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)
Announcement
We have 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 and
information relating to KEL as detailed below.
Accordingly, KEL is no longer a subsidiary of the Company and the
assumptions made in respect of KEL's position under the Reorganization
Proposal remain unchanged and valid.
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.
"This statement is made at the request of The Stock Exchange of Hong Kong
Limited.
We have 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 of UDL Holdings Limited (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 Reorganization
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, 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, 17 March 2000
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