The amendment requires UDC to repay secured investments if a sale to HNA is successful.
It allows UDC to repay the secured investments at any time.
“Amending the trust deed is a significant step in preparing UDC for the sale to HNA Group," said chief executive Wayne Percival.
“Historically our trust deed has not allowed UDC to secure other sources of funding, or to initiate early repayment of secured investments.
“The amendment gives investors the certainty that if a sale to HNA Group completes, they are able to decide what they wish to do with the funds they have invested in UDC.”
The amendment allows UDC to wind up the existing debenture programme, which is expected to occur later this year.
When this happens investors will be able to choose whether their secured investments are converted into an equivalent product issued by ANZ Bank New Zealand Limited, repaid directly, or reinvested into a new UDC debenture programme, if available.
Investors had been offered a "success-based participation fee" if they voted.
The fee was to be paid to those who voted at the meeting, whether they voted in favour of the special resolution or not, but only if the voted passed. It will be equal to 0.1% of the nominal amount of an investor’s secured investments.
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