REASONS FOR ENTERING INTO THE LOAN AGREEMENT. The Company is an investment holding company and its subsidiaries are principally engaged in the provision of financial services, including (i) commercial and personal lending as well as margin and initial public offering financing; (ii) brokerage services, wealth management and asset management; (iii) placing and underwriting services for listed issuers; and (iv) corporate finance advisory services. The Lender is a registered money lender holding a valid money lenders licence under the Money Lenders Ordinance (Chapter 163 of the Laws of Hong Kong) and is principally engaged in the business of money lending services. The provision of the Loan Facility is a transaction carried out as part of the ordinary and usual course of business activities of the Group. The Loan Facility is funded by internal resources of the Group. The terms of the Loan Agreement were negotiated on arm’s length basis between the Lender and the Borrowers and were on normal commercial terms based on the Group’s credit policy. Taking into account the results of due diligence on the financial background and repayment ability of the Borrowers and the stable interest income expected to be generated from the Loan Facility, the Directors consider that the terms of the Loan Agreement are fair and reasonable and the entering into of the same is in the interests of the Company and its Shareholders as a whole.
REASONS FOR ENTERING INTO THE LOAN AGREEMENT. The Company is an investment holding company and its subsidiaries are principally engaged in the provision of financial services, including (i) commercial and personal lending as well as margin and initial public offering financing; (ii) brokerage services, wealth management and asset management;
REASONS FOR ENTERING INTO THE LOAN AGREEMENT. The Company is an investment holding company and its subsidiaries are principally engaged in the provision of financial services, including (i) commercial and personal lending as well as margin and initial public offering financing; (ii) brokerage, wealth management and asset management; (iii) placing and underwriting services for listed issuers; and (iv) corporate finance advisory services. The Lender is a registered money lender holding a valid money lenders licence under the Money Lenders Ordinance (Chapter 163 of the Laws of Hong Kong) and is principally engaged in the business of money lending services. The Lender provides tailored professional wealth solutions to high net worth clients to meet their business needs, including short term bridging loan services. The provision of the Loan Facility is a transaction carried out as part of the ordinary and usual course of business activities of the Group and upon normal commercial terms. The Loan Facility will be funded by internal resources of the Group. Having considered the financial background of the Borrower and the size of the Borrower’s liquid assets, and taking into account the expected revenue to be generated to the Group, the Directors believe that the terms of the Loan Agreement are fair and reasonable and in the interests of the Company and its Shareholders as a whole. IMPLICATIONS UNDER THE LISTING RULES Pursuant to Rule 14.06(2) of the Listing Rules, the granting of the Loan Facility constitutes a discloseable transaction of the Company as the relevant percentage ratio(s) exceed 5% but are under 25% and it is subject to the announcement requirement as set out in the Listing Rules but exempts from Shareholders’ approval requirement under the Listing Rules.
REASONS FOR ENTERING INTO THE LOAN AGREEMENT. The Directors believe that the Loan can help to satisfy certain of the Group’s financial needs, such as the repayment of certain debts of the Group which are already due as at the date of this announcement including but not limited to the debts due to Glory Sun Securities Limited, formerly known as China Goldjoy Securities Limited. Overall, in light of the immediate financial assistance represented by the Loan, and the net liabilities position of Able One as at 31 March 2018, the Directors consider that the Loan Agreement, including the Share Pledge contained therein, is entered into on normal commercial terms, and are fair and reasonable and in the interests of the Company and its shareholders as a whole. GEM LISTING RULES IMPLICATIONS As one or more of the applicable percentage ratios calculated under Rule 19.07 of the GEM Listing Rules in respect of the Share Pledge exceed 5% but all are less than 25%, the Share Pledge constitutes a discloseable transaction of the Company and is subject to the reporting and announcement requirements but is exempt from the circular and shareholders’ approval requirements under Chapter 19 of the GEM Listing Rules.
REASONS FOR ENTERING INTO THE LOAN AGREEMENT. The Company is an investment holding company and its subsidiaries are principally engaged in the provision of financial services, including (i) commercial and personal lending as well as margin and initial public offering financing; (ii) brokerage, wealth management and asset management; (iii) placing and underwriting services for listed issuers; and (iv) corporate finance advisory services. The Lender is a registered money lender holding a valid money lenders licence under the Money Lenders Ordinance (Chapter 163 of the Laws of Hong Kong) and is principally engaged in the business of money lending services. The Lender provides tailored professional wealth solutions to high net worth clients to meet their business needs, including short-term bridging loan services. The provision of the Loan Facility is a transaction carried out as part of the ordinary and usual course of business activities of the Group. The Loan Facility is funded by internal resources of the Group. The terms of the Loan Agreement were negotiated on an arm’s length basis between the Lender and the Borrower and were on normal commercial terms based on the Company’s credit policy. Taking into account the results of the due diligence on the financial background and repayment ability of the Borrower, the expected stable interest income to be generated from the Loan Facility and the satisfactory payment records of the Borrower in the past, the Directors consider that the terms of the Loan Agreement are fair and reasonable and the entering into of the same is in the interests of the Company and its Shareholders as a whole.
REASONS FOR ENTERING INTO THE LOAN AGREEMENT. The Company is an investment holding company and its subsidiaries are principally engaged in the provision of financial services, including (i) commercial and personal lending as well as margin and initial public offering financing; (ii) brokerage services, wealth management and asset management; (iii) placing and underwriting services for listed issuers; and (iv) corporate finance advisory services. The Lender is a registered money lender holding a valid money lenders licence under the Money Lenders Ordinance (Chapter 163 of the Laws of Hong Kong) and is principally engaged in the business of money lending services. The provision of the Loan Facility is a transaction carried out as part of the ordinary and usual course of business activities of the Group. The Loan Facility is funded by internal resources of the Group. The terms of the Loan Agreement were negotiated on arm’s length basis between the Lender and the Borrowers and were on normal commercial terms based on the Group’s credit policy. Taking into account the results of the due diligence on the financial background and repayment ability of the Borrowers, the security provided for the Loan Facility, the stable interest income expected to be generated from the Loan Facility and the satisfactory payment records of the Borrowers in the past, the Directors consider that the terms of the Loan Agreement are fair and reasonable and the entering into of the same is in the interests of the Company and its Shareholders as a whole.
REASONS FOR ENTERING INTO THE LOAN AGREEMENT. The principal activities of the Group include deployment of optic fibres, low-voltage equipment integration services in the PRC and telecommunication application, and one of the business strategies is to explore telecommunication business opportunities through cooperation and acquisition. The Company shall apply the amount borrowed to fund the day-to-day operation of the business as operated by the Group. Hebei Overseas is principally engaged in the business of non-securities equity investment activities and related consulting services. The Company believes that the entering into of the Loan Agreement with Hebei Overseas will further enhance the Group’s capital structure and provide liquidity for the development of the principal business of the Group.
