| Miscellaneous | |
| * Asterisks denote mandatory information | |
| Name of Announcer * | GIANT WIRELESS TECHNOLOGY LTD |
| Company Registration No. | N.A. |
| Announcement submitted on behalf of | GIANT WIRELESS TECHNOLOGY LTD |
| Announcement is submitted with respect to * | GIANT WIRELESS TECHNOLOGY LTD |
| Announcement is submitted by * | Yam Kwong Chun, Gary |
| Designation * | Company Secretary |
| Date & Time of Broacast | 18-Jan-2010 17:38:55 |
| Announcement No. | 00103 |
| Price Sensitivity | Yes |
| >> Announcement Details | |
| The details of the announcement start here ... |
| Announcement Title * | Announcement pursuant to Rule 704(20) of SGX Listing Manual |
| Description | Subsequent to the announcement on 17 September 2009, the Company has been informed by the Facility Agent that the standstill agreement ("Standstill Agreement") for the re-structuring / standstill arrangement made with the Syndicated Lenders in respect of HK$390,000,000 Term Loan and Revolving Credit Facility Agreement dated 21 June 2005 was executed on 14 January 2010. The key terms the Standstill Agreement are, inter alia, as follows:- 1. The Company shall repay the aforesaid outstanding sum owing to the Syndicated Lenders in the following manners:- (a) 23 monthly instalments of HK$3,000,000 each, the first of which shall have been paid on 22 June 2009 and each subsequent instalments payable on the 21st day of each of the following 22 months; and (b) a final payment of all amount then outstanding on the standstill expiry date, being 20 May 2011. 2. Rosebloom Profits Limited, Exert Investments Limited and Lavish Winnings Assets Limited had respectively, inter alia, charged by way of security/first fixed charge and assigned their respective present and future rights, title and interest in 208,659,000 shares, 71,148,000 shares and 17,711,287 shares respectively in the capital of the Company to the Facility Agent (as security agent) of the Syndicated Lenders to secure the performance of the Company made under the Standstill Agreement. To facilitate the proposed delisting exercise, the Facility Agent has undertaken that it will not sell/dispose of/transfer the pledged shares nor will it exercise the delisting exit offer before the completion of the delisting; and 3. The Company entered into a deed with the Facility Agent (as security agent) pursuant to which the Company created a charge over all remaining unsecured present and future assets of the Company, inter alia, real property, investment in shares, plant and machinery, credit balance, book debts, rights over insurances, intellectual property rights, etc in favour of the Syndicated Lenders to secure the Company's performance under the Standstill Agreement. The amount of outstanding syndicated loan owing by the Group as at the Latest Practicable Date is HK$76.5 million. |
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