The six invalid directors of Sunway (0058)
Our analysis shows that 6 people appointed as directors before the 2015 AGM failed to stand for election at the meeting and hence ceased to be directors, so Sunway currently only has 4 valid directors. We also look at the acquisition in relation to which one of the invalid directors and the Guarantor are now being sued by Sunway, which has reported them to the Zhuhai PSB. (15-Oct-2015)
Breach of Listing Rules
Company announcement, 7-Feb-2006
CSFB's Toxic Convertibles lifts the lid on the toxic convertibles scam in HK, in which small, mostly naive companies surrender control over future equity issuance to an investment bank, whose principal interest is to lock in a profit by converting bonds on a rolling basis at a deep discount to market and selling the resulting shares. CSFB has led the way down this value-destroying path, with Merrill Lynch recently joining the fray. We estimate that the banks make a gross profit on money raised of about 31%, and the average stock price has fallen 30% since a toxic convertible was launched. If you are a listed company, just say no. If you are an institutional investor, take your business elsewhere. (8-Jun-2005)

Sign up for our free newsletter

Recommend Webb-site to a friend

Copyright & disclaimer, Privacy policy

Back to top