On October 23, 2017, some of the Company`s subsidiaries received an arbitration notice from the Hong Kong International Arbitration Centre regarding the filing of arbitration applications by certain joint venture group partners (the “applicants”) regarding the sale price of the put options, pursuant to certain agreements between the group and the applicants. Arbitration proceedings are under way at the last date and the results of the arbitration are not yet available. A press release convening the Yida China Holdings Limited EGM, to be revoked on Wednesday, January 15, 2020 at 10:00 a.m. .m. at the Executive Boardroom, Business Center, Level 7, Island Shangri-La, Pacific Place, Supreme Court Road, Central, Hong Kong, is included in the EGM-1 bis EGM-2 website. A form of proxy use at the EGM is also attached. This form of proxy is also published on the Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk) websites. the loan the borrower granted to the borrower in an opinion to the Independent Committee and independent shareholders, we relied on the statements, information, opinions and presentations contained or mentioned in the circular, as well as on the information and presentations provided to us by the directors. We assumed that all information and presentations provided by the directors, for which they are alone and fully responsible, are true and accurate at the time of their presentation and continue to do so at the time of the last practical date.
We also assumed that all of the directors` statements of faith, opinion, intent and intent were reasonably formulated in the circular, after careful consideration and scrutiny. We have no reason to believe that essential facts or information have been withheld, neither the veracity, accuracy and completeness of the information and facts contained in the circular, nor the relevance of the opinions of the companies, their advisors and/or directors provided to us. Our opinion is based on the representation and confirmation of the directors that there is no undisclosed private agreement/agreement or tacit agreement with anyone regarding transactions. We believe that we have taken sufficient and necessary steps to provide a reasonable basis and an informed opinion for our opinion, in accordance with section 13.80 of the rating rules. The interest rate under the loan agreement was set on the basis of negotiations between the parties on the average cost of financing the group`s interest rate, of approximately 8.5% per annum, taking into account the interest rates of the group`s current loan as of October 31, 2019.