UDC vote approves trust deed change
UDC Finance debenture holders have voted to pass a special resolution to change the company's trust deed, clearing the way for sale.
Wednesday, 21 June 2017
The amendment requires UDC to repay secured investments if a sale to HNA is successful.
It allows UDC to repay the secured investments at any time.
“Amending the trust deed is a significant step in preparing UDC for the sale to HNA Group," said chief executive Wayne Percival.
Investors had been offered a "success-based participation fee" if they voted.
The fee was to be paid to those who voted at the meeting, whether they voted in favour of the special resolution or not, but only if the voted passed. It will be equal to 0.1% of the nominal amount of an investor’s secured investments.
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