Monday 21st September 2009
We will close the opinion poll on rights issues and open offers at 6pm HK time Friday, so please vote now. Your PIN is above.
We look at the strange events at Value Convergence (0821) where Melco (0200) is selling its controlling stake at $1.92 before a massive dilutive CB issue at $1.00, a third of which is going to China Fortune (0290). Shareholders should vote against the bond issue, and bond subscribers and their associates should be prohibited from voting any shares they hold.
A 100% margin loan
A HK-listed company makes a margin loan of up to 100% of the value of a portfolio held by an anonymous BVI company. Not on commercial terms, but fully compliant with HKEx's lax disclosure rules.
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