Tuesday 11th June 2013

Dear Reader,

Scrap the public float rule
Investors in SCMP (0583) are in the deep freeze again, and other companies have indulged in artificial schemes to comply with the 25% public float rule. The rule should be scrapped, because as we explain, it has no real purpose, and because the only way to enforce it is to victimize minority shareholders by suspending their shares. The rule does not serve investor interests. (11-Jun-2013)

GM Recordings
Sino Golf AGM recording
Main proceedings start at the 9m10s mark. (10-Jun-2013)

Porky Yorkey (2788) EGM recording
The CFO told the meeting that all of the shares in the Employees Trust had by now been fully vested in 200 employees, but after 7 years, not one of them has left the company or withdrawn their shares from the trust and sold them. Incredible. Do the employees even know that they have these rights, or is this just a back-door way to cement a sub-controlling shareholding with extra votes? (7-Jun-2013)

Porky Yorkey (2788) AGM recording
Only 3 out of 7 directors attended: Alan Chiang Hsiang-tai (INED, acting chairman of meeting), Iris Wu Shu-ping (NED, also director of 27.4% shareholder Asia Optical) and Nagai Michio (CEO, non-shareholder). Also present were Ng Chi Ching (CFO, non-director). The EGM on connected transactions followed this. (7-Jun-2013)

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