阿尔法企业 二零一八中期报告(18)

阿尔法企业 二零一八中期报告

Notes to the Unaudited Condensed Consolidated Financial Statements

For the six months ended 30 September 2018

2. BASIS OF PREPARATION (Continued)

Use of Proceeds

The total gross proceeds of the abovementioned share subscriptions and Open Offer was approximately H K$269.0 million (comprising approximately HK$250.0 million and approximately HK$19.0 million to be raised from the share subscriptions pursuant to the Share Subscription Agreement 1 and the Share Subscription Agreement 2, and the Open Offer, respectively), and, after excluding the expenses of approximately H K$35.7 million and other incidental costs to be incurred, the net proceeds was approximately HK$233.3 million.

The net proceeds were intended to be applied as follows:

(i) HK$147.0 million to settle, among other things, (a) the costs

in connection with the issuing of the winding up petitions

against the Company, the costs in connection with petitions

for the appointment of the Provisional Liquidators and their

appointments in H ong Kong and Bermuda, the Provisional

Liquidators’ costs and the costs of the Schemes; (b) the claims

of preferential creditors of the Company; and (c) the claims of

the creditors admitted under the Schemes (collectively, the

“Scheme Cash Consideration”);

(ii) H K$20.0 million to repay the outstanding amount due by the Company to Alpha pursuant to a working capital loan

agreement; and

(iii) the

remaining balance of H K$66.3 million to be used (a) to settle the cost associated with the capital reorganisation of the

Company prior to the said share subscriptions (if any); (b) to

settle the cost associated with the Delisting; and (c) as general

working capital of the Group.

As at 31 March 2018,

(i) approximately HK$147.0 million was used to settle the Scheme

Cash Consideration;

(ii) H K$20.0 million was used to repay the outstanding amount due by the Company to Alpha pursuant to a working capital

loan agreement; and

(iii) (a)

H K$42.0

million was used to settle the cost associated with the capital reorganisation of the Company prior to the said

share subscriptions; (b) HK$0.6 million was used to settle the

cost associated with the Delisting; and (c) HK$23.7 million was

used as general working capital of the Group.

In summary, the net proceeds were fully applied as intended. Please refer to the circular of the Company for further information in relation to the share subscriptions and the Open Offer.2.

269.0

250.0

19.0

35.7

233.3

(i) 147.0

(a)

(b)

(c)

(ii) 20.0

Alpha

(iii) 66.3 (a)

(b)

(c)

(i) 147.0

(ii) 20.0

Alpha

(iii) (a)

42.0

(b) 0.6

(c)

23.7

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