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.
i-CONTROL HOLDINGS LIMITED
超智能控股有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock code: 1402)
SUPPLEMENTAL ANNOUNCEMENT
IN RELATION TO
USE OF PROCEEDS DISCLOSED IN THE ANNUAL REPORT
Reference is made to (i) the annual report of i-Control Holdings Limited (the "Company", together with its subsidiaries, the "Group") for the year ended 31 March 2019; (ii) the Company's interim report for the six months ended 30 September 2019; and (iii) the Company's annual report for the year ended 31 March 2020 (the "2020 Annual Report"). Unless the context requires otherwise, capitalised terms used in this supplemental announcement shall have the meanings as they are used in the 2020 Annual Report.
The board (the "Board") of directors (the "Directors") of the Company would like to provide the following additional information in relation to the use of the net proceeds raised from the Placing (the "Net Proceeds") as set out below.
BREAKDOWN AND PURPOSE OF USE
Set out below is a breakdown of the planned use of the Net Proceeds and the unused amount thereof up to 31 March 2020:
Planned use of | Change | ||||
Net Proceeds | in use of | ||||
as stated in | Net Proceeds | ||||
the prospectus | resolved on | Unused Net Proceeds as at | |||
dated 14 May | 30 March | 31 March | 30 September | 31 March | |
2015 | 2017 | 2019 | 2019 | 2020 | |
HK$ million | HK$ million | HK$ million | |||
To recruit experienced sales staff to | |||||
expand the VCMA solution business | |||||
in Hong Kong | 11.5 | 4.4 | - | - | - |
To acquire a new warehouse | |||||
in Hong Kong | 32.7 | 5.0 | - | - | - |
To set up new regional offices with | |||||
showrooms in Beijing, Shanghai | |||||
and Singapore | 13.7 | (11.4) | - | - | - |
1
Planned use of | Change | |||||||||
Net Proceeds | in use of | |||||||||
as stated in | Net Proceeds | |||||||||
the prospectus | resolved on | Unused Net Proceeds as at | ||||||||
dated 14 May | 30 March | 31 March | 30 September | 31 March | ||||||
2015 | 2017 | 2019 | 2019 | 2020 | ||||||
HK$ million | HK$ million | HK$ million | ||||||||
To carry out marketing and promotion | ||||||||||
activities on both traditional and | ||||||||||
new media platforms to improve | ||||||||||
public awareness of the Group and | ||||||||||
further strengthen its position in | ||||||||||
Hong Kong, the PRC and Singapore | 2.4 | - | - | - | - | |||||
To upgrade the computer system and | ||||||||||
other office facilities | - | 2.0 | 1.7 | 1.7 | 1.2 | |||||
For working capital and other | ||||||||||
general corporate purposes | 6.0 | - | - | - | - | |||||
66.3 | - | 1.7 | 1.7 | 1.2 | ||||||
REMAINING NET PROCEEDS
As disclosed in the 2020 Annual Report and set out above, the whole of the Net Proceeds has been utilized before 30 March 2019 save for the amount which the Company resolved on 30 March 2017 to allocate to upgrading of the computer system and other office facilities.
Out of the amount so allocated a sum of HK$1.7 million remained unutilized as at 30 September 2019. As disclosed in the listing document of the Company dated 13 December 2019 in relation to the transfer of listing from GEM of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") to the Main Board of the Stock Exchange, the Company expected to utilize such amount by 31 March 2020. However, given the outbreak of COVID-19, the Company delayed the incurring of expenses for the upgrade to preserve the cash position of the Group and HK$1.2 million remained unutilized as at 31 March 2020. It is expected that this remaining amount will be utilized by the year ending 31 March 2021 depending on the development of COVID-19 and its impact on the economic conditions in Hong Kong and the PRC.
The information contained in this supplemental announcement does not affect other information contained in the 2020 Annual Report and save as disclosed above, all other information in the 2020 Annual Report remains unchanged.
2
Save as disclosed above, there is no material delay or change in the use of proceeds from the Placing. Further announcement(s) will be made by the Company in relation to the use of the remaining Net Proceeds as and when appropriate.
By order of the Board
i-Control Holdings Limited
Tong Sai Wong
Director
Hong Kong, 14 August 2020
As at the date of this announcement, the executive Directors are Mr. Zhong Naixiong, Mr. Yau Wing Keung, Mr. Tong Sai Wong, Mr. Chan Wing Yiu and Mr. Chan Wing Lun; the non-executive Director is Dr. Wong King Keung and the independent non-executive Directors are Mr. Fong Chi, Mr. Fung Chan Man Alex, Mr. Lum Pak Sum and Mr. Mong Cheuk Wai.
3
Attachments
- Original document
- Permalink
Disclaimer
i-Control Holdings Ltd. published this content on 14 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2020 09:17:03 UTC