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).
Organisations
- ArcelorMittal
- CHINA ORIENTAL GROUP COMPANY LIMITED
- SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED 申萬宏源證券(香港)有限公司
Topics
Sign up for our free newsletter
Recommend Webb-site to a friend
Copyright & disclaimer, Privacy policy