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)
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 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 announcement of the Company dated 21 October 2019 (the "Announcement") in relation to, among others, the Statutory Demand I and the Statutory Demand
- Unless otherwise stated, capitalised terms used herein shall bear the same meanings as defined in the Announcement.
UPDATES ON THE NEGOTIATION PROGRESS
Creditor I has agreed that they would not present the winding up petition if the Company could repay part of the outstanding debt of HK$20,000,000 by 23 October 2019, and expect the Company to repay the remaining outstanding debts after the completion of the connected transaction in relation to subscription of convertible bonds under specific mandate (the "Completion of Subscription") with the estimated gross proceeds of approximately HK$400 million (the "Gross Proceeds") as stated in the announcement dated 24 September 2019 (the "Subscription Announcement").
Creditor II has agreed that they would not present the winding up petition if the Company could repay part of the outstanding debt of HK$50,000,000 by 30 October 2019, and expect the Company to repay the remaining outstanding debts after the Completion of Subscription with the Gross Proceeds as stated in the Subscription Announcement.
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The Company is proactively engaging in negotiations with Creditor I and Creditor II for better terms on the repayment schedule and for waiving the breaches. 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, 24 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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