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4-Traders Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  China Ting Group Holdings Limited    3398   KYG8439J1058

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China Ting : VOLUNTARY ANNOUNCEMENT (in PDF)

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08/30/2016 | 04:38pm CEST

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.

CHINA TING GROUP HOLDINGS LIMITED

華 鼎 集 團 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 03398)

VOLUNTARY ANNOUNCEMENT

This announcement is made on a voluntary basis by the board (the ''Board'') of directors (the ''Directors'') of China Ting Group Holdings Limited (the ''Company'' together with its subsidiaries, the ''Group''). The Directors refer to the announcement (the ''Announcement'') of the Company dated 31 January 2012, in which the Company announced that a debt restructuring agreement (the ''Debt Restructuring Agreement'') has been entered into with Bernard Chaus Companies (as defined in the Announcement) for the repayment by instalments of an amount due from Bernard Chaus Companies of US$12.0 million. The repayment by installments is confirmed in two promissory notes of US$10.0 million and US$2.0 million, respectively, as well as the terms and conditions under the Debt Restructuring Agreement.

As of the date of this announcement, Bernard Chaus Companies have settled US$7.0 million, together with the accrued interest, in strict compliance with the repayment schedule set forth in the Announcement and the Debt Restructuring Agreement. The remaining balance of US$5.0 million should have been settled by Bernard Chaus Companies on or before 1 September 2016 under the Debt Restructuring Agreement.

According to the Debt Restructuring Agreement, the Holder (as defined in the Announcement) have a discretion to extend the maturity date for a period of two years if there is no Event of Default (as defined in the Announcement) and the principal amount thereof at that time is less than or equal to US$5.0 million. The Holder and Bernard Chaus Companies have agreed to further extend the repayment date of the remaining balance of US$5.0 million to 24 July 2019. The Directors have considered the repayment record of Bernard Chaus Companies under the Debt Restructuring Agreement and the recent business performance of Bernard Chaus Companies and are of the view that the extension of the repayment of the remaining balance would not expose to the Group to unnecessary credit risk. As set forth in the interim results announcement of the Company dated 26 June 2016, the Group had cash and cash equivalents of HK$332.5 million. There has been no material change to the financial position of the Group since the date of the interim results announcement. On this basis, the Directors are of the view that the extension of the repayment term does not have any material impact on the financial position of the Group as a whole.

The Debt Restructuring Agreement constituted an ''advance to entity'' under Rule 13.13 of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. As there is no increase in the amount advanced to Bernard Chaus Companies, this announcement is issued on a voluntary basis.

By Order of the Board

CHINA TING GROUP HOLDINGS LIMITED

TING Hung Yi

Chief Executive Officer

Hong Kong, 30 August 2016

As of the date of this announcement, the executive Directors are Mr. TING Man Yi (Chairman), Mr. TING Hung Yi (Chief Executive Officer), Mr. DING Jianer and Mr. CHEUNG Ting Yin, Peter and the independent non-executive Directors are Mr. WONG Chi Keung, Dr. CHENG Chi Pang and Mr. LEUNG Man Kit.

China Ting Group Holdings Limited published this content on 30 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 August 2016 14:38:01 UTC.

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NameTitle
Hung Yi Ting Chief Executive Officer & Executive Director
Man Yi Ting Chairman
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