Music Watch today a clarification announcement, for the first time confirmed Jiayue Pavilion pledge explosion warehouse.
Music Watch today announced that the company confirmed with Jiayue Ting mail, so far, all of its stock pledged repo transactions have touched the agreement to open the line, and all the shares of Jiayue Pledged repo transactions have been breached .But for the solution However, the company said it has not yet received any notice from Jiayuenting regarding any disposal plan or arrangement of its shares in Lotte Media and the progress of the disposal of shares held by Jia Youting is affected to some extent by the pledge and freezing of its shares.
Announcement shows that up to now, Jiayue Ting holds 1.024 billion shares of the company, accounting for 25.67% of the total share capital, of which 1,019 million shares have been pledged, 1.02 billion shares were frozen by the Third Intermediate People's Court and other judicial authorities in Beijing.
Prior to February 28, the western securities to Jialing Ting side of the lawsuit and music pensions business pledged to make provision for impairment of a single financial asset.According to the disclosure of the western securities, as of December 31, 2017 the company a total of pledged shares' Music Watch 'melted funds 1.019 billion yuan of principal, a total of 449 million yuan to provide asset impairment provisions, more than the company's most recent fiscal year audited net profit attributable to equity holders of 30%.
LeTV.com also responded to the issue today in a public announcement, saying that in April 2016, Western Securities made a total of RMB474 million in shares of Jiayinting Pledge Company. According to the pledge agreement, the pre-warning line of performance guarantee was 160% , 140% of the line of performance protection trigger.As a result of the agreement of the shares pledged repo transaction expires, the failure to perform the corresponding contractual obligations, has constituted a breach of contract.
It is worth mentioning that, in addition to the western securities, Yi Chang shares also announced on the music side of the asset impairment provision yesterday and today confirmed the loss.According to the announcement, as of December 31, 2017, the company of the new music Chi's receivables were 421 million yuan, intends to account for 60% of its total receivables, accrued a total amount of 252 million yuan, the provision for further provision for bad debts of 207 million yuan.