CHINA ORIENTAL GROUP COMPANY LIMITED
Arcelormittal v China Oriental (0581) & others
HK Court of First Instance, 14-Sep-2018
The court rejects an application for discovery on the Jan-2017 placing of new shares which restored the public float and allowed the suspension to be lifted. China Oriental refuses to disclose the identity of the placees. Our take: the public float could have been restored without a placing, by issuing bonus shares with an alternative of non-voting convertible shares and having the two controllers elect to receive those, thereby reducing their voting weight and restoring the float. Several other companies have done so, including Sunevision (1686).
HK Court of First Instance, 14-Sep-2018
The court rejects an application for discovery on the Jan-2017 placing of new shares which restored the public float and allowed the suspension to be lifted. China Oriental refuses to disclose the identity of the placees. Our take: the public float could have been restored without a placing, by issuing bonus shares with an alternative of non-voting convertible shares and having the two controllers elect to receive those, thereby reducing their voting weight and restoring the float. Several other companies have done so, including Sunevision (1686).
Listing Decision on a long-suspended company with insufficient public float
SEHK, 2-Jun-2017
"Company A" is unnamed, but must be China Oriental (0581), which eventually restored the float and resumed trading.
SEHK, 2-Jun-2017
"Company A" is unnamed, but must be China Oriental (0581), which eventually restored the float and resumed trading.
SEHK may delist China Oriental (0581) in 6 months
SEHK, 27-Jul-2016
This threat can only hurt the public shareholders who own 7.9% and have had their investment frozen since 29-Apr-2014 on the grounds that the float is too small. At the suspended price, the public float is worth HK$269m, larger than in many other listed companies. Ironically, SEHK blames the company for "depriving shareholders of trading their shares". Look in the mirror, SEHK, it's your rule. Scrap it.
SEHK, 27-Jul-2016
This threat can only hurt the public shareholders who own 7.9% and have had their investment frozen since 29-Apr-2014 on the grounds that the float is too small. At the suspended price, the public float is worth HK$269m, larger than in many other listed companies. Ironically, SEHK blames the company for "depriving shareholders of trading their shares". Look in the mirror, SEHK, it's your rule. Scrap it.
Takeovers Panel upholds Executive decision: no MGO for China Oriental (0581)
SFC, 19-Oct-2015
The stock has been suspended since 29-Apr-2014 due to a deadlock over the public float rule.
SFC, 19-Oct-2015
The stock has been suspended since 29-Apr-2014 due to a deadlock over the public float rule.
Takeovers Panel rules no mandatory general offer for China Oriental (0581)
SFC, 15-Oct-2014
The stock has been suspended since 29-Apr-2014 due to a deadlock over the public float rule.
SFC, 15-Oct-2014
The stock has been suspended since 29-Apr-2014 due to a deadlock over the public float rule.
SFC prosecutes Delta Asia Securities Ltd for issuing IPO application forms without a prospectus
SFC, 3-Feb-2005
SFC, 3-Feb-2005
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