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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  361 DEGREES INTERNATIONAL LTD    1361   KYG884931042

361 DEGREES INTERNATIONAL LTD

(1361)
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361 DEGREES INTERNATIONAL : Announcements and Notices - Clarification Announcement Interest Payment of the Notes and the Partial Repurchase of the Notes

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06/06/2019 | 05:23am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information purposes only and is not an offer to sell or the solicitation of an offer to buy any securities and neither this announcement nor anything in it forms the basis for any contract or commitment whatsoever. Neither this announcement nor any copy of it may be taken into or distributed in the United States.

The information contained in this announcement is not for distribution, directly or indirectly, in whole or in part, in or into the United States. This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Notes and the Subsidiary Guarantees mentioned in this announcement have not been, and will not be, registered under the Securities Act. The Notes and the Subsidiary Guarantees may not be offered or sold in the United States except pursuant to registration or an exemption from the registration requirements of the Securities Act.

361 Degrees International Limited

361 度國 際有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1361)

US$400,000,000 7.25% SENIOR UNSECURED NOTES DUE 2021

(Bond Code: 5662)

CLARIFICATION ANNOUNCEMENT

INTEREST PAYMENT OF THE NOTES

AND

THE PARTIAL REPURCHASE OF THE NOTES

Reference is made to the announcements of 361 Degrees International Limited (the "Company") dated 18 May 2016, 24 May 2016 and 3 June 2016 (the "Announcements") regarding the issue of US$400,000,000 7.25% senior unsecured notes due 2021 (the "Notes"). Capitalised terms used in herein shall have the same meanings as those defined in the Announcements unless otherwise stated.

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INTEREST PAYMENT OF THE NOTES

The Company has recently received certain enquiries regarding the latest semi-annual interest payments due under the outstanding Notes.

The Board confirms that the Company has paid the semi-annual interest payment due for payment on 28 May 2019 to the Trustee for the outstanding Notes, which the Trustee has already confirmed receipt. The Company has also obtained confirmation that both Euroclear and Clearstream have released the funds to the Notes holders on 3 June 2019.

PARTIAL REPURCHASE OF THE NOTES

The Board announces that as at the date of this announcement, the Company has partially repurchased an aggregate principal amount of US$11,000,000 of the Notes in the open market for a net consideration of approximately US$9.945 million, which was settled on 3 June 2019. All the repurchased Notes have been cancelled.

Upon completion of the cancellation, the outstanding principal amount of the Notes is US$389,000,000.

The Company always aims to optimise its financing cost, thus may further repurchase the outstanding Notes in the open market if and when appropriate, taking into account factors such as market conditions and price of the Notes.

Shareholders and potential investors should note that any further repurchase of the Notes may or may not be done, subject to market conditions and at the Board's absolute discretion. There is no assurance of the timing, quantity or price of any repurchase of the Notes. Shareholders and potential investors should therefore exercise caution when dealing in the shares of the Company.

By order of the board of directors of

361 Degrees International Limited

Ding Huihuang

Chairman

Hong Kong, 6 June 2019

As at the date of this announcement, the board of directors of the Company comprises four executive directors, namely Mr. Ding Wuhao, Mr. Ding Huihuang (Chairman), Mr. Ding Huirong and Mr. Wang Jiabi, and three independent non-executive directors, namely, Mr. Li Yuen Fai Roger, Dr. Liao Jianwen and Mr. Hon Ping Cho Terence.

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Disclaimer

361 Degrees International Ltd. published this content on 06 June 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 06 June 2019 09:22:08 UTC

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Financials (CNY)
Sales 2019 5 591 M
EBIT 2019 866 M
Net income 2019 454 M
Finance 2019 3 993 M
Yield 2019 6,86%
P/E ratio 2019 6,12x
P/E ratio 2020 5,90x
EV / Sales2019 -0,21x
EV / Sales2020 -0,26x
Capitalization 2 802 M
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Mean consensus BUY
Number of Analysts 6
Average target price 1,98  CNY
Last Close Price 1,36  CNY
Spread / Highest target 66,1%
Spread / Average Target 46,3%
Spread / Lowest Target 25,2%
EPS Revisions
Managers
NameTitle
Wu Hao Ding President & Executive Director
Hui Huang Ding Chairman
Mun Duen Choi Chief Financial Officer & Secretary
Hui Rong Ding Executive Director & Vice President
Jia Bi Wang Executive Director & Vice President
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