Tuesday 11th June 2013
Dear Reader,
NEW ARTICLE
Scrap the public float rule
Investors in SCMP (0583) are in
the deep freeze again, and other companies have indulged in artificial schemes
to comply with the 25% public float rule. The rule should be scrapped, because
as we explain, it has no real purpose, and because the only way to enforce it is
to victimize minority shareholders by suspending their shares. The rule does not
serve investor interests. (11-Jun-2013)
GM Recordings
Sino Golf AGM
recording
Main proceedings start at the 9m10s mark. (10-Jun-2013)
Porky
Yorkey (2788) EGM recording
The CFO told the meeting that all of the
shares in the Employees Trust had by now been fully vested in 200 employees, but
after 7 years, not one of them has left the company or withdrawn their shares
from the trust and sold them. Incredible. Do the employees even know that they
have these rights, or is this just a back-door way to cement a sub-controlling
shareholding with extra votes? (7-Jun-2013)
Porky
Yorkey (2788) AGM recording
Only 3 out of 7 directors attended: Alan
Chiang Hsiang-tai (INED, acting chairman of meeting), Iris Wu Shu-ping (NED,
also director of 27.4% shareholder Asia Optical) and Nagai Michio (CEO,
non-shareholder). Also present were Ng Chi Ching (CFO, non-director). The EGM on
connected transactions followed this. (7-Jun-2013)
Pass it on!
This free newsletter goes to over 20,000 practitioners, issuers,
regulators and investors in Hong Kong's markets. If you enjoy Webb-site, then please
invite a friend to find out
what they are missing and subscribe! Visit our archives, and do your
homework before you invest.
Remember that, apart from our occasional articles, you can follow our daily updates on HK events via RSS, Twitter, or Facebook.
Copyright notice