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HK Court of First Instance, 9-Oct-2020
Justice Linda Chan rejects the Allied Props (0056) privatisation, partly because of the voting headcount. Neither she nor Senior Counsel William Wong, leading 2 more barristers, realise that the headcount on privatisations was scrapped years ago. She also dislikes that part of the payout was coming from Allied Properties itself, and there would be no such dividend if the scheme was rejected. The offer was at a 66% discount to NAV but was 99% approved as minority shareholders again threw in the towel, which says something about the state of corporate governance in HK.
- ALLIED GROUP LIMITED (HK) 聯合集團有限公司
- ALLIED PROPERTIES (H.K.) LIMITED 聯合地產(香港)有限公司
- YU MING INVESTMENT MANAGEMENT LIMITED 禹銘投資管理有限公司