Examples of Entrusted Loan in a sentence
A circular containing, among other things, (i) further details of the Entrusted Loan Extension Agreement; and (ii) other general information of the Company, is expected to be despatched to the Shareholders on or before 30 April 2015 as additional time is required for the preparation of, among other things, indebtedness and working capital statement to be included in the circular.
The Controlling Shareholder, holding 558,020,694 issued Shares of, representing approximately 65.00% of the issued share capital of, the Company as at the date of this announcement, has given its written approval in respect of the Entrusted Loan Extension Arrangement.
Since no Shareholder would be required to abstain from voting if the Company were to convene a general meeting for the approval of the Entrusted Loan Extension Arrangement, written shareholder’s approval may be accepted in lieu of holding a general meeting pursuant to Rule 14.44 of the Listing Rules.
In addition, should the MOU be terminated or if the Formal Agreement is not entered into for any reason, the Lender is entitled to demand for repayment of the Entrusted Loan from the Borrower within five business days of such termination.
The Directors (including the independent non-executive Directors) considered the entering into of the Entrusted Loan Extension Agreement as mentioned above represents a more efficient use of the Group’s financial resources, is fair and reasonable and hence is in the interests of the Company and its Shareholders as a whole.