I CABLE Communications : COMPLETION OF THE ISSUANCE OF THE 2021 LCS

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.

This announcement appears for information purposes only and does not constitute an invitation or offer to sell, dispose, acquire, purchase or subscribe for any securities of the Company and neither this announcement nor anything herein forms the basis for any contract or commitment whatsoever.

I-CABLE COMMUNICATIONS LIMITED

(Incorporated in Hong Kong with limited liability)

(STOCK CODE: 1097)

COMPLETION OF THE ISSUANCE OF THE 2021 LCS

Financial adviser to the Company

SOMERLEY CAPITAL LIMITED

Reference is made to the circular of i-CABLE Communications Limited (the ''Company'') dated 2 March 2021 in relation to, among other things, the 2021 LCS (the ''Circular'') and the announcement of the Company dated 23 March 2021 in relation to the poll result of the GM. Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those defined in the Circular.

COMPLETION OF THE ISSUANCE OF THE 2021 LCS

The Board is pleased to announce that all conditions precedent to the 2021 LCS Subscription Agreement have been fulfilled, and completion of the 2021 LCS Subscription Agreement and the issuance of the 2021 LCS took place on Wednesday, 31 March 2021.

The principal amount of the 2021 LCS issued by the Company is HK$200 million. The 2021 LCS will be convertible into 2,941,176,470 Conversion Shares upon full conversion of the 2021 LCS based on the initial Conversion Price of HK$0.068 per Conversion Share.

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Effect of the full conversion of the 2021 LCS on the shareholding structure of the Company

Based on the information available to the Company, the shareholding structure of the Company (i) as at the date of this announcement; (ii) immediately after the 2021 LCS is converted in full; and (iii) immediately after the 2021 LCS and the 2019 LCS are converted and all outstanding Share Options are exercised in full is and will be as follows:

Notes:

1. Pursuant to the terms of the 2021 LCS and the 2019 LCS, the holder(s) of the 2021 LCS and the 2019 LCS may only exercise a conversion right if the issue of the conversion shares pursuant to the exercise of the conversion right of the 2021 LCS and the 2019 LCS, respectively, would not cause the Company to be unable to meet the minimum public float requirement under the Listing Rules. Accordingly, the scenarios above are shown for illustrative purpose only.
2. As at the date of this announcement, the Company had outstanding Share Options convertible into 241,562,240 Shares.

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1. Based on the information available to the Company, the number of Shares represents the aggregate number of Shares held by Mr. Ng Hung Sang, Ms. Ng Lai King Pamela (the spouse of Mr. Ng Hung Sang) and two companies ultimately controlled by him (namely, South China Finance and Management Limited and South China Securities Limited). Mr. Ng Hung Sang personally and beneficially owns 156,089,500 Shares. Ms. Ng Lai King Pamela personally and beneficially owns 96,022,500 Shares. South China Finance and Management Limited beneficially owns 876,000 Shares and South China Securities Limited beneficially owns 463,000,000 Shares, both of which are wholly owned by South China Financial Holdings Limited (stock code: 619), which in turn is ultimately and beneficially owned as to approximately 29.36% by Mr. Ng Hung Sang, among which 25.66% is held through his 100%-owned corporations and 3.70% is held by him as beneficial owner. Ms. Ng Yuk Mui Jessica, a non-executive Director, is the daughter of Mr. Ng Hung Sang and Ms. Ng Lai King Pamela.
2. The sum of the shareholding percentages of the Shareholders in the table above may not add up to 100.0% due to rounding adjustments.

By order of the Board

i-CABLE COMMUNICATIONS LIMITED

Kwok Chi Kin

Company Secretary

Hong Kong, 31 March 2021

As at the date of this announcement, the Board comprises eleven Directors, namely Tan Sri Dato' David Chiu (Chairman), Dr. Cheng Kar-Shun, Henry (Vice-chairman), Mr. Tsang On Yip, Patrick, Mr. Hoong Cheong Thard, Mr. Lie Ken Jie Remy Anthony Ket Heng and Ms. Ng Yuk Mui Jessica as non-executive Directors, Mr. Andrew Wah Wai Chiu as an executive Director, and Mr. Lam Kin-Fung, Jeffrey, Dr. Hu Shao Ming Herman, Mr. Luk Koon Hoo, Roger and Mr. Tang Sing Ming Sherman as independent non-executive Directors.

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