I haven't posted this on the 'investment?' thread, it's descended into a lot of silly assertions so here's the reality.
I downloaded relevant docs from HK exchange.
On 29 May IEC have called for an EGM whereby there will be a vote by shareholders to accept or not the sale of our club to a recently established company 'Next Leader Fund, L.P' and also which through one of his companies is Dr Stanley is a partner.
Both of NLL and Widespread Success Limited are wholly-owned by Mr. Au Yeung Wai Kay.
"Mr. Au Yeung Wai Kay has relevant experience in business operations management and
business leadership as he has worked in commodity and real estate investment management in Asia. Mr. Au Yeung Wai Kay has been operating an amateur football team for more than 15
years, winning several awards in amateur football league. Mr. Au Yeung was one of the youth
team members of professional football team, namely Sing Tao Sports Club, and has intensive
youth development experience."
IEC will make a loan to the club for working capital;
The principal terms of the Loan Agreement are set out as below:
Parties (I) the Company, as the lender
(ii) the Club, as the borrower
Loan facility : An aggregate principal amount of GBP28.77 million (equivalent to
approximately HK$277.63 million)
Repayment date : The date falling 12 months after the date of the Loan Agreement
The Company shall be entitled to demand repayment of the together with all accrued interest and all other monies outstanding in connection with the Loan Agreement at any before the repayment date described above by giving not less 21 days’ prior notice in writing to the Club.
Interest : 8% per annum Interest period : 6 months
I downloaded relevant docs from HK exchange.
On 29 May IEC have called for an EGM whereby there will be a vote by shareholders to accept or not the sale of our club to a recently established company 'Next Leader Fund, L.P' and also which through one of his companies is Dr Stanley is a partner.
Both of NLL and Widespread Success Limited are wholly-owned by Mr. Au Yeung Wai Kay.
"Mr. Au Yeung Wai Kay has relevant experience in business operations management and
business leadership as he has worked in commodity and real estate investment management in Asia. Mr. Au Yeung Wai Kay has been operating an amateur football team for more than 15
years, winning several awards in amateur football league. Mr. Au Yeung was one of the youth
team members of professional football team, namely Sing Tao Sports Club, and has intensive
youth development experience."
IEC will make a loan to the club for working capital;
The principal terms of the Loan Agreement are set out as below:
Parties (I) the Company, as the lender
(ii) the Club, as the borrower
Loan facility : An aggregate principal amount of GBP28.77 million (equivalent to
approximately HK$277.63 million)
Repayment date : The date falling 12 months after the date of the Loan Agreement
The Company shall be entitled to demand repayment of the together with all accrued interest and all other monies outstanding in connection with the Loan Agreement at any before the repayment date described above by giving not less 21 days’ prior notice in writing to the Club.
Interest : 8% per annum Interest period : 6 months