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.
Comments from our readers
No comments yet
Sign In to add your comment
Weekly Updates including news and commentary
Today's Best Bank Rates
Today's Top 5 Deposit Rates
Find a Rate
Cash PIE Rates
3 July 2017
21 June 2017
6 June 2017
4 May 2017
10 April 2017
Disclaimer - Every possible effort has been made to keep the information in the tables and on this site as accurate as possible, however, neither the publisher, Tarawera Publishing, nor anyone engaged to compile the rates and this site accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details with providers. The full terms and conditions of this site can be found here.
© Copyright 1997-2021. Tarawera Publishing Ltd. All Rights Reserved.