HK & China Gas voting advice
22 April 2004
Company: | The Hong Kong and China Gas Company Limited (HKCG) |
Stock code: | 0003 |
Date of meeting: | 5-May-04 |
Time of meeting: | 12:00 |
Advice date: | 22-Apr-04 |
Notice of Meeting: | Click here |
Proxy form: | Click here |
Voting method: | Webb-site.com will require a poll, all proxies will be counted |
Note to journalists:
We have up to 4 proxy seats available inside this AGM. Please contact
us if you want one.
Item | Description | Vote |
1 | Receive the annual report | FOR |
2 | Declare a final dividend | FOR |
3.1 | Re-elect Colin Lam Ko-yin | FOR |
3.2 | Re-elect Lee Ka Shing | FOR |
4 | Re-appoint PriceWaterhouseCoopers | FOR |
5 | Approve each Director's fee at HK$130k p.a. and twice that for the Chairman | FOR |
6.1 | Mandate the Directors to repurchase shares | FOR |
6.2 | Mandate the Directors to issue 20% additional shares | AGAINST |
6.3 | Extend the issue mandate granted by 6.2 to include shares repurchased under 6.1 | AGAINST |
6.4 | Amend the Articles of Association | FOR |
Reasons AGAINST
Items 6.2 and 6.3
Webb-site.com urges all investors to vote against the general mandate for all listed companies, for the reasons explained in our article Project Vampire (Vote Against Mandate for Placings, Issues by Rights Excepted), unless a company complies with the recommendations in that article.
What you are being asked to do is give up your rights, known as pre-emptive rights, to be offered new shares if the board chooses to issue them for cash. The mandate would allow the board to issue new shares for cash, up to a maximum of 20% of the existing shares, without offering them to existing shareholders first, and at discounts of up to 20%. Don't give up your rights - vote against.
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