UDL HOLDINGS<0620> & KEL HOLDINGS<0681> - Joint 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)
KEL Holdings Limited
(incorporated in Bermuda with limited liability)
JOINT ANNOUNCEMENT
SUMMARY
The respective board of directors (the "Board") of UDL Holdings Limited
("UDL") and the Board of KEL Holdings Limited ("KEL"), a 75% subsidiary
of UDL, would like to inform the shareholders and the public in respect
of the following:
1. the filing by UDL Kenworth Engineering Limited ("Kenworth"), a
wholly-owned subsidiary of KEL, of an Originating Summons ("Originating
Summons") to convene a creditors meeting regarding a proposed creditors'
scheme of arrangement (the "Scheme") with the High Court of the Hong Kong
Special Administrative Region (the "Court") on 8 September 1999; and
2. the result of the court hearing on 13 September 1999 in respect of
the winding-up petition (the "Petition") presented by Ajax Pong
Machinery Leasing Limited ("Ajax Pong") against Kenworth.
1. Originating Summons
The hearing date of the Originating Summons has initially been scheduled
to take place on 6 December 1999 (the "Hearing Date"). However, at the
hearing of the Petition on 13 September 1999, the Court ordered
Kenworth's lawyer to submit further information for its review and
consideration as to whether the Hearing Date should be accelerated.
Having considered Kenworth's lawyer's submission on 17 September 1999,
the Court confirmed on 20 September 1999 that the Hearing Date should
remain to be on 6 December 1999. It should be noted that terms of the
Scheme have not yet been finalised and the Scheme may or may not proceed.
2. Winding up petition
As previously announced, a winding-up petition presented by Ajax Pong
against Kenworth was heard by the Court on 13 September 1999. At the
hearing, the Court ordered that the Petition be adjourned to the same
date as the Hearing Date, i.e. 6 December 1999.
As both UDL and KEL are preparing to undertake a scheme of arrangement
with the creditors, the respective Boards of UDL and KEL are of the view
that the Petition shall have no impact on UDL and KEL. The Boards of UDL
and KEL further confirm that no material change have occurred since the
recent joint announcement of UDL and KEL dated 19 July 1999.
Save as disclosed herein, the Boards of UDL and KEL are 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 UDL and KEL should exercise caution when
dealing in the shares of UDL and KEL. Further announcement will be made
when there is any material development regarding the above matter.
By Order of the Board
UDL Holdings Limited
Leung Yat Tung
Chairman
By Order of the Board
KEL Holdings Limited
Leung Yat Tung
Chairman
Hong Kong, 20 September, 1999
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