Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
ASIA TELEVISION HOLDINGS LIMITED
亞 洲 電 視 控 股 有 限 公 司
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 707)
FURTHER SUPPLEMENTAL ANNOUNCEMENT
IN RELATION TO STATUTORY DEMAND
This announcement is made by Asia Television Holdings Limited (the "Company" and together with its subsidiaries, the "Group") pursuant to Rules 13.09 and 13.19 of the Rules Governing the Listing of Securities (the"Listing Rules") on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Reference is made to the announcements of the Company dated 21 October 2019 (the
"Announcement") and 24 October 2019 (the "Supplemental Announcement") in relation to,
among others, the Statutory Demand I and the Statutory Demand II. Unless otherwise stated, capitalised terms used herein shall bear the same meanings as defined in the Announcement.
FURTHER UPDATES ON THE NEGOTIATION PROGRESS
In order to satisfy the requirement of Creditor I as stated in the Supplemental Announcement, on 14 October 2019, the Company, as the borrower, entered into a loan agreement (the "Loan Agreement") with principal amount of HK$20,000,000 (the "Loan") with a money lender for the purpose of repaying Creditor I. However, the money lender formally refused the drawdown of the Loan by the Company as agreed in the Loan Agreement on 18 October 2019.
Due to the unexpected refusal from the money lender for the drawdown of the Loan by the Company, and the Announcement was made on 21 October 2019 immediately after such refusal as the Company expected that it was unable to repay HK$20,000,000 to Creditor I by 23 October 2019.
As at the date of this announcement, as claimed by Creditor I and Creditor II, (i) Debt I included a principal sum of HK$137 million and the accrued interest of HK$ 16,539,906.96, and (ii) Debt II
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included a principal sum of HK$194.2 million and the accrued interest, late payment and other fees of HK$ 33,997,925.00, respectively. As at the date of this announcement, due to unavailable of new credit lines, the Company has failed to follow the respective repayment schedules for the related loan agreements with Creditor I and Creditor II.
The Company is still proactively engaging in negotiations with Creditor I and Creditor II for better terms on the repayment schedule and for the avoidance of the potential winding-up petitions. The Company is also negotiating with various other lenders for new credit lines in order to improve the cashflow position of the Company.
Further announcement(s) will be made by the Company as and when appropriate.
Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.
By order of the Board
Asia Television Holdings Limited
Deng Junjie
Chairman
Hong Kong, 28 October 2019
As at the date of this announcement, the board of Directors comprises Mr. Deng Junjie, Mr. Wang Jiasi, Mr. Chan Wai Kit, Mr. Sze Siu Bun, Mr. Lin Wan Qaing and Ms. Sun Tingting as executive Directors, Ms. Han Xingxing, Mr. Li Yu and Ms. Wong Chi Yan as independent non-executive Directors.
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