UDL HOLDINGS<0620> - Announcements
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
- A resolution was passed at the annual general
meeting held on 21 December 1999 that no audited
accounts of the Group for the year ended 31 March 1999
(the "1999 Audited Accounts") was available for
presentation to shareholders at the meeting.
- It is intended that the announcement of the
unaudited interim results of the Group for the six
months ended 30 September 1999 (the "Unaudited Interim
Results") will be postponed until on or before 29
February 2000. This constitutes a breach of paragraph
11(1) of the Listing Agreement. The Stock Exchange of
Hong Kong Limited (the "Stock Exchange") has indicated
that it will reserve its right to take appropriate
action against the Company and its directors in respect
of such breach.
The board of directors (the "Board") of UDL Holdings
Limited (the "Company"), and together with its
subsidiaries, (the "Group") would like to advise that
at the annual general meeting held on 21 December 1999
("AGM"), the shareholders of the Company passed the
resolution that there were no 1999 Audited Accounts
available for presentation at the AGM which was held
in order to comply with the requirements of the
Companies Act 1981 of Bermuda and the Company's
Bye-Laws. In addition, due to the limited manpower and
financial resources of the Company and concentration
of efforts to implement the scheme of arrangement (the
"Scheme") as announced on 16 October 1999 to oppose the
petitions for winding-up of the Company and certain
subsidiaries, the audit work in respect of the Group's
1999 Audited Accounts has not yet commenced. A court
hearing will be held on 28 January 2000 to obtain
direction from the court in respect of the
implementation of the Scheme.
Because of the limited manpower of the Company and the
concentration of efforts to implement the Scheme, the
Company is unable to comply with paragraph 11(1) of the
Listing Agreement entered into between the Company and
the Stock Exchange which requires the announcement of
the Unaudited Interim Results to be made on or before
31 December 1999. The Company intends to postpone the
announcement of the Unaudited Interim Results until on
or before 29 February 2000. The Stock Exchange has
indicated that it will reserve its right to take
appropriate action against the Company and its
directors in respect of such breach.
The directors confirm that they have not dealt in any
shares of the Company since 17 July 1999 and have given
their undertakings to the Stock Exchange that they will
not deal in the shares of the Company until the release
of the Group's 1999 Audited Accounts and the Unaudited
Interim Results.
By Order of the Board
UDL Holdings Limited
Leung Yat Tung
Chairman
Hong Kong, 24 December 1999
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