Core Viewpoint - The company, First Capital Group (01269), has signed a restructuring support agreement with initial participating creditors to facilitate a proposed debt restructuring plan under Hong Kong law, which includes options for cash repayment and issuance of new shares to creditors [1][2]. Group 1: Debt Restructuring Plan - The proposed debt restructuring allows creditors to choose between two cash repayment options: Option 1 involves a payment of 1.5% of the outstanding principal and accrued interest in five equal installments over five years; Option 2 involves a one-time payment of 1.0% of the outstanding principal and accrued interest within 90 days after the restructuring effective date or 30 days after the relevant claims are adjudicated, whichever is later [1]. - In addition to cash repayments, creditors will receive new shares equivalent to the outstanding principal and accrued interest, minus the cash repayment amount, calculated at the issuance price [1]. - A capital restructuring will occur prior to the issuance of new shares, which includes a share consolidation and/or change in par value, requiring approval from shareholders and the stock exchange [1]. Group 2: Settlement of Claims - Upon payment of the cash portion and issuance of new shares, all claims of participating creditors will be considered fully settled, and they will no longer be able to make claims against the company or any group member [2]. - During the put option period from the fifth to the eighth anniversary of the restructuring effective date, creditors may request to purchase up to 10% of the new shares at the issuance price or request the company to buy back the same percentage of new shares [2]. - During the subscription option period from the effective date to the third anniversary, investors may request to purchase up to 10% of the new shares at a price equal to the issuance price plus a 5% annual return, or the company may buy back the same percentage at that price [2]. Group 3: Asset Injection - As part of the proposed restructuring, investors will inject high-quality assets and businesses into the group to improve its financial condition, and the company will acquire shares or assets of target companies or establish joint ventures with them after the restructuring is completed [3].
首控集团(01269)建议债务重组