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
Adjournment of Court Hearing to 14 December 1999
Further to the joint announcement dated 20 September 1999, the respective
boards of directors of UDL Holdings Limited ("UDL") and KEL Holdings
Limited ("KEL"), a 75% subsidiary of UDL, wish to announce that at the
court hearing held on 6 December 1999, the Judge has adjourned the cases
to a further hearing to be held on 14 December 1999 in respect of (a) the
filing by UDL Kenworth Engineering Limited ("Kenworth"), a wholly-owned
subsidiary of KEL, an originating summons to convene a creditors' meeting
regarding a proposed creditors' scheme of arrangement with the High Court
of the Hong Kong Special Administrative Region (the "Scheme") and (b) the
winding-up petition presented by Ajax Pong Machinery Leasing Limited
against Kenworth (the "Petition"). It should be noted that terms of the
Scheme have not yet been finalised and the Scheme may or may not proceed.
As both UDL and KEL are preparing to undertake a scheme of arrangement
with 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 last
announcement dated 20 September 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, 6 December 1999
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