Neway Group Holdings Limited

Burkes University's South African alumnus
A blogger in South Africa picks up the baton on Burkes University, finding a local Chairman/CEO with a degree of embarrassment. Meanwhile HK regulators seem totally relaxed about Leslie Cheng's "doctorate". (26-Feb-2016)
Leslie Cheng, Burkes and Turks
It appears that the FRC and HKICPA, in its recent action against Leslie Cheng & Co, missed the elephant in the accounts of Luxey (8041). 6 listed companies are keeping him on board, 3 as chairman of their audit committees. And then there's his doctorate... (16-Jan-2016)
Ma Wai Wah & another v Christopher Suek Chai Kit & others
HK Court of Appeal, 17-Apr-2014
Neway (0055): independent shareholders approve non-exercise of put option
Company announcement, 13-Feb-2014
Neway (0055): proposed exercise or non-exercise of put optionCircular
Company announcement, 6-Dec-2013
Neway (0055): put option extended again
Company announcement, 30-Sep-2013
After minority shareholders had vetoed a proposal not to exercise the option, it should have been exercised, but the company stalls for time and will now convene a meeting to propose both the exercise and non-exercise of the put option again.
Neway (0055): independent shareholders veto proposal to do nothing
Company announcement, 26-Sep-2013
So the put option should be exercised, right, selling the business back to the Chairman? Er, no. "The Board is currently considering the options available to the Group regarding the treatment of the Put Option."
Neway (0055) proposes to do nothingCircular
Company announcement, 17-Jul-2013
After repeated extensions, Neway seeks approval NOT to exercise the put option over the business it bought from the former Chairman in 2009 - but it is silent on whether the put option will be exercised if minority shareholders veto the proposal not to.
Neway (0055): put option on acquired business extended a 3rd time
Company announcement, 28-Mar-2013
This was a connected transaction, but no minority approval is sought for the non-exercise of the original put option or for this 3rd extension, to 30-Sep-2013.
Ma Wai Wah & another v Christopher Suek Chai Kit & others
HK Court of First Instance, 13-Nov-2012
Neway (0055): put option on acquired business extended by 9 months
Company announcement, 29-Jun-2012
This was a connected transaction, but no minority approval is sought for the non-exercise of the original put option or for this 2nd extension.
Neway (0055): put option on acquired business extended by 1 year
Company announcement, 29-Jun-2011
This was a connected transaction, but no minority approval is sought for the non-exercise of the original put option or for this extension.
Chung Tai Printing (0055): INED Alfred Au Yan to step down at AGM
Company circular, 30-Jul-2009
This comes after he publicly objected to last month's connected transaction with the controlling shareholder.
Chung Tai Printing (0055): INED Alfred Au Yan disapproves of connected transaction
Company announcement, 16-Jun-2009
A rare case of an INED objecting to a transaction which "might be seen as a move to channel cash from the Company to Suek Family as no independent shareholders' approval is required". The stock closed at $0.315, up from $0.072 two months ago. So the market cap is HK$3211m, and the $65m purchase price is less than 2.5% of that, so no approval is required. But the net assets of the company were only $780m at 30-Sep-2008. Christopher Suek grants a put option to allow the Company to get its money back within 2 years.

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