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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.
ANZ Bank New Zealand Limited
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ANZ has been helping New Zealanders get on top of their money ever since we opened for business in 1840. We were New Zealand's first bank and today we have a large network of full-service branches and ATMs, and talented people across the country.
We're passionate about helping our customers make their money work harder and equipping them to make better financial decisions. Whether it's travelling the world, buying a home, building a business, investing for the future or protecting their family's future, we use our financial strength and expertise to help make it happen.
Through our sponsorships, our Staff Foundation and thousands of staff volunteer hours each year, we support causes that make a difference to New Zealanders.
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