Tuesday 11th June 2013

Dear Reader,

NEW ARTICLE
Scrap the public float rule
Investors in SCMP (0583) are in the deep freeze again, and other companies have indulged in artificial schemes to comply with the 25% public float rule. The rule should be scrapped, because as we explain, it has no real purpose, and because the only way to enforce it is to victimize minority shareholders by suspending their shares. The rule does not serve investor interests. (11-Jun-2013)

GM Recordings
Sino Golf AGM recording
Main proceedings start at the 9m10s mark. (10-Jun-2013)

Porky Yorkey (2788) EGM recording
The CFO told the meeting that all of the shares in the Employees Trust had by now been fully vested in 200 employees, but after 7 years, not one of them has left the company or withdrawn their shares from the trust and sold them. Incredible. Do the employees even know that they have these rights, or is this just a back-door way to cement a sub-controlling shareholding with extra votes? (7-Jun-2013)

Porky Yorkey (2788) AGM recording
Only 3 out of 7 directors attended: Alan Chiang Hsiang-tai (INED, acting chairman of meeting), Iris Wu Shu-ping (NED, also director of 27.4% shareholder Asia Optical) and Nagai Michio (CEO, non-shareholder). Also present were Ng Chi Ching (CFO, non-director). The EGM on connected transactions followed this. (7-Jun-2013)

Pass it on!
This free newsletter goes to over 20,000 practitioners, issuers, regulators and investors in Hong Kong's markets. If you enjoy Webb-site, then please invite a friend to find out what they are missing and subscribe! Visit our archives, and do your homework before you invest.

Remember that, apart from our occasional articles, you can follow our daily updates on HK events via RSS, Twitter, or Facebook.

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.