Monday 26th April 2010

Dear Reader,

Time for a couple more stories on dodgy degrees - one today, and another tomorrow - guess which well-known transport company has an operations director with a dodgy degree in mechanical engineering? Watch this space.

NEW ARTICLES
Mengniu Dairy CEO's unaccredited MBA
Moo! Who's got a dodgy MBA then? The CEO of China Mengniu Dairy has, along with several other listed company directors we identify.

RECENT ARTICLES
The Post Office Investment Fund
Following yesterday's Audit Commission report on Hongkong Post, we look at the potential closure of rural post offices, removal of its mail monopoly and universal service obligation, and its cash-rich balance sheet and prime property. We also discuss the Government's tendency to stash pots of money away in different bodies rather than pass recurrent spending through the budget and the Legislative Council and manage its liquid funds centrally. (22-Apr-10)

Shareholders veto HKEx resolution
Following our recommendation, Webb-site.com is pleased to note that investors have sent a clear message, voting by 70.2% against a proposal to allow the company to bypass board meetings and pass resolutions with a simple majority of signatures. We now call on HKEx to make this right by amending the Listing Rules to prohibit such articles, which would weaken corporate governance. (22-Apr-10)

Imagi rights v shares gap
With Imagi's stock down 67.4% in 3 days since our bubble warning, the rights began trading this morning, at a huge discount to the share price, raising obvious questions of whether the market in either counter is false. If you own the shares and believe in the current valuation (which we don't) then why aren't you selling your shares and buying the rights to get free cash? (21-Apr-10)

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