Wednesday 27th March 2013

Dear Reader,

NEW ARTICLE
MTRC (0066) and the FAM
We remind the board of MTRC that although they hold a blanket waiver of the Listing Rules on connected transactions, they cannot agree to amend the Fare Adjustment Mechanism if they expect it to reduce profits, because it would breach their fiduciary duty to minority shareholders. If the Government really wants to run the transport system and set fares, then they should nationalise it. (27-Mar-2013)

RECENTLY ON WEBB-SITE
Vatican/ Jockey Club election guide
Your guide to the forthcoming (s)elections of new leaders in these venerable institutions. (12-Mar-2013)

The dividend tax myth
We correct the Financial Secretary's latest gaffe and explain why a further tax on corporate profits in the form of a dividend tax would necessitate a steeper salaries tax, a capital gains tax, a tax on worldwide investment income and ultimately a loss of economic output and revenue. It is a myth that dividends are tax-free. (5-Mar-2013)

IN OTHER NEWS
Shamed barrister jailed after taking cuts from clients
HK Standard, 27-Mar-2013
The law against champerty was abolished in England in 1967.

Censure of Lerado (1225) and executive directors
SEHK, 21-Mar-2013
Another perfect illustration of why main board companies should be required to report financial results quarterly. Investors spent 6 months in the dark.

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