Tuesday 9th September 2014
Dear Reader,
NEW ARTICLES
Fixing the Small House
Policy
We look at a recent court case which again highlights
the rampant abuse of the Small House Policy for the New Territories. We propose
a return to the original policy intent, creating an internal market for
indigenous housing, together with a voluntary, market-based scheme to surrender
the claims of indigenous men and their under-age and unborn male
descendants. (9-Sep-2014)
HKT's abuse of
ID numbers
Your ID number is not a password; so many firms
and people know your identity - but dominant land-line provider HKT Ltd (6823)
is using it that way to access your phone bills. HKT: Here to Cut
Corners. (9-Sep-2014)
Definition of the
day: HK Electric
(6-Sep-2014)
RECENT ARTICLES
PCPD not answering our calls
After blogging about parts
of an "intemperate grilling" from the Commerce and Economic Development Bureau
over his call for a do-not-call person-to-person register, igniting public
debate, the Privacy Commissioner has now refused our request, under the Code on
Access to Information, for copies of the CEDB's letter and his reply letter,
citing a lack of public interest. He can't have it both ways. (5-Sep-2014)
ISS recommends against Lerado (1225) sale
Webb-site has
learned that ISS, the leading proxy advisory firm, has joined us in recommending
voting against the sale of Lerado's core business, due to the excessive capital
retention. (4-Sep-2014)
Veto Lerado (1225) sale until they pay up
We call on Lerado
shareholders to veto the sale of its core business unless and until the board
increased the proposed special dividend from $0.30 to at least HK$1 per share.
We would rather hold a stake in a real business than get trapped in another
shell trading at a discount to its net cash. Management only owns 33%, so they
had better listen to investors and revise the plan. David Webb holds just under
8%, and we need your support. (1-Sep-2014)
Soon, we can all
be rubber stamps
Our take on yesterday's command from
Beijing. (1-Sep-2014)
IN OTHER NEWS
Tai Po
District Councillor Lo Sou-chour charged with HK$500k expenses fraud
ICAC, 5-Sep-2014
Ming Fung (0860) shareholders veto 10:1 share consolidation
Company announcement, 5-Sep-2014
Obviously
Hengdeli (3389) voted its 1bn shares against. If they had voted in favour, it
would have passed. The shares closed on Friday at $0.085.
Mr Ng
Shiu Hong fined HK$30k + costs.
The circular
HKICPA, 1-Sep-2014
This probably relates to the circular by Siberian Mining (1142, then Rontex)
dated 31-Dec-2008 regarding the Very Substantial Acquisition for US$253m of
Langfield Enterprises Ltd, which owned 70% of a company which owned a Russian
coal mining licence. Mr Ng's then firm Shu Lun Pan Horwath was the reporting
accountant. The firm merged into BDO Ltd on 1-May-2009, where Mr Ng remains a
director. On 16-Jul-2013 he was appointed by the HK Government to the Financial
Reporting Review Panel.
And much more besides...
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