12 LOANS AND BORROWINGS (continued) Security As at 31 December 2023, the bank loans are secured on the followings: • Legal mortgage over the investment properties and land use rights of the investment properties under development (see note 6) and development properties (see note 10); • First fixed charge over the bank accounts and other assets of certain subsidiaries (see note 11); • An assignment of all the rights, benefit, title and interest of the Group in relation to the sale and purchase agreements and tenancy agreements (including sale proceeds and rental proceeds) relating to investment properties; • Assignments of rights under all material agreements and contracts (including tenancy agreements and construction agreements), property management agreement, insurance policies (as applicable); • First legal mortgage over receivables from investment properties including all rights under, and all proceeds arising from tenancy agreements, sales agreements and property management agreement; and • Share charges over all the shares in certain subsidiaries and joint venture. Convertible bonds Group 2023 2022 $’000 $’000 At beginning of the year 18,759 18,691 Amount classified as equity (note 18) (481) (395) Accreted interest 481 463 Carrying amount of liability at end of the year 18,759 18,759 The convertible bonds were issued on 16 February 2021. They are convertible into 9,900,000 ordinary shares and 9,100,000 ordinary shares of a subsidiary at any time between 16 February 2021 to 16 February 2022 and 17 February 2022 to 16 February 2023 respectively at the option of the holder. Any unconverted bonds become repayable on demand. On 16 February 2022, the Group entered into an agreement with the bondholder to extend the exercise date of the convertible bonds of 9,900,000 ordinary shares and 9,100,000 ordinary shares of a subsidiary to any time between 16 February 2022 to 31 December 2022 and 1 January 2023 to 30 June 2023 respectively. On 30 December 2022, the Group entered into an agreement with the bondholder to further extend the exercise date of the convertible bonds of 9,900,000 ordinary shares of a subsidiary to any time between 30 December 2022 to 30 June 2023. On 1 December 2023, the Group entered into an agreement with the bondholder to further extend the exercise date of the convertible bonds of 9,900,000 ordinary shares and 9,100,000 ordinary shares of a subsidiary to any time before 30 June 2024. Notes to the Financial Statements Year ended 31 December 2023 190 PERENNIAL HOLDINGS PRIVATE LIMITED
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