M
PP BTC HONG KONG
GR 100
CYPHER/CAT ̃A.......
FM E C G D #81258Z
CONFIDENTIAL
HKG-D
E.
tees
4KK 16+)!
14 DE
Foro Bitk
TO PRIORITY HONG KONG TELEGRAM NO. EXCED 34 OF 8 DEC 1977.
PLEASE PASS FOLLOWING MESSAGE TO BIRCH (ECGD) FROM KEMP.
AT MEETING BETWEEN COTTERILL AND LIPPITT IT WAS AGREED THAT
GUARANTEE BY SHAREHOLDERS TO REPAY DIVIDENDS SHOULD APPLY DURING
A PERIOD OF DEFERMENT OR WITHIN TWELVE MONTHS OF DEFERRED PAYMENT
BEING MADE IE ALTERNATIVE WORDING PROPOSED BY MACDONALD, WE WOULD
PREFER GUARANTEES TO BE JOINT AND SEVERAL BUT AGREED THAT
IF THE POINT PROVED TO BE SIGNIFICANT WE WOULD ACCEPT SEVERAL
GUARANTEES PROPORTIONATE TO SHARHOLDING. WE SAID THAT THIS WAS
AS FAR AS WE COULD SEE OUR WAY TO GO ON THIS ISSUE. WE ALSO
DISCUSSED CURRENT THINKING ON HONG KONG DOLLAR FINANCING OUR
ATTITUDE BEING AS KNOWN TO YOU WHEN YOU LEFT.
en
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