CHANGE IN USE OF PROCEEDS Sample Clauses

CHANGE IN USE OF PROCEEDS. Reference is made to the announcement of the Company dated 10 July 2019, in relation to, among other matters, the change in the use of un-utilised proceeds (the “Un-utilised Proceeds”) from the placing of new Shares completed on 22 December 2016. The Group believed that it would be in the interests of the Company and the Shareholders to re-allocate the intended use of the Un-utilised Proceeds to segments where revenue can be generated sooner and that approximately HK$567.6 million is to be applied for potential investment opportunities in the Fintech industry, of which USD50 million (equivalent to approximately HK$390 million) is to be applied to the subscription of shares in Bronzelink Holdings Limited (please refer to announcement of the Company dated 19 July 2019 for details). As the trade war between the United States and China seems to be intensifying and the general business environment in Hong Kong is not very encouraging recently, the Group considered that it is important to diversify its investment and revenue streams. In view of this, the Board has decided to re-allocate approximately HK$163.8 million of out the abovementioned HK$567.6 million to the Cooperation Agreement and establishment of the Joint Venture. Having considered the factors above, the Board is of the view that the Cooperation Agreement is an attractive investment that will fit into the Group’s business strategy and bring positive returns to the Group in the long run; thus, the Board considers that the Cooperation Agreement is in the interests of the Company and the Shareholders as a whole.
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CHANGE IN USE OF PROCEEDS. Reference is made to the circular of the Company dated 28 July 2021 (the “Circular”) in relation to the Subscription, which set out, among other things, the intended use of the net proceeds from the Subscription. The net proceeds from the Subscription amounted to approximately HK$37.7 million. As at the date of this announcement, save for the repayment of bank loans amounting to approximately HK$22.0 million, the remaining net proceeds have not yet been utilised. Having carefully considered the current business environment and development needs of the Group, the Board has resolved to change the proposed use of the unutilised net proceeds in the amount of approximately HK$10.0 million, which was originally allocated for establishing two retail outlets to expand the sales channels for the food ingredients of the Group to the retail market, to (i) the capital expenditure for leasehold improvements, furniture, fixtures and equipment in respect of the New Openings; and (ii) the working capital purposes to support the operation of its catering business. Planned use Actual use of Unutilised of the net net proceeds net proceeds Proposed proceeds as up to the up to the reallocation shown in the date of this date of this of unutilised CircularHK$ million announcementHK$ million announcement net proceeds HK$ million HK$ million General working capital Capital expenditure for the New Openings 5.7 – – – 5.7 – 5.7 5.5 Working capital for the catering business – – – 4.5 37.7 22.0 15.7 15.7 Reasons for the change in use of proceeds from the Subscription As at the date of this announcement, the Group is yet to identify suitable business premises for the setting up of the retail outlets as disclosed in the Circular. Given that the business and economic condition in Hong Kong has persistently been affected by the outbreak of Coronavirus Disease 2019 since January 2020 and the prospects of the food retail industry remain uncertain, the Board considers that a more cautious approach in relation to the execution of the Group’s plan in respect of establishment of retail outlets in Hong Kong should be adopted. Against this backdrop, the Board considered diversifying the Group’s business risk by further expanding its business into the Greater Bay Area market with substantial consumer groups and catering-related downstream business. The Board believes that the unutilised net proceeds should be re-allocated for its catering business, which is in line with the business strategies of t...
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CHANGE IN USE OF PROCEEDS. Reference is made to the announcement of Universe International Holdings Limited (the “Company”) dated 27 August 2015 (the “Announcement”) in relation to the disclosable transaction concerning the acquisition of 49% of the issued share capital of Glory International Entertainment Limited. Unless otherwise stated, capitalised terms used herein shall have the same meanings as those defined in the Announcement.
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CHANGE IN USE OF PROCEEDS. Reference is made to the Circular of the Company dated 24 June 2015 in relation to, among others, the Placing and the Rights Issue, and the Announcement. As stated in the Announcement, the Board had resolved to reallocate the proceeds from the Placing that were planned to settle the balance of the Final Consideration, i.e. a maximum of HK$18.3 million, to the provision of short terms loans under the Group’s money lending business. As at the date of this announcement, the Group has received the repayment of all the principal and interests of such short terms loans. Since the Final Consideration is now capped at HK$36,750,000, which is equal to the Initial Consideration, the Company does not have to make any further payment to the Vendor. Therefore, the Board has resolved to reallocate the aforesaid HK$18.3 million as general working capital of the Group.
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CHANGE IN USE OF PROCEEDS. Reference is made to the announcements made by the Company on 11 December 2015, 8 April 2016, 11 May 2016 (the “Announcements”), the circular published by the Company dated 27 December 2015 (the “Circular”) and the Annual Report 2016 of the Company (the “Annual Report”). Defined terms used herein shall have the same meanings as those defined in the Announcements, the Circular and the Annual Report, unless otherwise specified. UPDATES ON THE USE OF PROCEEDS FROM THE SUBSCRIPTION COMPLETED ON 11 MAY 2016 As disclosed in the Circular, the gross proceeds from the issue of the Subscription Shares pursuant to the Subscription Agreement were approximately HK$2,267,525,000. The net proceeds from the issue of the Subscription Shares pursuant to the Subscription Agreement, after deduction of expenses and professional fees, amounted to approximately HK$2,261,000,000 (the “Subscription Proceeds”), amongst which approximately HK$1,127.63 million had been utilised as at 31 December 2016. The breakdown of the Company’s actual use of the Subscription Proceeds as at 31 December 2016, the actual use of the Subscription Proceeds from the date of completion of the Subscription to 31 December 2016 and the actual use of the Subscription Proceeds from 31 December 2016 up to the date of this announcement are as follows: Actual use of the Such net proceeds are intended to be used for the following purposes: Proposed use of the Subscription Proceeds as disclosed in the Circular HK$ million (approximately) Subscription Proceeds from the date of completion of the Subscription to 31 December 2016 HK$ million (approximately) Actual use of the Subscription Proceeds from 31 December 2016 to the date of this announcement HK$ million (approximately) Research and development which will 500 341.18 158.82 primarily be used to upgrade the Group’s TV products including but not limited to Curved TV, OLED TV, high colour domain TV like Quantum Dot TV, Slim TV, HDR (High Dynamic Range), etc Overseas market expansion in countries 400 135.29 60.77 tentatively targeting with high population including but not limited to India and Brazil, etc. Automation and technology and process 300 91.16 90.30 as at the date hereof but tentatively the mergers and acquisitions target should have synergy with the Group’s existing businesses in terms of R&D, supply chains, production, sales, user base and APRU value, etc.) Repayment of loans 500 500 0 General working capital 60 60 0 Total 2,260 1,127.63 309.89 As at th...
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CHANGE IN USE OF PROCEEDS. Based on the information currently available and the Board’s estimation of the future market condition, the Board has on 22 September 2017 resolved to reallocate and utilise the unutilised Subscription Proceeds in the following manner: Intended use Overseas market expansion in countries tentatively targeting with New allocation of the unutilised Subscription Proceeds HK$ million (approximately) high population including but not limited to India and Brazil, etc. 176.00 Repayment of loans 618.54 General working capital 27.94 Total of unutilised Subscription Proceeds 822.48 Whilst as disclosed in the Circular it was originally intended that a sum of HK$500 million was to be used for mergers and acquisitions, the Group has not been able to identify suitable target for mergers and acquisitions. Further, upon review and having considered the business development plan of the Group, the Board considers that the Group’s use of proceeds on automation and technology and process improvement is sufficient to meet the need of the Group in the near future. Thus with a view to reasonably utilise the Subscription Proceeds in a more effective and efficient manner, the Board has resolved that such utilised Subscription Proceeds in the sum of approximately HK$618.54 million originally allocated for mergers and acquisitions and automation and technology and process improvement be reallocated to repayment of loans, which would reduce the finance and interest expenses of the Group arising from such loans. Having considered the business plan of the Group in entrenching development in overseas market, the Board considers that a further sum of approximately HK$176 million will be sufficient for the need of overseas market expansion in countries tentatively targeting with high population including but not limited to India and Brazil, etc. and hence it is resolved that the remaining balance of proceeds originally allocated for such purpose be reallocated to general working capital. It is expected that all the unutilised Subscription Proceeds will be used in the financial year ending 31 December 2017. The Board has considered the impact of the proposed change in the use of the Subscription Proceeds on the Group’s business and believes that, in view of the Group’s operation and business updates, the reallocation of the unutilised Subscription Proceeds will facilitate efficient allocation of financial resources and strengthen the future development of the Group, and it is appropriate an...
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CHANGE IN USE OF PROCEEDS. The Shares were listed on the Stock Exchange on 10 December 2020 and the Net Proceeds raised from the Global Offering amounted to approximately HK$1,656.6 million, among which HK$480.4 million was allocated for funding the development of the batoclimab (HBM9161), which is a core product of the Company. Given that the Company entered into the License Agreement in licensing-out its core product (batoclimab (HBM9161)), the Board has resolved to re-allocate its unutilised Net Proceeds allocated for batoclimab (HBM9161) accordingly. This announcement is made by the Company pursuant to Rule 13.09 of the Listing Rules and Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong). The Board is pleased to announce that on 10 October 2022, Shanghai HBM (as the licensor) and NBP Pharma (as the licensee) entered into the License Agreement, pursuant to which Shanghai HBM granted NBP Pharma an exclusive license under the Licensed Technology to develop, manufacture and commercialize the Licensed Products, one of the core products of the Company and was developed as a breakthrough treatment for a wide spectrum of autoimmune diseases in Greater China. THE LICENSE AGREEMENT The principal terms of the License Agreement are set out below: Date: 10 October 2022 Parties: (i) Shanghai HBM (as the licensor)
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CHANGE IN USE OF PROCEEDS. If the Company determines that less than 95% of the proceeds of the Bonds will be used with respect to the Project as required by Section 144(a) of the Code or a change in use of the Project occurs such that the Project would no longer qualify for financing under Section 144(a) of the Code, the Company will call Bonds (or establish a defeasance escrow for the retirement of the Bonds) in an amount and at the time required pursuant to Section 1.142-2 of the Regulations.
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Related to CHANGE IN USE OF PROCEEDS

  • Use of Proceeds The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in the Prospectus under “Use of Proceeds.”

  • Allocation of Proceeds If an Event of Default shall exist and maturity of any of the Obligations has been accelerated, all payments received by the Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the following order and priority:

  • Use of Proceeds; Margin Regulations The Company will apply the proceeds of the sale of the Notes to refinance existing Debt and for general corporate purposes of the Company. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 5% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

  • Disposition of Proceeds The Security Documents contain an assignment by the Borrower and/or the Guarantors unto and in favor of the Collateral Agent for the benefit of the Lenders of all of the Borrower’s or each Guarantor’s interest in and to their as-extracted collateral in the form of production and all proceeds attributable thereto which may be produced from or allocated to the Mortgaged Property. The Security Documents further provide in general for the application of such proceeds to the satisfaction of the Obligations described therein and secured thereby. Notwithstanding the assignment contained in such Security Documents, until the occurrence of an Event of Default, (a) the Administrative Agent and the Lenders agree that they will neither notify the purchaser or purchasers of such production nor take any other action to cause such proceeds to be remitted to the Administrative Agent or the Lenders, but the Lenders will instead permit such proceeds to be paid to the Borrower and its Subsidiaries and (b) the Lenders hereby authorize the Administrative Agent to take such actions as may be necessary to cause such proceeds to be paid to the Borrower and/or such Subsidiaries.

  • Application of Proceeds The Collateral Agent shall apply the proceeds of any collection, sale, foreclosure or other realization upon any Collateral, including any Collateral consisting of cash, as follows: FIRST, to the payment of all costs and expenses incurred by the Administrative Agent or the Collateral Agent (in their respective capacities as such hereunder or under any other Loan Document) in connection with such collection, sale, foreclosure or realization or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent or the Administrative Agent hereunder or under any other Loan Document on behalf of any Grantor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; SECOND, to the payment in full of Unfunded Advances/Participations (the amounts so applied to be distributed between or among the Administrative Agent, any Swingline Lender and any Issuing Bank pro rata in accordance with the amounts of Unfunded Advances/Participations owed to them on the date of any such distribution); THIRD, to the payment in full of all other Obligations (the amounts so applied to be distributed (subject to the first proviso to Section 3.01 and clause (B) of the first proviso to Section 4.01(a)) among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and FOURTH, to the Grantors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof.

  • Collection of Proceeds 3.1 Debtor agrees to collect and enforce payment of all Collateral until Bank shall direct Debtor to the contrary. Immediately upon notice to Debtor by Bank and at all times after that, Debtor agrees to fully and promptly cooperate and assist Bank in the collection and enforcement of all Collateral and to hold in trust for Bank all payments received in connection with Collateral and from the sale, lease or other disposition of any Collateral, all rights by way of suretyship or guaranty and all rights in the nature of a lien or security interest which Debtor now or later has regarding Collateral. Immediately upon and after such notice, Debtor agrees to (a) endorse to Bank and immediately deliver to Bank all payments received on Collateral or from the sale, lease or other disposition of any Collateral or arising from any other rights or interests of Debtor in the Collateral, in the form received by Debtor without commingling with any other funds, and (b) immediately deliver to Bank all property in Debtor's possession or later coming into Debtor's possession through enforcement of Debtor's rights or interests in the Collateral. Debtor irrevocably authorizes Bank or any Bank employee or agent to endorse the name of Debtor upon any checks or other items which are received in payment for any Collateral, and to do any and all things necessary in order to reduce these items to money. Bank shall have no duty as to the collection or protection of Collateral or the proceeds of it, nor as to the preservation of any related rights, beyond the use of reasonable care in the custody and preservation of Collateral in the possession of Bank. Debtor agrees to take all steps necessary to preserve rights against prior parties with respect to the Collateral. Nothing in this Section 3.1 shall be deemed a consent by Bank to any sale, lease or other disposition of any Collateral.

  • Distribution of Proceeds In the event that, following the occurrence and during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Loan Documents, or otherwise with respect to the realization upon any of the assets of the Borrower or the Guarantors, such monies shall be distributed for application as follows:

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