UDL HOLDINGS<0620> - Exceptional Price Movement
The Stock Exchange has received a message from UDL Holdings Limited which
is reproduced as follows:-
"This statement is made at the request of The Stock Exchange of Hong Kong
Limited.
We had noted the recent increase in the price of the shares of the Company
and wish to state that we are not aware of any reasons for such increase
save as the announcement published on 15 March 2000.
Except as aforesaid, we also confirm that there are no negotiations or
agreements relating to intended acquisitions or realisations which are
discloseable under paragraph 3 of the Listing Agreement, neither is the
Board aware of any matter discloseable under the general obligation
imposed by paragraph 2 of the Listing Agreement, which is or may be of a
price-sensitive nature.
Further to the two announcements dated 2 May 1998 and dated 29 February
2000, and the circular dated 1 March 2000, i) the Board announces that
through two letters dated 15 March 2000 of the concerned independent
private company (Wonderland Development Limited ("Wonderland") received by
the Company and KEL respectively after close of business on the same day,
Wonderland confirm that they are now interested in 300,000,000 shares in
KEL which represent 75% of KEL's total issued share capital by virtue of
the foreclosure of the KEL shares pledged to them to secure the Loan
extended to the Group on 1 April 1998; and ii) the Board reiterates that
KEL is not a part of the Reorganization Proposal and that the outcome of
the proposed restructuring of KEL and its subsidiaries has no effects onto
the position of the Group which is now having the Reorganization
Proposal being implemented and the Scheme of Arrangement of the Company
and its 24 number of subsidiaries having approved by their respectively
creditors in the relevant court meetings held on 14 March 2000.
Accordingly, KEL is no longer a subsidiary of the Company and the
assumptions made in respect of KEL's position under the Reorganisation
Proposal remain unchanged and valid.
Save as disclosed herein, the Board is 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 the Company should exercise caution when dealing
in the shares of the Company. Further announcement will be made when
there is any material development regarding the above matter.
Made by the order of the Board of UDL Holdings Limited (the "Board"), the
directors of which individually and jointly accept responsibility for the
accuracy of this statement.
By Order of the Board
UDL Holdings Limited
Leung Yat Tung
Chairman
Hong Kong, 17th March, 2000"
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