UDL HOLDINGS<0620> - Announcement
The Stock Exchange of Hong Kong Limited takes no responsibility
for the contents of this announcement, makes no representation as
to its accuracy or completeness and expressly disclaims any
liability whatsoever for any loss howsoever arising from or in
reliance upon the whole or any part of the contents of this
announcement.
UDL Holdings Limited
(Incorporated in Bermuda with limited liability)
Announcement
SUMMARY
The board of directors (the "Board") of UDL Holdings Limited (the
"Company") would like to update the shareholders and the public on
the results of the court hearing held on 28 April, 1999 in respect
of the following winding-up petitions.
The Board refers to various previous announcements regarding the
under-mentioned winding-up petitions. At the hearing on 28 April,
1999, the results are as follows:
1. A winding-up petition presented by The Hongkong & Shanghai
Banking Corporation Limited against the Company. The Honourable
Madam Justice Le Pichon did not make a winding up order in respect
of the Company at the hearing today but gave directions to the
effect that the petition be adjourned pending the outcome of the
proceedings in relation to the Company's application for the
implementation of a scheme of arrangement under section 166 of the
Companies Ordinance (Cap. 32).
2. A winding-up petition presented by K.Y.H. Steel Co., Limited
against UDL Argos Engineering & Heavy Industries Company Limited,
a wholly-owned subsidiary of the Company. The Honourable Madam
Justice Le Pichon at the hearing has ordered that the petition be
adjourned today with a date to be fixed.
3. A winding-up petition presented by Mr. So Kam Ming together
with 3 other claimants against UDL Ship Management Limited, a
wholly-owned subsidiary of the Company, in relation to an
outstanding severance payment totalling HK$129,005.70 together
with interest thereon. The Master has ordered that the hearing of
the petition be adjourned to 3 May, 1999.
The Company is now undertaking a scheme of arrangement with
creditors, therefore, the Board is of the view that the aforesaid
winding-up petitions have no significant impact on the Company.
Save as disclosed herein, the Board of the Company is not aware of
any other matter discloseable under the general obligation imposed
by paragraph 2 of the Listing Agreement, which is or may be of a
price sensitive nature.
Meanwhile shareholders of the Company should exercise extreme
caution when dealing in the shares of the Company. Further
announcement will be made when there are any material development
regarding the above mentioned matters.
By Order of the Board
UDL Holdings Limited
Leung Yat Tung
Chairman
Hong Kong, 28 April, 1999
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