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Announcement for the improvement plans of loans to others exceeding the limit on behalf of Saffron Media Group Ltd.
1.Date of occurrence of the event:2011/03/31
2.Company name:Saffron Media Group Ltd.
3.Relationship to the Company (please enter ”head office” or ”affiliate company”):Subsidiary
4.Reciprocal shareholding ratios:100% subsidiary of HTC Corp.
5.Cause of occurrence:
The Company hereby announces the improvement plans of loans to others exceeding the limit on behalf of Saffron Media Group Ltd. as per the Letter No.1000010658 issued by the Financial Supervisory Commission.
Saffron Media Group Ltd., HTC's subsidiary in the UK, made the improvement plans of loans to others exceeding the limit as below.
Saffron Media Group Ltd. had provided a loan of GBP 1,794,235.44 to Saffron Digital Ltd., 100% subsidiary of Saffron Media Group Ltd.. The purpose of the loan was to meet the working capital need of the subsidiary. The loan was settled by a capital injection and the record date was set at 30 March, 2011.
7.Any other matters that need to be specified:None