Wednesday, 25th January, 2006

Dear Reader,

There's an acrid smell wafting through our windows - no, it's not the usual air pollution, but the smell of burnt hedge funds - a privatisation that many of them thought was in the bag fell apart, and now some of them, as well as Henderson Land, seem to think that one of their own is to blame - how ironic!

NEW ARTICLE
Henderson Investment - Post Mortem (25-Jan-06)
The market has been conducting a post-mortem on the Henderson Investment deal, so by popular request we are jumping in. We highlight loopholes and propose improvements in the Takeover Code, the disclosure law and the Listing Rules, but fundamentally, HLD only has itself to blame for not delivering a knock-out bid and reaching out to all HI shareholders. There's nothing wrong with voting shares you hold, whether or not they are borrowed.
https://webb-site.com/articles/hipostmortem.asp

PASS IT ON!
This free, no-spam newsletter goes to over 12,000 practitioners, issuers, regulators and investors in Hong Kong's markets. It's not-for-profit, so we depend on referrals. Invite a friend to subscribe! Click the link below:
https://webb-site.com/pages/refer.asp

Visit our archives, and do your due diligence homework before you invest:
https://webb-site.com/articles/

COPYRIGHT NOTICE
This e-mail and small extracts of any article on the site may be freely quoted in any other publication but ONLY if attribution is given to Webb-site.com.

____________
David M Webb
Editor, Webb-site.com
https://webb-site.com