Thursday 3 Mar 2016

Dear Reader,

Time for some capital discipline.

Preventing cash shells
Webb-site proposes a new Listing Rule to prevent cash shells. The Cash Shell Test introduces equity discipline for existing companies and provides clarity for those proposing transactions and fund-raising. It should be welcomed by investors, regulators, issuers and their advisers. HKEx needs to build a proper sanitation system for this village rather than dig a new cesspit. (3-Mar-2016)

Lerado settlement could be worth $0.066 per share
Lerado has settled its dispute with the buyer of its core business, but fails to state what the positive impact will be on its income statement and net asset value. Webb-site estimates that it will add $255m of profit or $0.066 per share to NAV. (2-Mar-2016)

Tom Lee Music practices not fair play
We look behind an ICAC prosecution of music teachers and find bad practices at the tax-exempt Tom Lee Music Foundation, which requires its teachers to exclusively push products for Tom Lee Music Company. (28-Feb-2016)

Burkes University's South African alumnus
A blogger in South Africa picks up the baton on Burkes University, finding a local Chairman/CEO with a degree of embarrassment. Meanwhile HK regulators seem totally relaxed about Leslie Cheng's "doctorate". (26-Feb-2016)

HK Govt to teach grandma to suck eggs

And much more besides...
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