Tuesday 28th September 2010

Dear Reader,

We will close our opinion poll on HK trading hours at 18:00 on Thursday, so if you haven't voted, vote now! Your PIN is at the top of this e-mail. HKEx has now published its consultation paper on this subject. Thanks to over 500 people who have voted so far.

Li & Fung/IDS: special treatment for 1 shareholder
While this will benefit CCASS Participants, it plays fast-and-loose with the Bermuda Companies Act and the Takeover Code. It would have been better to amend the scheme to allow all registered shareholders to make partial elections, rather than coming to an "arrangement" with one registered shareholder outside the terms of the scheme. (28-Sep-2010)

Li & Fung/IDS offer has sting
The all-or-nothing nature of the share alternative, now worth 23% more than the cash offer, means that CCASS, which holds almost all the public shares in IDS, cannot offer the share alternative to its participants. Webb-site urges Li & Fung and IDS to amend the scheme to allow registered holders to make partial elections for shares. Otherwise, if you snooze, you lose. (24-Sep-2010)

Hong Kong's broker siesta
We need your help! Read our article on the debate over HK stock exchange trading hours, and then take our opinion poll. The results will be submitted to HKEx, without names. (14-Sep-2010)

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