Thursday, October 21, 2010

Hong Kong PCCW Privatization Commission will vote by sealed-depth inquiry

In a noisy and confused after the shareholder meeting, "Little Superman" in Hong Kong PCCW's Richard Li privatization program finally agreed. However, the sudden intervention of Hong Kong Securities and Futures Commission, take away the voting record and further inquiries, so awful twists and turns of the transaction on the regeneration of the variables.

4 February evening, the industry concerned about PCCW shareholders meeting. This is the privatization of PCCW, one of the most difficult pass, because only small shareholders nod to complete the deal. Richard Li and China Unicom offered to buy a share of 4.5 HK PCCW, the transaction amounted to 17.0 billion Hong Kong dollars. Richard Li and China Unicom are the two major shareholders of PCCW. Last year in November, the two have not yet announced the joint acquisition of 35.5 million shares held by PCCW shares (approximately 52.42% of the shares). December 30, for fear of being rejected, the two partners in the acquisition of 4.2 yuan per share last-minute bid for the Hong Kong dollar to 4.5 Hong Kong dollars.

This is the privatization of PCCW, Richard Li to make the third hard. However, due to dissatisfaction with the privatization offer, some small shareholders expressed strong opposition, even once the exposure "vote rigging" event. Have reported that it was free to hundreds of insurance brokers in exchange for shares of PCCW presented them to vote. 3 PCCW for this month issued an urgent notice to clarify, that no improper transfer of shares.

According to Hong Kong media reports, this general meeting of shareholders on-site noise and confusion. A small shareholders more than an hour, he rushed to the venue in advance and carried out in series, jointly signed a petition opposing privatization. Also proposed to defer the minority shareholders to vote for "vote rigging" the incident pending the outcome of the investigation. However, these encounters are the result of failure to stop voting, more than 75% of the company's shareholders in favor of privatization.

However, the dramatic is a result of alleged improper transfer of shares, the SFC in Hong Kong closed down after the general meeting of shareholders to vote the voting paper. Yesterday, the Beijing Morning News reporters Zhi Dian and Xiang Gang Commission, the relevant person in charge confirmed that an in-depth inquiry on the matter. PCCW spokesman told reporters that the news did not know of any improper conduct stock transfer. If there are no accidents, the company will be held Feb. 24 to the High Court hearing, which is the last one PCCW privatization process was.

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