i-CABLE Communications Limited announced that it has entered into 2021 LCS subscription agreement with returning investor, Forever Top (Asia) Ltd. for a private placement of unlisted long-term convertible bonds in the principal amount of HKD 200,000,000 on January 27, 2021. The bonds bear a coupon of 2% per annum, payable quarterly and will mature on the end of 10th year from the date of issuance. The bonds are redeemable and are convertible into 2,941,176,470 common shares representing 29.2% stake at an initial conversion price of HKD 0.068 per share. The transaction is subject to all approvals, consents and qualifications necessary to complete the transactions contemplated thereby at the completion of the 2021 LCS subscription agreement, the approval from the independent shareholders at the general meeting. The company will receive net proceeds of HKD 198,000,000 in the transaction.