UDL seeks $6m fund-raising
UDL has announced a one-for-two rights issue to raise HK$6.6 million. The rights issue price is 2.5 HK cents, or 50 per cent below its trading price of five HK cents on September 11. Majority shareholder Harbour Front, which owned 42.15 per cent in UDL, agreed to take up its entitlement, with an undertaking to acquire an additional 2 per cent stake. Harbour Front could make a mandatory cash offer for other shareholders if it took up more than 2 per cent. UDL cautioned investors that a cash general offer might not be made. Shares resumed trading today.