11.
ON the 13th April 1983 Hambros announced that the
earlier CIL restructuring proposals had been revised and
resubmitted to creditors. Under the revised proposals CIL
creditors were requested to agree that part of the debts owed
to them be converted into CIL shares and equity. In addition
new capital would be subscribed using the escrow monies. The
object of the revised proposals was to enable the market value
of CIL's assets to match its total indebtedness, and
consequently therefore, to enable CIL to continue trading.
The availability of the escrow monies was crucial to the
implementation of the revised proposals.
12.
THE foregoing revised proposals were also conditional
upon satisfactory arrangements being agreed between CHL and its
creditors.
13.
UPON satisfaction of all conditions precedent and
approval of both the CIL and CHL schemes being obtained, the
intention was that appropriate resolutions would be submitted
to respective CHL and CIL shareholders and warrant holders for
approval. Once such approval had been obtained it was then
intended that applications would be made for the new CIL shares
and equity to be quoted on the relevant listing stock exchanges,
and also for the resumption of trading on these exchanges of the
existing shares in CIL and its two listed subsidiaries.
14.
ON the 27th April 1983 the Securities Commission pursuant
to section 127 of the Securities Ordinance ("Cap. 333") appointed
inspectors (hereafter referred to as "the Inspectors") to
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