Reference is made to the announcements of i-CABLE Communications Limited (the ‘Company') dated 17 April 2018 (the ‘April 2018 Announcement') and 18 December 2018 (collectively, the ‘2018 Announcements'). Capitalised terms used herein shall have the same meanings as those defined in the 2018 Announcements unless otherwise defined herein or the context otherwise requires. As disclosed in the April 2018 Announcement, on 17 April 2018, HKCTV, a wholly-owned subsidiary of the Company, as borrower, and the Company, as guarantor, confirmed the acceptance of a facility letter issued by the Lender in respect of, among other things, the HKD 400 million Revolving Loan Facility.

The Board announces that on 24 March 2023, HKCTV accepted a renewed and revised offer from the Lender in respect of the Revolving Loan Facility to amend, among others, the limit of the Revolving Loan Facility. Pursuant to the renewed facility letter (the ‘Renewed Facility Letter'), the limit of the Revolving Loan Facility was revised from HKD 400 million to HKD 295 million. Such new limit of the Revolving Loan Facility is subject to review by the Lender at any time and in any event not less than annually.

Specific performance obligation: Pursuant to the Renewed Facility Letter, HKCTV has undertaken that Forever Top (Asia) Limited, the controlling shareholder of the Company, will (i) hold greater than 35% of the total number of issued shares of the Company and (ii) be the single largest shareholder of the Company. In the event of a breach of the aforesaid covenant, the Lender has the right to suspend, withdraw or make demand in respect of the whole or any part of the facilities made available to HKCTV at any time or determine whether or not to permit drawings in relation to the facilities granted in relation to the 2023 Facility Letter. As at the date of this announcement, Forever Top (Asia) Limited holds approximately 43.22% of the total number of the issued shares of the Company.

The Company will make continuing disclosure in its subsequent interim and annual reports pursuant to Rule 13.21 of the Listing Rules for so long as circumstances giving rise to the relevant disclosure obligation under Rule 13.18 of the Listing Rules continue to exist.