Monday 12th July 2010

Dear Reader,

Two new stories today:

Conduit controversy
After watching politicians and the Government thrashing around trying to understand the aborted transactions in a small private building in Conduit Road, it is time for Webb-site to intervene and seek truth from facts. We also call for free online access to the Land Registry to increase transparency.

Manipulation mania
What are markets really for? Does the law on market manipulation, and its enforcement, create unreasonable expectations from investors about the information in market prices, volumes and order queues? We say it does. It is time for the Government and SFC to review their approach and reset public expectations. We also look at shill bidding in auctions.

RECENT ARTICLE
Vodafone's potential US$2bn+ claim against Hutch
After selling its Indian business to Vodafone in 2007, HTIL shrank itself by distributing proceeds, as well as its HK business, to shareholders, leaving far less in net tangible assets than the US$2bn+ Indian capital gains tax claim now levied against Vodafone. HTIL was privatised last month. If the tax is upheld, Vodafone may claim it back under an HTIL indemnity. How much is that worth now, and will HWL shareholders carry the can? (23-Jun-2010)

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