially funded through the Group’s internal resources. As the entire Consideration of US$100.00 (equivalent to approximately S$134.00) will be utilised to defray a portion of the costs and expenses incurred or to be incurred in connection with the Proposed Disposal, there are no proceeds from the Proposed Disposal.

INTENDED USE OF PROCEEDS. Upon Completion, the gross proceeds and net proceeds of the Disposal will be HK$100,000,000 and approximately HK$99,000,000, respectively. The Board intends to apply the net proceeds from the Disposal in the following manner: Approximately HK$50,000,000, representing approximately 50.51% of the net proceeds, will be applied to expand the Group’s measuring instrument division in the PRC. For the year ended 31 December 2018, the measuring instrument division of the Group recorded revenue of approximately HK$101,098,000. The Group will continue to invest in the distribution of the Purchaser’s (Mitutoyo) products in the PRC. Appointment of the Group by the Purchaser as its preferred distributor in Southern China after the Disposal would provide an opportunity for the Group to gain market share in the market of measuring instruments. The Group will also continue to identify, develop and source advanced products complementary to Mitutoyo products to diversify its product portfolio and enhance its competitiveness in the market. The Group will strengthen its after-sales services such as installation, repairing, maintenance and calibration services, as well as other value-added services. In achieving such expansion, more salespersons, service technicians and engineers will be recruited. The Group will also raise the level of stock of its products in the measuring instrument division to cope with the potential extra demand for its products as a result of its business expansion. Approximately HK$40,000,000, representing approximately 40.40% of the net proceeds, will be applied to invest in manufacturing equipment suppliers. The Directors are of the view that further investment in the manufacturing equipment suppliers aligns with the Group’s vision as a leading international company specialising in manufacturing technology. The Group is especially interested in the sheet metal machinery manufacturers because of its well-established business in the PRC and Southeast Asia. It is expected that the Group would benefit from the return from investment in these companies from a global perspective, especially in the PRC market. Approximately HK$9,000,000, representing approximately 9.09% of the net proceeds, will be applied to repay the Group’s outstanding bank borrowings, comprising mainly revolving loans to rollover on a monthly basis and term loans repayable within one and a half years. This will reduce the level of indebtedness of the Group and save certain interest expen...

INTENDED USE OF PROCEEDS. 6.1 Assuming the Consideration is US$14.8 million (equivalent to approximately S$19.52 million): (a) the Consideration represents an excess of approximately S$18.66 million over the book value of the Sale Shares, representing the entire issued and paid-up share capital of the Target, as at 30 June 2020; and (b) the gain on disposal after completion of the Proposed Disposal amounts to approximately S$18.66 million. 6.2 The costs and expenses incurred or to be incurred in connection with the Proposed Disposal shall be funded through the Group’s internal resources. The net proceeds from the Proposed Disposal is therefore the Consideration of US$14.8 million (equivalent to approximately S$19.52 million). 6.3 Assuming that the Consideration is satisfied by way of a cash payment, the Company intends to utilise the net proceeds from the Proposed Disposal for general corporate and working capital purposes. Assuming that the Consideration is satisfied by way of an allotment and issue of shares in the share capital of the Purchaser, the net proceeds from the Proposed Disposal shall be utilised by the Company to subscribe for the aforementioned shares in the share capital of the Purchaser.

INTENDED USE OF PROCEEDS. The Company intends to apply the net sale proceeds of the Disposal of approximately HK$1,018.4 million towards the general working capital requirements of the Group.