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.
CWT INTERNATIONAL LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Code: 521)
UPDATE ON DEBT RESTRUCTURE PLAN AND
CONTINUED SUSPENSION OF TRADING
This announcement is made by CWT International Limited (the "Company" and together with its subsidiaries, the "Group") pursuant to Rules 13.09(2)(a) and 13.19 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") 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 16, 22 and 30 April 2019, and 6, 12 and 27 June 2019, and 9 and 19 July 2019 (the "Previous Announcements"). Capitalised terms used in this announcement have the same meanings as defined in the Previous Announcements unless defined otherwise or the context requires otherwise.
LOAN EXTENSION UNDER THE FACILITY AGREEMENT
The Company is pleased to announce that the Loan Extension with respect to the Facility Agreement had become effective, namely the draw down of the additional loan amount of approximately HK$230 million under the Supplemental Agreement dated 19 July 2019 to the Facility Agreement (which has been further amended and supplemented by way of a second supplemental agreement dated 2 August 2019) had occurred on 5 August 2019 and the maturity date of the total loan granted under the Facility Agreement (as amended and supplemented) of approximately HK$1,630 million had been extended to 12 months from 5 August 2019. As a result of the Loan Extension taking effect, the enforcement actions (including the appointment of Receivers) taken for and on behalf of the Original Lenders have been terminated and released, any property transferred to the security agent (on trust for the Original Lenders) has been returned and the control over the Charged Assets by the Receivers has ceased.
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With respect to the additional securities required under the Supplemental Agreement (as further amended and supplemented), in addition to the securities provided by the immediate shareholders of the Company and affiliates of the controlling shareholder of the Company (as stated in the Previous Announcement of 19 July 2019), the Company has granted a debenture in favour of the Original Lenders over the assets of the Company covering all present and future assets, undertaking, property and rights of the Company, of whatsoever nature and wherever situate, including but not limited to land, investments, plant and machinery, credit balances, book debts, insurances, contracts and receivables, and intellectual property.
The Company will issue further announcement(s) to provide updates on the Debt Restructure Plan as and when required pursuant to 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).
CONTINUED SUSPENSION OF TRADING
At the request of the Company, trading in the shares of the Company on the Stock Exchange was halted from 2:32 p.m. on 10 April 2019 and will remain suspended pending the further release of an inside information announcement regarding updates on the above matters with respect to the default under the Facility Agreement (as defined in the announcements of the Company dated 16, 22 and 30 April 2019).
By order of the Board
CWT INTERNATIONAL LIMITED
Ding Lei
Executive Director
Hong Kong, 5 August 2019
As at the date of this announcement, the Board comprises Mr. Zhu Weijun (Executive Director and Co-Chairman), Mr. Ding Lei (Executive Director and Co-Chairman), Mr. Li Tongshuang (Executive Director and Chief Executive Officer), Mr. Zhao Quan (Executive Director), Mr. Chen Chao (Executive Director), Mr. Mung Bun Man, Alan (Non-executive Director), Mr. Leung Shun Sang, Tony (Independent Non-executive Director), Mr. Liem Chi Kit, Kevin (Independent Non-executive Director), Mr. Lam Kin Fung, Jeffrey (Independent Non-executive Director) and Ms. Chen Lihua (Independent Non-executive Director).
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