Wednesday 31st October 2007

Dear Reader,

If you have not yet done so, please join the 397 readers who have taken our financial reporting opinion poll, the results of which help change the Listing Rules. Do you want more frequent financial reporting on HK-listed companies, and faster than you currently get it? Your voting e-mail address and PIN are at the top of this e-mail. The poll will close at noon on Monday 5-Nov-07, so vote now!

Henderson Investment, Round 3 (31-Oct-07)
We urge minority shareholders of Henderson Investment (0097) to vote against the sale of its controlling stake in Hong Kong and China Gas (0003) to Henderson Land Development (0012). Read why.

MTR Exit (9-Oct-07)
The Government's push to get the MTRC deal approved provided a 35% premium to the share price, or a HK$37bn gain in market value since the circular was posted. If they had offered to buy out the minorities at the current $25.60 price, we would have recommended acceptance. Most of the institutional investors have voted with their feet and sold out, leaving a low 25% voting turn-out at today's EGM.

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David M Webb