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 audited results for the year ended 31 March 1999 has been
delayed which is in breach of paragraph 8(1) and 8(2) of the Rules
Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited (the "Listing Rules"). The Stock Exchange of Hong Kong
Limited (the "Stock Exchange") reserves the right to take further
action against the Company.
The board of directors (the "Board") of UDL Holdings Limited (the
"Company") announces that the audit of its results for the year
ended 31 March 1999 (the "Audited Results") would have to be delayed
due to the limited manpower of the Company and concentrated efforts
to implement the scheme of arrangement (the "Scheme") under section
166 of the Companies Ordinance (Cap. 32) and to oppose the winding-
up petition presented by The Hongkong & Shanghai Banking Corporation
Limited for the Company as a going concern. It is anticipated that
the conclusion of the accounts and the announcement of the Audited
Results would depend on the progress of the implementation of the
Scheme. A hearing of the Scheme would be held on 24 September 1999.
The Company intends to publish the latest unaudited results of its
financial position as at the end of September 1999.
The Company acknowledges breach of requirements under paragraphs
8(1) and 8(2) of the Listing Rules which require the Company to
despatch the 1999 Annual Report which comprises the Audited Results
of the Company and its subsidiaries for the year ended 31 March 1999
within five months of the financial year end of the Company and to
hold the Annual General Meeting within six months of the financial
year end of the Company respectively. The Company also understands
that this breach may lead to potential disciplinary action by the
Stock Exchange.
The Board wishes to remind the Company's shareholders and investors
to exercise extreme caution in dealing with the Company's shares.
By Order of the Board
UDL Holdings Limited
Leung Yat Tung
Chairman
Hong Kong, 18 August 1999
|