Wednesday 27th April 2016
SEHK tackles bonus issues, misses the obvious
The Stock Exchange, in a guidance letter tonight, says it will reject listing of bonus issues of 200% or more, because they tie up too much of the float between the ex-date and distribution date. They propose stock splits as an alternative, but they omit the faster and better way to reduce board lot value, which HKEx itself used in 2008. (27-Apr-2016)
RECENTLY ON WEBB-SITE
HKEx cuts hit corporate governance of whole market
A circular slipped out by an HKEx subsidiary, HKSCC, will slash the effective voting window for general meetings, reducing the participation of institutional investors in important decisions such as acquisitions, connected transactions and dilutive share issues. We urge HKEx to rethink this deeply damaging move. (18-Apr-2016)
IN OTHER NEWS
Defendants acquitted of unlicensed dealing
director charged with conspiracy to offer HK$4.8m illegal commissions
Andrew Chow Ho Cheung, ex-HSBC, for life
Ng Chi Keung v Secretary for Justice
HK Court of First Instance, 21-Apr-2016
Law Fei Shing v HKICPA
HK Court of Appeal, 21-Apr-2016
Mr Law fails in an application for extension of time to appeal against a refusal of leave to apply for judicial review. The Court of Appeal is not persuaded that any of his grounds for JR have a reasonable prospect of success. This relates to a pending disciplinary case against him by the HKICPA. The CoA took 10 months to deliver its judgment.
Ambulanceman of FSD admits misconduct
For fixing his GPS device to appear to be in the middle of nowhere, which is no mean feat in HK.
GET (8100) loses corporate records
Company announcement, 19-Apr-2016
Don't you just hate it when that happens?
And much more besides...
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