JARDINE MATHESON HOLDINGS LIMITED
What the UK should learn from Jardines
Jardine group is downgrading its UK Listing, lowering minority rights and governance standards. The controller can vote, sealing the deal for 4 companies, but minorities of Hongkong Land could save themselves from this fate. Once downgraded, full listing cancellation requires no vote. We make recommendations to London's FCA based on HK's successful 2002 reforms to avoid a Hobson's Choice of a low buyout offer or holding delisted shares. (27-Mar-2014)
Jardine group is downgrading its UK Listing, lowering minority rights and governance standards. The controller can vote, sealing the deal for 4 companies, but minorities of Hongkong Land could save themselves from this fate. Once downgraded, full listing cancellation requires no vote. We make recommendations to London's FCA based on HK's successful 2002 reforms to avoid a Hobson's Choice of a low buyout offer or holding delisted shares. (27-Mar-2014)
Alibaba's spotlight on HK regulation
10 years after the Expert Group report, Alibaba's requests spotlight the unresolved conflict of interests of HKEx between profit and regulation, creating an opportunity for Government to put this back on the agenda. They should now follow through, strip HKEx of its regulatory role, create a Listings and Takeovers Authority under the SFC, and remove the special provisions of HKEx's own constitution which make it a Government-controlled company. (18-Sep-2013)
10 years after the Expert Group report, Alibaba's requests spotlight the unresolved conflict of interests of HKEx between profit and regulation, creating an opportunity for Government to put this back on the agenda. They should now follow through, strip HKEx of its regulatory role, create a Listings and Takeovers Authority under the SFC, and remove the special provisions of HKEx's own constitution which make it a Government-controlled company. (18-Sep-2013)
Jardine's Back Door
Dissident shareholder Brandes at the Bermuda AGM of Jardine Matheson Holdings on 17-May-01 will again propose that JMH should privatise the minority interest in Jardine Strategic, cancelling out the cross-holding which perpetuates the Keswick family's apparently armour-plated control over the Group, despite their 7% holding in JMH. Webb-site.com analyses the legal strategy that Brandes may follow and finds a flaw in the Jardine armour. (16-May-2001)
Dissident shareholder Brandes at the Bermuda AGM of Jardine Matheson Holdings on 17-May-01 will again propose that JMH should privatise the minority interest in Jardine Strategic, cancelling out the cross-holding which perpetuates the Keswick family's apparently armour-plated control over the Group, despite their 7% holding in JMH. Webb-site.com analyses the legal strategy that Brandes may follow and finds a flaw in the Jardine armour. (16-May-2001)
Consultation on a proposed new listing status
SEHK, 9-Sep-1991
This document was catalysed by a request from the Jardine Matheson Group to have a trading-only listing in HK after it shifted its Primary Listing to the UK, even though most of the trading volume was expected to remain in HK. Ultimately SEHK did not proceed with the proposal, and the 5 Jardine companies moved their primary listing to the UK. HK became a secondary listing but the group in 1994 delisted from HK.
SEHK, 9-Sep-1991
This document was catalysed by a request from the Jardine Matheson Group to have a trading-only listing in HK after it shifted its Primary Listing to the UK, even though most of the trading volume was expected to remain in HK. Ultimately SEHK did not proceed with the proposal, and the 5 Jardine companies moved their primary listing to the UK. HK became a secondary listing but the group in 1994 delisted from HK.
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