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New World China (0917) privatisation fails on headcount test
| Domiciles of HK-listed companies
Company announcement, 16-Jun-2014
Holders of 0.13% of the float, but a majority of voters, vetoed the scheme. This again illustrates the need for the Cayman Islands and Bermuda, where 75% of HK-listed companies are incorporated, to follow HK by scrapping the headcount test and enacting the 10% objection rule from the HK Takeover Code which allows one tenth of the independent shares to veto an offer. Still, the offer was at a 32.5% discount to NAV, so it's hard to feel sorry for New World Development.