Oshidori Citizens Money Lending Corporation Limited 威華達民眾財務有限公司
Celebrate (ex-8212): liquidators FTI Consulting were appointed on 27-Jul-2020 (6 months ago)
Company announcement, 2-Feb-2021
Company announcement, 2-Feb-2021
Celebrate (8212) update
Company announcement, 2-Jul-2020
After Citizens (owned by Oshidori, 0622) on 12-May applied for winding-up in HCCW 95/2020, and after Manivest (appointed by Southwest, 0812) on 13-May applied for interim receivers in HCMP 469/2020, Citizens on 18-May applied to intervene in that case, to be heard on 18-Jun, but on 15-Jun Manivest applied to join HCCW 95/2020 and appoint their choice of liquidators, RSM, so on 18-Jun they withdrew HCMP 469/2020. The liquidation hearing is set for 9-Jul. Meanwhile on 19-Jun, Southwest wrote to the judge regarding the withdrawal, making what Celebrate calls "completely unfounded allegations against the Board… and other parties" and enclosing a chart. In response, the Board now adjourns the EGM requisitioned by Manivest (who have a 64.66% shareholding) to replace the Board which was scheduled for 3-Jul.
Company announcement, 2-Jul-2020
After Citizens (owned by Oshidori, 0622) on 12-May applied for winding-up in HCCW 95/2020, and after Manivest (appointed by Southwest, 0812) on 13-May applied for interim receivers in HCMP 469/2020, Citizens on 18-May applied to intervene in that case, to be heard on 18-Jun, but on 15-Jun Manivest applied to join HCCW 95/2020 and appoint their choice of liquidators, RSM, so on 18-Jun they withdrew HCMP 469/2020. The liquidation hearing is set for 9-Jul. Meanwhile on 19-Jun, Southwest wrote to the judge regarding the withdrawal, making what Celebrate calls "completely unfounded allegations against the Board… and other parties" and enclosing a chart. In response, the Board now adjourns the EGM requisitioned by Manivest (who have a 64.66% shareholding) to replace the Board which was scheduled for 3-Jul.
Master Glory (0275): winding up order
HK Court of First Instance, 1-Jun-2020
The 3 petitioners are all members of the China Huarong group. Of the supporting creditors, Advance Tech Ltd is owned by ITC Properties (0199) and Citizens Money Lending Corp Ltd is owned by Enerchina (0622). Justice Jonathan Harris writes that on the morning of the hearing, the company produced a "vague and unsophisticated" affirmation claiming that the "principal shareholder" (Allan Yap) is attempting to sell assets in the Mainland to settle debts. The judge calls the situation "ridiculous" and orders a winding-up.
HK Court of First Instance, 1-Jun-2020
The 3 petitioners are all members of the China Huarong group. Of the supporting creditors, Advance Tech Ltd is owned by ITC Properties (0199) and Citizens Money Lending Corp Ltd is owned by Enerchina (0622). Justice Jonathan Harris writes that on the morning of the hearing, the company produced a "vague and unsophisticated" affirmation claiming that the "principal shareholder" (Allan Yap) is attempting to sell assets in the Mainland to settle debts. The judge calls the situation "ridiculous" and orders a winding-up.
Celebrate (8212): Receiver Mr Tang Shing Tung, who was appointed by Citizens Money Lending Corp Ltd, resigns
Company announcement, 25-May-2020
Company announcement, 25-May-2020
Celebrate (8212): receivers of controlling shareholding seek interim receivers or transaction limit on Celebrate's assets
Company announcement, 15-May-2020
The summons was filed on 13-May-2020, the day after Citizens Money Lending Corp Ltd (owned by Oshidori, 0622) filed a petition seeking a winding-up. The receivers were appointed by Southwest Securities (0812) which provided a loan for the 2017 takeover by Michael Ng Kwok Wing (via Nieumarkt Investments Ltd), secured on the controlling shareholding.
Company announcement, 15-May-2020
The summons was filed on 13-May-2020, the day after Citizens Money Lending Corp Ltd (owned by Oshidori, 0622) filed a petition seeking a winding-up. The receivers were appointed by Southwest Securities (0812) which provided a loan for the 2017 takeover by Michael Ng Kwok Wing (via Nieumarkt Investments Ltd), secured on the controlling shareholding.
Citizens Money Lending Corp Ltd seeks winding-up of Celebrate (8212)
Company announcement, 14-May-2020
The winding-up petition was filed in the HK High Court on 12-May-2020. Citizens is wholly-owned by Oshidori (0622). The petition claims a debt of HK$27.16m pursuant to a loan agreement dated 25-Jan-2019. This comes just 7 days after the receivers of the controlling shareholding petitioned the court to appoint a receiver over the company's assets.
Company announcement, 14-May-2020
The winding-up petition was filed in the HK High Court on 12-May-2020. Citizens is wholly-owned by Oshidori (0622). The petition claims a debt of HK$27.16m pursuant to a loan agreement dated 25-Jan-2019. This comes just 7 days after the receivers of the controlling shareholding petitioned the court to appoint a receiver over the company's assets.
Celebrate (8212): Citizens Money Lending Corp Ltd appoints Mr Tang Shing Tung as Receiver of all assets
| Annual report
Company announcement, 4-Jul-2019
This is pursuant to a debenture created on 25-Jan-2019 and an alleged event of default. We note that Vincent Chow Chi Wah, INED of Celebrate since 31-Aug-2018, is Managing Director of Oshidori (0622), which owns the lender. In our view, directors of creditors, which are in a commercial relationship and rank ahead of shareholders on a liquidation of a company, should not also act as INEDs. Update: Celebrate's annual report at 30-Jun-2019 shows that it borrowed HK$100m under the facility and had invested $50m in Oshidori shares during the 6 months to June.
Company announcement, 4-Jul-2019
This is pursuant to a debenture created on 25-Jan-2019 and an alleged event of default. We note that Vincent Chow Chi Wah, INED of Celebrate since 31-Aug-2018, is Managing Director of Oshidori (0622), which owns the lender. In our view, directors of creditors, which are in a commercial relationship and rank ahead of shareholders on a liquidation of a company, should not also act as INEDs. Update: Celebrate's annual report at 30-Jun-2019 shows that it borrowed HK$100m under the facility and had invested $50m in Oshidori shares during the 6 months to June.
NIF (1227) proposes debt settlement with shares and CB issues
| Lapse
Company announcement, 9-Feb-2017
The now $30.8m debt was assigned on 20-Jun-2016 by Hansom Finance Ltd to Citizens Money Lending Corp Ltd. Unstated is that Hansom is owned by Freeman (0279), which sold Citizens to Enerchina (0622) on 19-Jul-2016. All companies are in what we call the "Chung Nam Network". NIF is a Chapter-21 investment company which holds shares in a number of CNN hub companies. Update: after several delays due to "additional disclosure requirements" and "prolonged review" by the Stock Exchange, the settlement lapsed on 31-Oct-2017 when "certain conditions" were not met.
Company announcement, 9-Feb-2017
The now $30.8m debt was assigned on 20-Jun-2016 by Hansom Finance Ltd to Citizens Money Lending Corp Ltd. Unstated is that Hansom is owned by Freeman (0279), which sold Citizens to Enerchina (0622) on 19-Jul-2016. All companies are in what we call the "Chung Nam Network". NIF is a Chapter-21 investment company which holds shares in a number of CNN hub companies. Update: after several delays due to "additional disclosure requirements" and "prolonged review" by the Stock Exchange, the settlement lapsed on 31-Oct-2017 when "certain conditions" were not met.
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