Sino Grandness

22 Jan 2019 10:24 - 22 Jan 2019 10:24 #24647 by gladioluslane
Last edit: 22 Jan 2019 10:24 by gladioluslane.

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29 Jan 2019 20:48 #24655 by zane
Replied by zane on topic Sino Grandness

Under the loan agreement dated 13 April 2016 (the “Loan Agreement”), the loan can be
converted into ordinary shares of the Company as parties wanted an option for the Lender to increase its stake further as a strategic partner and shareholder of the Group while bearing in mind the proposed listing of Garden Fresh (“the Proposed spin-off”).
As the process of the Proposed spin-off is expected to continue into 2019, the Company started negotiations with the Lender since end September or beginning October 2018, on the extension of the maturity date of the convertible loan or the possible restructuring of the loan in anticipation of the Proposed spin-off. The Company also at the same time negotiated with the bondholders for the restructuring of the 2011 and 2012 bonds.

Similar to the previous extension in 2018, where the Repayment Framework Agreement was executed on 20 July 2018, after the maturity date of 16 May 2018 had passed, the
management was confident of the extension in view of the friendly relationship and
negotiations. Management was still trying to finalise the extension with the Lender when it received the first demand letter.

Following the receipt of the first demand letter, the Company has been in negotiations with the Lender and, following the negotiations and payment of S$34,958 for the legal and fees and disbursement of the amount of all costs and legal expenses from the Company to the Lender, the Lender issued the second demand letter with a later date for the demand of payment (from 21 January 2019 in first letter to 6 February 2019 in second letter).

The Company is still in negotiation with the Lender on the extension of repayment of the sum demanded. In the meantime, the Company is concurrently preparing to repatriate funds back from China either by way of dividend or alternatively by way of repayment of loan from subsidiary which require the People’s Republic of China’s regulatory(ies) approval. The Company would make the necessary announcement as and when there is any material

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07 Feb 2019 10:33 #24665 by zane
Replied by zane on topic Sino Grandness
2nd time company says it is preparing to repatriate funds in order to pay back Thai loan.

U think company is BS if the cash is not there? Chances are high the cash is real, contrary to what more sceptical people think. Time will tell, of course, but if you think about it, company statement like that would be backed not just by CFO Mr Goh & Chairman Huang but the rest of the Board who should have done the necessary queries regarding the cash on the balance sheet.

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