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StanChart (2888): holders of unsubscribed rights to receive payment
Company announcement, 11-Dec-2015
The shares were placed out at 505p, a premium to the 465p rights issue price, so those in HK who did not take up their rights will get 40p for each rights share, minus expenses, converted to HKD. Unlike HK, the UK Listing Rules require issuers to protect inactive shareholders by doing this. For all other HK rights issues, this never happens, thereby stealing from sleeping holders. When will HK upgrade shareholder protection?