Monday 12th March 2012

Dear Reader,

So far 213 of you have cast your votes for CE in our poll. 31.9% would cast a blank vote, 11.3% would vote for Albert Ho, 12.7% for Henry Tang and 44.1% for C Y Leung - short of the absolute majority needed to elect a candidate. Whom would you vote for, if you were allowed to vote? Please update your estimates and cast your vote. Your PIN is above.

Now for our guillotine motion...

NEW ARTICLES
Decapitate the headcount
We make the case for abolition of the archaic and anarchic headcount rule in Schemes of Arrangement, which was brought into focus when we reported evidence of a vote-rigging scheme in the proposed PCCW privatisation in 2009. For once, the tycoons agree with us, but the Government seems afraid to take the lead. (12-Mar-2012)

RECENT ARTICLES
Raking muck, Part 5
In the penultimate episode, we look at a transaction in progress by Railsmedia (0745) and how it connects with CPEC (8041), COMG (0254) and 3 shells. We also introduce a 10th listed company to the story, Zhi Cheng (8130) which has such a track record of value destruction that it has consolidated its shares by 200,000 to 1 since 2007. (11-Mar-2012)

Raking muck, Part 6
Concluding our hexalogy, we look at a recent deal by COMG (0254). Existing shareholders were diluted to 2.54% in an acquisition valued at HK$1242m for a business which would need capital of HK$3.6m. We estimate that the vendor has already cashed in about $1812m by selling convertible bonds and shares. We also look at what comes next for COMG, and some unfinished business for the authorities. (11-Mar-2012)

Yes, we have no gavels
(11-Mar-2012)

Apophis debunked
Angelo Paratico's article "Comet heading straight for earth - don't panic" (SCMP today) is alarmist, sensationalist and bad science. (11-Mar-2012)

IN OTHER NEWS
The Jesters: Down in Uncle Henry's Basement (1961).
YouTube, 12-Mar-2012
Yes, really! Thanks to Hemlock for pointing this out.

Li & Fung merchandiser gets 33 months for accepting HK$1.21m in bribes
ICAC, 12-Mar-2012

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