Saturday 30th March 2013

Dear Reader,

We are pleased to see (in "other news" below) that the Government has shelved its proposal to restrict access to HKIDs on the Companies Register. The next step is to repeal the relevant clauses of the Companies Ordinance, not to press on with more "consultation". No amount of fiddling with special-access exemptions is going to make this acceptable. When you are in a hole, stop digging.

NEW ARTICLE
Tongda and Templeton
When Tongda (0698) trumpeted a "strategic" investment by Templeton in December, and again in the 2012 results this month, demonstrating confidence that the company would reach "new heights", they omitted to mention one very important thing, leaving them both open to prosecution for making misleading statements likely to induce others to buy the shares. (30-Mar-2013)

RECENTLY ON WEBB-SITE
MTRC (0066) and the FAM
We remind the board of MTRC that although they hold a blanket waiver of the Listing Rules on connected transactions, they cannot agree to amend the Fare Adjustment Mechanism if they expect it to reduce profits, because it would breach their fiduciary duty to minority shareholders. If the Government really wants to run the transport system and set fares, then they should nationalise it. (27-Mar-2013)

IN OTHER NEWS
HK drops new law restricting access to directorsí details
Bloomberg, 29-Mar-2013

HK plan to limit public data on directors put on hold
New York Times, 28-Mar-2013

Govt shelves company information plan
RTHK, 28-Mar-2013

Webb appointed Deputy Chairman of Takeovers Panel
SFC, 28-Mar-2013

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