Henderson Land Development Company Limited

Henderson Investment, Round 3
We urge minority shareholders of Henderson Investment (0097) to vote against the sale of its controlling stake in Hong Kong and China Gas (0003) to Henderson Land Development (0012). Read why. (31-Oct-07)

Henderson Investment, Post Mortem
The market has been conducting a post-mortem on the Henderson Investment deal, so by popular request we are jumping in. We highlight loopholes and propose improvements in the Takeover Code, the disclosure law and the Listing Rules, but fundamentally, HLD only has itself to blame for not delivering a knock-out bid and reaching out to all HI shareholders. There's nothing wrong with voting shares you hold, whether or not they are borrowed. (25-Jan-06)

Henderson Investment, Round 2
Here we go again. It doesn't seem like three years ago that Henderson Land tried to privatise Henderson Investment at $7.60 per share. Now they are back with a higher, paper-only offer, valued at $12.90 tonight. We give our views. (10-Nov-05)

Results of AGM & EGM
Company announcement, 1-Dec-03

Henderson Land AGM voting advice
Last month, HLD did a surprise HK$3bn placing of new shares under the general mandate, and since then, $9.3bn has been wiped off the market value. We urge you to vote against the new issue mandate which does not comply with the Vampire recommendations and would allow HLD to do another dilutive placing. (21-Nov-03)

Henderson Land EGM voting advice
This EGM is to approve the new share option scheme of Henderson China Holdings Ltd, a subsidiary of HLD. Vote in favour. (21-Nov-03)

Victory at HI
In a good start to 2003 for minority shareholder value, investors heeded Webb-site.com's call and succeeded in blocking the deep-discount privatisation offer for Henderson Investment, by a margin of victory that would make Al Gore proud. It sets a new benchmark for privatisations by controlling shareholders in Hong Kong. (19-Jan-03)

HI Time to Vote
The deal timetable for the proposed privatisation of Henderson Investment straddles the holidays, and that means, depending on your custodian, you only have a few days left to vote. If you want to stop this deal, get your votes in by this Friday, Hong Kong time. (16-Dec-02)

Henderson's Painted Corner
In an announcement that is worth only slightly more than the cost of printing it, Henderson Land has increased its privatisation offer for Henderson Investment by 3.4%, to $7.60 per share, and made this their final offer. Now the choice is quite simple, and we recommend readers to vote against the transaction. (3-Dec-02)

Templeton Opposes Henderson Offer
Templeton Asset Management, one of the largest minority shareholders in Henderson Investment, has issued a statement through Webb-site.com opposing the privatisation at the current offer price. (11-Nov-02)

Lo bid for HI
Henderson Land is offering HK$7.35 per share to buy out the minorities in Henderson Investment - which as we show, is a whopping 40% discount to underlying value of about $12.26 per share. Its stake in HK & China Gas alone has a market value of $7.76 per HI share. The good news is that it only takes 2.49% of the company to block the deal, so if you are an institutional holder, contact us - we need your votes to block it or get a better deal. (6-Nov-02)

SFC successfully prosecutes Mrs Fung Lee Woon King for contravening the Securities (Disclosure of Interests) Ordinance
SFC, 22-Aug-01

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