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Listing Decision LD102-2016 decoded
SEHK, 9-Dec-2016
By looking at the details of the "Last Rights Issue" we can infer that "Company A" is Eminence Enterprise Ltd (0616), which launched a 20:1 rights issue on 6-Aug-2015. A low 20% turnout of "independent" shares approved the issue on 7-Oct-2015 and the public shares were 52% undersubscribed when it closed on 5-Nov-2015. In the Decision, the Exchange refused to grant listing approval for another 20:1 issue at a 90% discount to market. We can tell you that on 13-Oct-2016, the company instead announced a 3:1 rights issue at a 33% discount. Update: this was vetoed by a 60:40 majority at the EGM on 15-Dec-2016.
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