HKC (248) – August 24, 2015 AGM

Home » HKC (248) – August 24, 2015 AGM

Disclaimer: These are excerpts from student assignments conducted as part of a Corporate Finance class. The opinions represented do not necessarily agree with mine. I do not vouch for the quality of the recommendations or the accuracy of the numbers. Follow the recommendations on your own risk.

Click here for the proxy statement: http://www.hkc.com.hk/IRReport/E_CIR_2015.pdf

Forth #AGM for @LSEPKUSummerSch #CorpFin #students voting recommendations #HKC $248 just closed, with 100% votes for all #managementproposals

#Students sceptical about re-election of Mr. Chu Chor Lup after poor meeting attendance record (no meetings attended) #AGM #HKC $248 #DirectorAttendance

Proposal Excerpt of Student Recommendations
For Against
Director elections
  • Ip Man Hon and Chiu Ngar Wing experienced
  • Chu Chor Lup has an academic background and working expertise only in the medical field, which is unrelated to the company’s business
  • More important, he did not attend any meetings
ISSUE OF BONUS SHARES
  • Bonus shares do not change the value of the company per se and the fraction held by each shareholder remains constant but lowers the stock price and hence may make the currently rather illiquid stock more accessible and more liquid
  • Concentrates ownership among registered shareholders and therefore makes it easier to defend itself against hostile acquisitions
RENEWAL OF THE GENERAL MANDATE TO ISSUE SHARES
  • Restructure mobile phone business and property business