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)
SPECIAL GENERAL MEETING
Summary
At the Special General Meeting ("SGM") held on 24 March 2000, the
shareholders passed the Special Resolution and Ordinary Resolutions as
stipulated in the Notice of SGM contained in the Restructuring Circular
dated 1 March 2000.
Further to the announcement dated 29 February 2000, the Board of Directors
(the "Board") of UDL Holdings Limited (the "Company") would like to advise
that at the SGM held on 24 March 2000, the shareholders of the Company
passed the following Special Resolution and Ordinary Resolutions:
1. Special Resolution No. 1 in respect of capital reduction
of the share capital of the Company.
2. Ordinary Resolution No. 2 in respect of the Disposal of
Scheme assets, Share consolidation of 20 shares into 1 share,
the new issue, the rights issue of 5 right shares for every
consolidated share, approving underwriting undertaking
arrangement and acquisition of UDL Marine Assets (Hong Kong)
Limited and UDL Marine Assets (Singapore) Pte. Limited.
3. Ordinary Resolution No. 3 in respect of the granting of
general mandate to the Directors to purchase shares not
exceeding 10% of share capital of the Company.
4. Ordinary Resolution No. 4 in respect of the granting of
general mandate to the Directors to allot, issue and deal
with additional shares not exceeding 20% of the share capital
of the Company.
5. Ordinary Resolution No. 5 in respect of the extension
of general mandate given to Directors as per Ordinary
Resolution No. 4 and Ordinary Resolution No. 3.
The Board would also like to advise that the Court hearing to sanction the
Creditors Scheme was scheduled on 30 and 31 March 2000. The prospectus for
the rights issue is scheduled to be sent out to shareholders as soon as
possible following sanction of the Scheme.
By Order of the Board
UDL Holdings Limited
Leung Yat Tung
Chairman
Hong Kong, 25 March 2000
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