Tuesday 20th March 2012
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NEW ARTICLES
Two
houses, one rating
So it was her house and her basement? We
dig deeper into York Road and explain why it matters. (20-Mar-2012)
Stop Karrie's expensive
wedding
We urge independent shareholders to vote against Karrie's
proposed HK$43m acquisition of a wedding business and travel agency, loss-making
startups with net liabilities of $6.6m. (20-Mar-2012)
RECENT ARTICLES
Stop the
BoCom placing: get a rights issue
We call on SEHK and SSE to
stop the big 3 holders from voting to approve each other's subscriptions, which
would create a dangerous precedent. Thankfully BoCom has no general mandate, so
they also need a special resolution to approve the placing on which they must
all abstain. We urge independent shareholders to block it and call for a rights
issue instead, and we suggest a way around the primitive NAV rule. (16-Mar-2012)
HKEx
preps for placing
Apart from seeking a steep pay hike, the
HKEx board is seeking to double its mandate to issue shares for cash without a
rights issue, at double the discount of last year's mandate. Couple that with
the leaked bid for the London Metal Exchange, and you can see where this is
going. We urge shareholders to protect their rights by voting down the general
mandate. If HKEx proceeds with LME (and we query why), then a rights issue can
fund it. (15-Mar-2012)
Decapitate the headcount
We make the case for abolition of
the archaic and anarchic headcount rule in Schemes of Arrangement, which was
brought into focus when we reported evidence of a vote-rigging scheme in the
proposed PCCW privatisation in 2009. For once, the tycoons agree with us, but
the Government seems afraid to take the lead. (12-Mar-2012)
IN OTHER NEWS
SHKP (0016): ED Thomas Chan Kui-yuen arrested by ICAC
Company announcement, 19-Mar-2012
Comment:
This announcement is vague. If SHKP knows anything else about the Allegation,
then it should tell investors.
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