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UDC Finance debenture holders approve change to Trust Deed

UDC Finance debenture holders approve amendment to Trust Deed

UDC Finance Limited’s (UDC) debenture holders today passed a special resolution to amend the company’s Trust Deed. The amendment requires UDC to repay Secured Investments if a sale to HNA Group (HNA) is successful, and allows UDC to repay the Secured Investments at any time.

UDC CEO Wayne Percival said: “Amending the Trust Deed is a significant step in preparing UDC for the sale to HNA Group.

“Historically our Trust Deed has not allowed UDC to secure other sources of funding, or to initiate early repayment of Secured Investments.

“The amendment gives investors the certainty that if a sale to HNA Group completes, they are able to decide what they wish to do with the funds they have invested in UDC.”

The amendment allows UDC to wind up the existing debenture programme, which is expected to occur later this year.

When this happens investors will be able to choose whether their Secured Investments are converted into an equivalent product issued by ANZ Bank New Zealand Limited, repaid directly, or reinvested into a new UDC debenture programme, if available.

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