By 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.
Jun Yang Solar Power Investments Limited(Incorporated in Bermuda with limited liability)
(Stock Code: 397)
DISCLOSEABLE TRANSACTION: PROVISION OF THE LOAN TO AN INDIVIDUAL PROVISION OF THE LOANThe Board announces that, on 14 January 2014, the Lender entered into the Loan Agreement with the Borrower, pursuant to which the Lender agreed to grant to the Borrower the Loan with a principal amount of HK$30,000,000 for a term of 6 months. The Loan bears interest at the rate of 13.5% per annum.
LISTING RULES IMPLICATIONS
As the applicable percentage ratios calculated in accordance with Rule 14.07 of the Listing Rules are more than 5% but less than 25%, the provision of the Loan constitutes a discloseable transaction of the Company under Chapter 14 of the Listing Rules and is subject to notification and announcement requirements.
The board ("Board") of directors ("Directors") of Jun Yang Solar Power Investments Limited ("Company", together with its subsidiaries, the "Group") announces that on 14 January 2014, E Finance Limited ("Lender"), an indirect wholly-owned subsidiary of the Company as the lender, entered into a loan agreement ("Loan Agreement") with an independent individual ("Borrower") as the borrower, pursuant to which the Lender has agreed to grant a loan ("Loan") with the principal amount of HK$30,000,000 to the Borrower for a term of 6 months.
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The principal terms of the Loan Agreement are summarised as follows: Date of the Loan Agreement 14 January 2014
Drawdown date of the Loan
("Drawdown Date")
14 January 2014
Lender E Finance Limited, a limited company incorporated in the Hong Kong Special Administrative Region of the People's Republic of China (" Hon g Ko n g ") and an indirect wholly-owned subsidiary of the Company. E Finance Limited is a licensed money lender in Hong Kong under the Money Lenders Ordinance (Chapter 163 of the laws of Hong Kong).
Borrower An individual
To the best of the Directors' knowledge, information and belief, having made all reasonable enquiry, the Borrower is a third party independent of the Company and the connected persons (as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Stock Exchange") ("Listing Rules")) of the Company.
Loan A loan with the principal amount of HK$30,000,000.
Maturity date of the Loan
("Maturity Date")
The date falling the same calendar day on the sixth month after the Drawdown Date, and if such date is not a business day in Hong Kong, the immediately following business day.
Repayment The Borrower shall repay and/or settle the full amount of the
Loan and the interest accrued thereon on the Maturity Date.
Early repayment The Borrower may at any time after the drawdown of the
Loan by prior written notice prepay all or part of the Loan.
Interest Interest shall accrue at the rate of 13.5% per annum. Interest shall accrue daily and shall be payable on the Maturity Date, the date of early repayment or such earlier date as may be otherwise provided in the Loan Agreement.
The Loan is funded by internal resources of the Group.
The terms of the Loan Agreement have been arrived by the Lender and the Borrower after arm's length negotiation, having regard to the amount of the Loan.
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The Group is principally engaged in (i) solar energy business with a current focus on development, construction, operation and maintenance of power station projects; (ii) money lending business; and (iii) assets investment. Recently, the Group has set up a joint venture with various independent third parties for the investment in the money lending business in the People's Republic of China as disclosed in the Company's announcements dated 11 October 2013 and 17 October 2013.
REASONS FOR AND BENEFITS OF THE PROVISION OF THE LOANThe Directors are of the view that the granting of the Loan is in the Group's ordinary and usual course of business of the Lender. Having considered the financial background of the Borrower, the undertakings made by the Borrower in the Loan Agreement and the interest income to be brought to the Group, the Directors consider that the terms of the Loan Agreement are on normal commercial terms and are fair and reasonable and in the interest of the Company and its shareholders as a whole.
LISTING RULES IMPLICATIONS
As the applicable percentage ratios calculated in accordance with Rule 14.07 of the Listing Rules are more than 5% but less than 25%, the provision of the Loan constitutes a discloseable transaction of the Company under Chapter 14 of the Listing Rules and is subject to notification and announcement requirements.
On behalf of the Board
Chairman
14 January 2014
As at the date of this announcement, the executive Directors are Mr. Bai Liang, Mr. Jiang You, Mr. Siu Kam Chau and Mr. Peng Libin; and the independent non-executive Directors are Mr. Chan Chi Yuen, Mr. Chik Chi Man and Mr. Lam Wing Tai.
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