Latest news with #debenture
South China Morning Post
30-06-2025
- Business
- South China Morning Post
Hong Kong primary school closure leaves 200 parents at risk of losing debentures
A private primary school in Hong Kong, which offers an international curriculum, has unexpectedly announced its closure at the end of July. This decision has left some parents concerned about whether they will receive the return of their debenture, valued at approximately HK$200,000 (US$25,500), as promised. A check by the South China Morning Post on Saturday found that the website of Think International School, founded in 2003, was no longer online. In an email sent to parents earlier this week and seen by the South China Morning Post, the private school on Boundary Street in Kowloon Tong said it would close down on July 31. It also conceded that it would not be able to pay back parents who were holding debentures in the near future. 'Since closing a school will involve a lot of unexpected expenses, we are not sure about the financial commitments involved in the coming months,' the email said. A parent who paid a HK$200,000 debenture, due to mature next Monday, was offered a cheque for HK$204,000 that would be available for collection on the day but could only be cashed on January 8 next year. 'The school obviously knew in advance it would close, but chose to hold that information until a few days before the debentures were due,' the parent told the South China Morning Post. Hong Kong primary schools to add more national security to English lessons 'By not giving parents their money back, they are skirting their obligation and responsibility. There is no guarantee that the cheque they want to issue for January 2026 will be honoured.' The Education Bureau said on Friday evening that it had not received any notice from Think International School regarding its decision to shut down but had contacted the institution to understand the situation. 'The bureau has asked the school to inform parents and authorities as soon as possible if there are any changes in its operations,' a spokesman said. 'The bureau has also urged the school to maintain sufficient communications with its stakeholders and return the debenture and related funds as soon as possible and ensure that [their] students' education is not affected.' It added that it would maintain close contact with the school and offer help to parents and students where needed. Authorities said they had only received the notice from the Mei Foo branch of Think International Kindergarten regarding its closure in April this year. A staff member of Think International School hung up the phone after the Post inquired on Friday about the institution's closure. Think International School, a private institution in Kowloon Tong, has said it will not be able to pay back parents who are holding debentures 'in the coming months'. Photo: Dickson Lee The number of pupils affected was not immediately clear. Think International School, which offers the International Baccalaureate Primary Years Programme, charges pupils in classes up to Year Three an annual tuition fee of HK$126,000, and students in Year Four to Year Six HK$133,000, divided into 10 instalments per year. Hong Kong's school sector has experienced a significant loss in its student population in recent years, amid a low birth rate and an emigration wave, with Western countries such as Britain, Canada and Australia offering pathways to citizenship for Hongkongers in response to the Beijing-imposed national security law in 2020. In 2023, Tak Nga Primary School, a 63-year-old private school in Kowloon Tong, said it would wind up gradually by halting primary classes in the 2024-25 academic year before fully closing in 2028. It attributed its decision to the recent emigration wave and Hong Kong's falling birth rate.
South China Morning Post
28-06-2025
- Business
- South China Morning Post
Hong Kong primary school offering international programme announces sudden closure
A private primary school that offers an international curriculum in Hong Kong has abruptly announced its closure at the end of July, leaving some parents anxious about whether they can get back their debenture worth around HK$200,000 (US$25,500) as promised. A check by the Post on Saturday found that the website of Think International School, founded in 2003, was no longer online. In an email to parents earlier this week seen by the Post, the private school on Boundary Street in Kowloon Tong said it would close down on July 31. It also conceded that it would not be able to pay back parents who were holding debentures in the near future. 'Since closing a school will involve a lot of unexpected expenses, we are not sure about the financial commitments involved in the coming months,' the email said. A parent who paid a HK$200,000 debenture, due to mature next Monday, was offered a cheque for HK$204,000 that would be available for collection on the day but could only be cashed on January 8 next year.
Globe and Mail
21-05-2025
- Business
- Globe and Mail
HORIZON PETROLEUM LTD CLOSES DEBENTURE UNIT OFFERING
CALGARY, AB , /CNW/ - Horizon Petroleum Ltd. (TSXV: HPL) (FRA: HPM) (Tradegate: HPM) ("Horizon" or the "Company") is pleased to announce that, subject to TSX Venture Exchange acceptance, it has closed a Secured Non-Convertible Debenture of 720,000 debenture units of the company at a price of $1 per unit, for aggregate gross proceeds of $720,000 . Eight (8) investors subscribed for the financing. Each unit consists of an aggregate of $1 principal amount of secured subordinated debentures and 5 common share purchase warrants. The debentures total $720,000 and will mature one year following the closing of the offering on May 20,2026 and are not convertible into equity securities of the Company. The debentures will bear interest at a rate of 15 per cent per annum until the maturity date. The Company may prepay the debentures at any time prior to the maturity date. The warrants total 3,600,000 and each warrant is exercisable into one common share in the capital of the Company at a price of $0.20 per share for a period of one year from the closing of the offering on May 20, 2026 . In connection with the Offering, the Company has paid a total of $35,000 in finder's fees and issued a total of 175,000 finders warrants ("Finders Warrants"). Each Finders Warrant entitles the holder to acquire one Common Share at a price of $0.20 per Common Share and shall expire 12 months from the date of issuance on May 20, 2026 . The company intends to use the proceeds from the offering for the purchase of long lead items for its planned workover operations in the initial development of the Lachowice gas field in southern Poland , and for general working capital purposes, general and administrative expenses. All securities issued under the offering, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date hereof. Multilateral Instrument 61-101 – Related Party Transactions The spouse of a Director and Officer of the Corporation, subscribed for 25,000 Units with the same terms which constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61- 101, as the fair market value of the participation in the Debenture Unit Offering by Directors and Officers does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the anticipated closing of the Debenture Unit Offering, which the Company deems reasonable in the circumstances to complete the Debenture Unit Offering in an expeditious manner. The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The financing was treated as a loan with bonus warrants by the TSX Venture Exchange. ABOUT HORIZON Calgary -based Horizon is focused on the appraisal and development of conventional oil & natural gas resources onshore Europe . The Management and Board of Horizon consist of oil & natural gas professionals with significant international experience. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements pertaining to, among other things, the anticipated use of proceeds, the completion of the offering, and the approval of the TSX-V. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances, to differ materially from those anticipated by Horizon and described in the forward-looking information contained in this press release. Although Horizon believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America . The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
