NVC Lighting announced on May 22 that it had announced on April 14, 2015 that the bank had claimed 60 million yuan for a guarantee agreement signed by Wu Changjiang, a former director of the company, on behalf of the company's wholly-owned subsidiary, NVC. The company recently received a judgment from the Fifth Intermediate People's Court of Chongqing on legal proceedings, and ordered NVC China to provide a guarantee for paying 60 million yuan to the bank plus interest and expenses and a loan for Chongqing Huabiao Lighting. Joint responsibility.
NVC China is seeking legal advice on the impact of the judgment.
According to the relevant announcement issued by NVC Lighting on April 14, 2015, Wu Changjiang claimed on behalf of NVC China and a Chongqing branch of a Chinese bank, a guarantee agreement of approximately RMB 53 million on March 7, 2014. The funds held by China in the bank account have been frozen according to a Chinese court order. The latest valuation of the Company's frozen assets is approximately RMB 54 million.
The announcement shows that the bank has filed a lawsuit against Mr. Wu and other defendants (including NVC China) in China for the claimed security agreement. The bank’s claim amounted to approximately RMB 60 million plus interest, and NVC China is currently taking steps to defend the lawsuit, including challenging the legal validity and enforceability of the claimed security agreement.
In addition, NVC Lighting issued an announcement on May 20 to issue a total of 500 million Hong Kong dollar convertible bonds to Guoyuan Investment Fund. Bondholders can convert their shares at HK$0.925 per share at the initial price, which is a premium of 6.32% from the previous day's closing price. The convertible bonds have an annual interest rate of 7.8 per cent. If the shares are fully converted, the company will issue a maximum of 540 million shares, representing approximately 14.73% of the enlarged issued share capital. The proceeds will be used for general corporate purposes, business development and working capital requirements.
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