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HK Court of Appeal, 26-Mar-2014
In the divorce of Mimi Wong Kar Gee and Raymond Hung Kin Sang, the court has come to the view (para 14) that "the shell" (Applied Development (0519)) has a value of HK$258m above NAV. We concur - this is roughly the going rate for back-door listings - but only if you are the controlling shareholder.
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