Wheelock and Company Limited

Formerly known as	Until
World International (Holdings) Limited	24-Nov-93

AGM results
Company web site, 21-Aug-03

Wheelock voting advice
The next HSI member to hold its AGM is Wheelock. We urge investors to vote against the placing mandate, which does not comply with the recommendations of Project Vampire. Time is short, so VOTE NOW. (10-Aug-03)

Lane Crawford Deal Proceeds
Minority shareholders have approved the privatisation of Lane Crawford by Wheelock. Shareholders represented by Webb-site.com abstained. We reveal the background to our thinking as the deal progressed. (12-Jul-99)

Lane Crawford Document Released
The Scheme Document for the privatisation of Lane Crawford contains details of the investment portfolio and properties, as well as a comparison to Dickson Concepts which we find misleading. Read our summary. (17-Jun-99)

Increased Offer for Lane Crawford
Following pressure from Webb-site.com on behalf of minority shareholders, Wheelock has increased its offer to privatise Lane Crawford by 5.9%. The increased offer of $12.50 per A-Share is equivalent to the value of the company's property and investment portfolio, and fails to attribute any value to the retail business. We give our reaction. (14-Jun-99)

Investors Respond to Lane Crawford Results
We give our initial views on the final results of Lane Crawford, in the context of the proposed privatisation which the investors represented by Webb-site.com continue to oppose on the current terms. The results contain no surprises, but from the fresh figures we find that Wheelock is offering only $11.80 per A-Share for readily saleable assets worth $12.53 per A-Share and gets the retail business and brand for free. The sums just don't add up. (9-Jun-99, UPDATED 10-Jun-99)

Sale of the Century at Lane Crawford
Wheelock is proposing to privatise HK-listed Lane Crawford by buying the 25% public shareholding at a substantial discount to its underlying value. We explain that by stripping out the property and blue-chip equity portfolio, Wheelock would essentially be getting the retail business for free. We intend to vote against the proposal unless the offer is raised. As we represent over 10% of the publicly-held B-Shares, the Scheme will not proceed without our support. (8-Jun-99)

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