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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).