CONFIDENTIAL
21
036150
MDLIAN 0979
CONFIDENTIAL
FM HONG KONG
TO PRIORITY FCO
TELNO 2034
OF 22090OZ JUNE 89
105/1
HKC 105
EXCHANGE FUND ORDINANCE
TOP COPY O DIST ?
APPROVED INVESTMENTS
HKC 105/1 (14)
1. FURTHER TO OUR TEL EXCHANGES OVER THE PERIOD MARCH TO JUNE 1988 WHICH RESTS WITH YOUR TELNO 1586, THE LEGAL ADVICE WE HAVE RECEIVED CONFIRMS THAT THERE IS INDEED A PROBLEM WITH AN INTEREST-BEARING SHAREHOLDER LOAN.
2. THE HACTL BOARD HAVE BEEN RECONSIDERING THE POSITION FOR A NUMBER OF MONTHS AND IT WAS AGREED AT A MEETING HELD YESTERDAY AFTERNOON THAT THE DEBENTURE ROUTE SHOULD BE ADOPTED. THE COMPANY'S SOLICITORS
WILL NOW BE REQUESTED TO PREPARE A DEBENTURES AGREEMENT.
3. IN VIEW OF THE ESCALATION IN CONSTRUCTION COSTS, THE FUND'S MAXIMUM POTENTIAL CONTRIBUTION TO TERMINAL 2 HAS RISEN FROM HKD15
MILLION TO HKD30 MILLION.
4. ACCORDINGLY, YOUR APPROVAL IS SOUGHT FOR THE FUND TO PROCEED ON THE BASIS OUTLINED ABOVE.
WILSON
YYYY
DISTRIBUTION
52
MAIN
49
.HONG KONG AGREEMENT
. (RESTRICTED)
LIMITED
PUSD
HKD
HD/FED
RESEARCH (FE)
ADDITIONAL
3
MR EDWARDS LEGAL ADV MR WHOMERSLEY LEGAL ADV
NNNN
PAGE
PS/LORD GLENARTHUR
PS/MR EGGAR
MR GILLMORE
MR MCLAREN
MR FIFOOT HKD
1
CONFIDENTIAL
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