WCC West China

 

TIDMWCC 
 
RNS Number : 7799I 
West China Cement Limited 
18 March 2010 
 

  West China Cement Limited (the "Company" or "WCC") 
 
 Refinancing of loan 
                                    facility 
                                  18 March 2010 
 
 
 WCC (AIM: WCC), a leading cement producer and distributor in the Shaanxi 
province of the People's Republic of China, announces that it has, on 9 March 
2010, finalized the previously announced repayment of the US$60 million term 
loan facility originally entered into on 29 May 2008 (the "Existing Facility") 
and that Mr. Zhang Jimin has entered into certain personal security 
agreements. 
 
 The Existing Facility has been refinanced through the 
borrowing of a new term loan facility in an aggregate principal amount up to 
US$50 million (the "New Facility") and entered into between, among others, WCC 
and Industrial and Commercial Bank of China (Asia) Limited ("ICBC (Asia)") and 
Industrial and Commercial Bank of China (Macau) Limited. The balance of the 
Existing Facility and all other outstanding amounts due under or in connection 
with the Existing Facility was repaid by WCC using internally generated 
resources. 
 
 In consideration of ICBCI Holdings agreeing to enter into the 
Facility Agreement, a second priority security interest agreement over 
19,393,776 shares in WCC held by Mr. Zhang Jimin, a personal guarantee and a 
negative pledge have been entered into by Mr. Zhang Jimin in favour of ICBCI 
Holdings. The security interest agreement and the personal guarantee have been 
executed and the terms of the pledge are currently being 
finalised. 
 
 Interest is payable on the New Facility at a percentage rate 
equal to LIBOR plus 3%. The New Facility shall be repaid in four equal 
semi-annual instalments. In the event of a listing of WCC's shares on the main 
board of the Stock Exchange of Hong Kong Limited, WCC will be required to prepay 
50% of the New Facility. 
 
 Commenting on the New Facility, Mr Jimin Zhang, 
CEO said "WCC will be able to repay the New Facility out of its internally 
generated resources even in the event of the Proposed Re-listing without a 
fundraising." 
 
 On 5 March 2010, WCC announced details of the Company's 
proposed listing (the "HKEx Listing") on the main board of the Stock Exchange of 
Hong Kong Limited and notice of the Company's annual general meeting ("AGM") to 
be held on 31 March 2010. At the AGM, Shareholders' approval will be sought, 
inter alia, to approve specific resolutions in relation to the proposed HKEx 
Listing, including a resolution to cancel the admission of the Company's shares 
to trading on AIM (the "De-Listing"). The Resolutions are conditional on the 
HKEx Listing taking place. The Directors expect the HKEx Listing and the 
De-Listing to take place between on or around 24 May 2010. 
 
 The De-Listing 
and HKEx Listing expected dates are the earliest expected dates and are subject 
to change. The timing of the De-Listing is contingent on the HKEx Listing. In 
the event that these dates are revised, the Company will make an appropriate 
announcement and the final dates will be confirmed not less that ten clear 
business days in advance of the relevant date. 
 
 
 For further 
information, please contact: 
 
 West China Cement Limited 
 
 Po Ling 
Low, Tel: +86 139 1088 6649 
 Anthony Schindler, Tel: +44 7710 1789 
28 
 
 NCB Stockbrokers Limited 
 Christopher Caldwell, Tel: +44 20 7071 
5200 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 STRKVLBFBXFLBBX 
 

West China (LSE:WCC)
Historical Stock Chart
From Jun 2024 to Jul 2024

West China (LSE:WCC)
Historical Stock Chart
From Jul 2023 to Jul 2024