For the 10th time this year, investors in a Hang Seng Index company, this time Legend Group Limited (Legend, 0992) have voted against the general mandate, as we show below. For readers not familiar with it, Project Vampire (Vote Against Mandate for Placings, Issues by Rights Excepted) urges shareholders to vote against the general share issue mandate unless it complies with our recommendations, based on international best practice, which are:
At the time of voting, Legend was 57.39% owned by Legend Holdings Ltd, and 0.79% held by directors and their spouses, taking the total insider ownership (excluding any employee shareholdings) to 4,345,129,971 shares, or 58.18% of the company. Assuming the insiders voted in favour of their board's proposal, and deducting that from the votes "in favour" in the official poll results, then the voting of independent investors on the issue mandate was as follows:
Total votes cast were 20.88% of the free float. Perhaps in next year's AGM proposals, Legend's management will take into account the wishes of investors, clearly expressed by this vote. Copyright Webb-site.com, 2003 Sign up for our free newsletter Recommend Webb-site.com to a friend Important notice: All material on this site, except where otherwise accredited, is copyright to Webb-site.com. Media and researchers are welcome to quote from articles on this site, provided that such quotation is attributed to Webb-site.com. The information in this site should not be relied upon by any person in making any investment decision. No responsibility or liability is accepted by Webb-site.com or any person related to it for any loss arising from or in reliance upon the whole or any part of the contents of this site. Persons who are in any doubt about an investment or potential investment should take professional investment advice. From time to time parties associated with Webb-site.com may own long or short positions in securities issued by or related to companies or governments on which we comment. |