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)
Results of the Creditors' Meetings held on 14 March 2000
Further to the announcement released by UDL Holdings Limited
(the "Company") on 3 February 2000, the Board of Directors
of the Company is pleased to announce the following voting
results of the various creditors' meetings of the Company
and its 24 subsidiaries which were convened at 1/F., Gold
Coast Yacht & Country Club, 1 Castle Peak Road, Castle Peak
Bay, New Territories, Hong Kong on 14 March 2000 from 8:30
a.m. to around 6:00 p.m. for considering and approving the
Schemes of Arrangement proposed to be made between the
Company and its 24 subsidiaries and their respective several
creditors under Section 166 of the Companies Ordinance,
Chapter 32 of the Laws of Hong Kong:-
The requisite
Majority of votes
from the creditors
Names of companies of the relevant
(to which the above company as prescribed
Schemes of Arrangement by the Companies
relate) Ordinance
1. Econo Plant Hire Company Limited Obtained
2. UDL Argos Engineering & Heavy
Industries Company Limited Obtained
3. UDL Civil Contractors Limited Obtained
4. UDL Contracting Limited Obtained
5. UDL Marine Operation Limited Obtained
6. UDL Marine Pte Limited Obtained
7. UDL Ship Management Limited Obtained
8. Universal Dockyard Limited Obtained
9. East Coast Towing Limited Obtained
10. Everpoint Company Limited Obtained
11. Exact Profit Limited Obtained
12. Fairking Transportation Limited Obtained
13. Full Keen Investment Limited Obtained
14. Graceful Ease Investment Limited Obtained
15. S.K. Luk Construction Company Limited Obtained
16. UDL Dredging Limited Obtained
17. UDL E&M (BVI) Limited Obtained
18. UDL Investment Limited Obtained
19. UDL Management Limited Obtained
20. UDL Steel Fabricators &
Shipbuilders Company Limited Obtained
21. Wellful Time Limited Obtained
22. UDL Employment Services Limited Obtained
23. Faith On International Limited Obtained
24. Keen Yield Investment Limited Obtained
25. UDL Holdings Limited Obtained
The Company and its relevant subsidiaries above will seek
to obtain the sanction from the Court as soon as possible
for the above approved Schemes of Arrangement subject to the
fulfilment of certain conditions including inter alia,
approval of the Reorganisation Proposal by independent
shareholders in the coming Special General Meeting scheduled
to be held on 24 March 2000. Depending on the length or scope
of the court hearings for sanction, the expected date of such
sanction being granted will be on or around 7 April 2000.
By Order of the Board
UDL Holdings Limited
Leung Yat Tung
Chairman
Hong Kong, 14 March 2000
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