Monday 12th March 2012
Dear Reader,
So far 213 of you have cast your votes for CE in our poll. 31.9% would cast a blank vote, 11.3% would vote for Albert Ho, 12.7% for Henry Tang and 44.1% for C Y Leung - short of the absolute majority needed to elect a candidate. Whom would you vote for, if you were allowed to vote? Please update your estimates and cast your vote. Your PIN is above.
Now for our guillotine motion...
NEW ARTICLES
Decapitate the headcount
We make the case for abolition of
the archaic and anarchic headcount rule in Schemes of Arrangement, which was
brought into focus when we reported evidence of a vote-rigging scheme in the
proposed PCCW privatisation in 2009. For once, the tycoons agree with us, but
the Government seems afraid to take the lead. (12-Mar-2012)
RECENT ARTICLES
Raking muck, Part 5
In the penultimate episode, we look at a transaction in progress by Railsmedia
(0745) and how it connects with CPEC (8041), COMG (0254) and 3 shells. We also
introduce a 10th listed company to the story, Zhi Cheng (8130) which has such a
track record of value destruction that it has consolidated its shares by 200,000
to 1 since 2007. (11-Mar-2012)
Raking
muck, Part 6
Concluding our hexalogy, we look at a recent
deal by COMG (0254). Existing shareholders were diluted to 2.54% in an
acquisition valued at HK$1242m for a business which would need capital of
HK$3.6m. We estimate that the vendor has already cashed in about $1812m by
selling convertible bonds and shares. We also look at what comes next for COMG,
and some unfinished business for the authorities. (11-Mar-2012)
Yes, we have no gavels
(11-Mar-2012)
Apophis debunked
Angelo Paratico's article "Comet heading straight for earth - don't panic" (SCMP
today) is alarmist, sensationalist and bad science. (11-Mar-2012)
IN OTHER NEWS
The
Jesters: Down in Uncle Henry's Basement (1961).
YouTube, 12-Mar-2012
Yes, really! Thanks to
Hemlock for pointing this out.
Li & Fung
merchandiser gets 33 months for accepting HK$1.21m in bribes
ICAC, 12-Mar-2012
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