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Company announcement, 16-Jun-2009
A rare case of an INED objecting to a transaction which "might be seen as a move to channel cash from the Company to Suek Family as no independent shareholders' approval is required". The stock closed at $0.315, up from $0.072 two months ago. So the market cap is HK$3211m, and the $65m purchase price is less than 2.5% of that, so no approval is required. But the net assets of the company were only $780m at 30-Sep-2008. Christopher Suek grants a put option to allow the Company to get its money back within 2 years.