In this article

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).



Sign up for our free newsletter

Recommend Webb-site to a friend

Copyright & disclaimer, Privacy policy

Back to top