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News 2018-07-29T13:07:28+00:00

News

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

The board (the “Board”) of directors (the “Directors”) of Magnus Concordia Group Limited (the “Company”) announces the unaudited condensed consolidated results of the Company and its subsidiaries (collectively referred to as the “Group”) for the six months ended 30 September 2019 with the corresponding comparative figures as follows:

DATE OF BOARD MEETING

The board of directors (the “Board”) of Magnus Concordia Group Limited (the “Company”) announces that a meeting of the Board of the Company will be held on Wednesday, 27 November 2019 for the purposes of, among other matters, approving the interim results of the Company and its subsidiaries for the six months ended 30 September 2019 and its publication, and considering the payment of an interim dividend, if applicable.

APPOINTMENT OF INDEPENDENT FINANCIAL ADVISER

Reference is made to the announcement of the Company dated 28 October 2019 in relation to, among others, the proposed Rights Issue of the Company and the Underwriting Agreement (the “Announcement”). Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Announcement.

(1) PROPOSED RIGHTS ISSUE OF RIGHTS SHARES ON THE BASIS OF ONE RIGHTS SHARE FOR EVERY TWO EXISTING SHARES HELD ON THE RECORD DATE AT HK$0.11 PER RIGHTS SHARE ON A NON-FULLY-UNDERWRITTEN BASIS; (2) CONNECTED TRANSACTION IN RELATION TO THE UNDERWRITING AGREEMENT; AND (3) CLOSURE OF REGISTER OF MEMBERS

The Company proposed to raise a gross proceed of up to approximately HK$219 million before expenses by way of the Rights Issue to the Shareholders. The Rights Issue involves the issue of up to 1,986,487,450 Rights Shares at the Subscription Price of HK$0.11 per Rights Share on the basis of one Rights Share for every two existing Shares in issue on the Record Date. The Rights Issue will only be available to the Qualifying Shareholders and will not be available to the Non-Qualifying Shareholders. The maximum net proceeds from the Rights Issue after deducting the expenses are estimated to be approximately HK$213 million.

DISCLOSURE UNDER RULE 13.18 OF THE LISTING RULES

This announcement is made pursuant to Rule 13.18 of the Listing Rules with respect to a revolving loan facility agreement for certain banking facilities with an aggregate amount up to HK$150 million entered into by certain subsidiaries of the Company with the Lender. The Facility Agreement imposes a specific performance obligation on certain controlling shareholders of the Company.