Annual Report 2022

26 SHOUGANG CENTURY HOLDINGS LIMITED 首佳科技製造有限公司 MANAGEMENT DISCUSSION AND ANALYSIS 管理層論述及分析 可換股債券 於二零一八年十二月十八日，本公司與京西控 股（關連人士及首鋼基金的全資附屬公司）訂立 認購協議，據此，本公司發行而京西控股認購 本金額最高為港幣 150,000,000 元的可換股債 券。年利率為 4.0% 而換股價為每股股份港幣 0.33 元，可自發行日六個月起開始轉換，直至 期末。期限由發行日起三年，可由京西控股延 長兩次，每次一年至二零二四年二月十一日當 日。 換股價乃由本集團與京西控股參考股份的現 行市價經公平磋商後釐定。於二零一九年二月 十一日，發行可換股債券完成。認購事項所得 款項淨額（經扣除成本及開支約港幣 1 百萬元 後）約為港幣 149 百萬元及預期用作下列用途： (i) 約港幣 37.3 百萬元用於償還本集團利率較高 的計息貸款（首控香港及其關聯方提供的貸款 除外）； (ii) 約港幣 110 百萬元用於為滕州東方二 期項目的資本投資提供資金，惟受限於建設成 本及補充滕州東方及嘉興東方的生產需求所需 時間；及 (iii) 所得款項餘額約港幣 1.7 百萬元用 於補充一般營運資金。 於二零二零年十二月三十一日，本集團已全 部動用上述所得款項。於二零二一年十二月 三十一日後，本公司收到京西控股發出的延期 通知以延長到期日至二零二三年二月十一日， 並且收到轉換通知以按換股價為每股換股股份 港幣 0.33 元轉換本金額為港幣 24,000,000 元 之可換股債券。換股股份於二零二二年二月發 行。 於二零二三年二月，可換股債券到期。本公司 已按照可換股債券的條款及條件，悉數贖回 未償還本金額港幣 126,000,000 元之可換股債 券。 Convertible Bonds On 18 December 2018, the Company entered into the Subscription Agreement with Jingxi Holdings (a related party and a wholly-owned subsidiary of Shougang Fund) whereby the Company issued and Jingxi Holdings subscribed for the Convertible Bonds in the principal amount of HK$150,000,000. The interest rate is 4.0% per annum while Conversion Price is HK$0.33 per Share, with conversion available commencing 6 months from issuance date till end of term. Tenor is 3 years from issuance date which can be extended by Jingxi Holdings for one year twice to the date falling on 11 February 2024. The Conversion Price was arrived at after arm’s length negotiations between the Group and Jingxi Holdings with reference to the prevailing market prices of the Shares. On 11 February 2019, the issuance of the Convertible Bonds was completed. The net proceeds from the Subscription, after deducting the costs and expenses of approximately HK$1 million, are approximately HK$149 million and are expected to be used as follows: (i) as to approximately HK$37.3 million for repaying interest-bearing borrowings with higher interest rate of the Group (excluding borrowings provided by Shougang HK and its related party(ies)); (ii) as to approximately HK$110 million for funding the capital investment for the TESC Phase II Project subject to the construction cost and time needed to supplement the production need for both TESC and JESC; and (iii) as to approximately HK$1.7 million, being the remaining proceeds for supplementing general working capital. As at 31 December 2020, the Group had fully utilised the aforesaid proceeds. Subsequent to 31 December 2021, the Company received from Jingxi Holdings an extension notice to extend the maturity date to 11 February 2023 and a conversion notice to convert the Convertible Bonds in the principal amount of HK$24,000,000 at the Conversion Price of HK$0.33 per Conversion Share. The Conversion Shares were issued in February 2022. In February 2023, the Convertible Bonds matured. The Company has made full redemption of outstanding principal amount of HK$126,000,000 of the Convertible Bonds, in accordance with the terms and conditions of the Convertible Bonds.