Annual Report - QuamIR
Annual Report - QuamIR
Annual Report - QuamIR
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<strong>Report</strong> of the Directors (Continued)<br />
<br />
Continuing Connected Transactions (Continued)<br />
(ii) Guarantees to CRE and its subsidiaries (Continued)<br />
b. Loan Facilities (Continued)<br />
(2) Standby term loan facility<br />
<br />
(ii) <br />
<br />
b. <br />
(2) <br />
Date<br />
: 8 July 2008 and renewed on<br />
8 December 2009<br />
<br />
<br />
<br />
<br />
Borrower<br />
: CRE<br />
<br />
<br />
Amount<br />
: A standby facility of up to HK$200<br />
million was granted by the<br />
Company to CRE for carrying out<br />
the alternative energy business<br />
where external financing is<br />
insufficient or not obtained.<br />
<br />
<br />
<br />
200,000,000 <br />
<br />
<br />
<br />
<br />
Availability<br />
: The facility is available from 8 July<br />
2009 to 31 December 2009 and<br />
from 1 January 2010 to 31<br />
December 2011 after renewal.<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Repayment<br />
: On demand within 7 days’ written<br />
notice by the Company to CRE,<br />
provided no demand shall be made<br />
in the first year of drawdown.<br />
Where external borrowings are<br />
obtained by CRE in substitution for<br />
the facility, CRE shall forthwith<br />
repay the Company a sum<br />
equivalent to the borrowings<br />
together with interest accrued<br />
thereon.<br />
<br />
<br />
7<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Security<br />
: Nil<br />
<br />
<br />
Interest<br />
: Interest will accrue at annual rate of<br />
2% above the prevailing prime<br />
lending rate and payable monthly in<br />
arrears.<br />
<br />
<br />
2<br />
<br />
Expiry<br />
: The facility expired on 31 December<br />
2011.<br />
<br />
<br />
<br />
<br />
•<br />
63
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