Brief: Grand Field Updates On Negotiation With Bondholder

Grand Field group

12/08/2022 16:22

Aug 12 (Reuters) - Grand Field Group Holdings Ltd  0115.HK :
    * REFERS TO ANNOUNCEMENT ON COMPLETION OF SUBSCRIPTION OF
CONVERTIBLE BOND BY INDIVIDUAL
    * CURRENTLY UNDER ACTIVE NEGOTIATION WITH BONDHOLDER FOR
SUBSCRIPTION OF NEW CONVERTIBLE BOND TO REPAY ALL AMOUNTS
OUTSTANDING
    * COMPANY HAS ENTERED INTO A STANDSTILL AGREEMENT WITH
BONDHOLDER
TO EXTEND TIME OF REPAYMENT
    * IF PROPOSED SUBSCRIPTION OF NEW CONVERTIBLE BOND IS
MATERIALISED
EXPIRY DATE OF STANDSTILL AGREEMENT WILL BE 30 NOV
    * CO HAS NOT DEFAULTED AND WILL NOT BE IN A POSITION OF
DEFAULT IN
REPAYING CONVERTIBLE BOND FROM 22 AUG TO 30 NOV
    * CO ALSO ENTERED INTO AN OFFSET AGREEMENT WITH BONDHOLDER
    * OUTSTANDING PRINCIPAL AMOUNT OF CONVERTIBLE BOND ON 22 AUG
SHALL
BE OFFSET BY NET AMOUNT RECEIVABLE FROM BONDHOLDER
    * NET AMOUNT RECEIVABLE FROM BONDHOLDER AMOUNTED TO
APPROXIMATELY
HK$7.3 MILLION
    * NET AMOUNT RECEIVABLE FROM BONDHOLDER UNDER DEED OF
INDEMNITY
DATED 28 APRIL 2017 ENTERED INTO BY BONDHOLDER AND UNIT
    * UNDER OFFSET AGREEMENT OUTSTANDING PRINCIPAL AMOUNT OF
CONVERTIBLE BOND AS AT 22 AUG WILL BE APPROXIMATELY HK$95
MILLION

Source text for Eikon:  ID:nHKS1SVy0R 
Further company coverage:  0115.HK 

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