UUU
VERNMENT HUUSE
HUNG KUNG
91
21 11:51
-
2
PHGE 04
particular to Paragraph 4 thereof in which it was reported
that on 17th October 1991 a Memorandum of its proposals
for the transfer of certain assets and liabilities of
BCCHK and BCCFI to a new company to be formed for the purpose nad been received from The Hongkong Chinese Bank
Limited ("HKCB").
2.
Careful evaluation of the HKCB proposals by the Special Managers and by
by the Official Receiver and his professional advisers, including his financial advisers Jardine Fleming Securities Limited, and on-going. and
intensive discussions with representatives of HKCB and
the Lippo Group of Companies and their professional and
Linancial advisers has resulted in the latter putting forward â set of revised proposals at a meeting held on
11th November 1991. These proposals are now embodied Further Heads of Agreement document a copy of which, marked "1", is annexed hereto. The original, document, which has been signed, is held in escrow subject to the sanction of this Honourable Court.
in a
3.
It is the view of the Official Receiver, on the basis of preliminary advice received from his financial
advisers and the Special Managers, that the proposals
contained in the Further Heads of Agreement have sufficient
merit to warrant their being placed before the depositors for their consideration as a scheme of arrangement, under section 166 of the Companies Ordinance.