Crocodil bottes cavalières e Garments' privatization proposal rejected
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Crocodile Garments' privatization proposal rejectedPublished: 28 May 2009 19:23:57 PST<p class="authorInfor"]</p]<!--begin CK content--]<ul class="narrow"]Top 5 News From ChinaKnowledge.comCapital Group cuts stake in China Shenhua EnergyNan Shan Life Insurance buys commercial building in TaipeiChina Everbright Bank says no plan to set up private banking unitHaier Group to buy 20% stake in Fisher & Paykel AppliancesHang Seng Bank's lending to SMEs rises 6% in Q1May. 29, 2009 (China Knowledge) - Crocodile Garments Ltd<0122>failed to get enough votes for its privatization proposal, sourcessaid, citing the company's non-executive director Carl Ka-wing Tong, assaying.
Of the more than 137 million shares held by independentshareholders, about 50 million, or 36.4%, were against the buyout offerof HK$0.42 per share.
Of 115 independent shareholders, 50 of them were against the scheme.
Thecompany said in a statement filed with the Hong Kong Stock Exchange(HKEx) that there will be no similar privatization proposal before 2019.
Accordingto a previous agreement, chairman Lam Kin-ming, who is also the largestshareholder, will not make another proposal to privatize the company orplace any offer for its securities until after the end of 2018.
The company's existing business and operations will continue as usual.
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Crocodile Garments' privatization proposal rejectedPublished: 28 May 2009 19:23:57 PST<p class="authorInfor"]</p]<!--begin CK content--]<ul class="narrow"]Top 5 News From ChinaKnowledge.comCapital Group cuts stake in China Shenhua EnergyNan Shan Life Insurance buys commercial building in TaipeiChina Everbright Bank says no plan to set up private banking unitHaier Group to buy 20% stake in Fisher & Paykel AppliancesHang Seng Bank's lending to SMEs rises 6% in Q1May. 29, 2009 (China Knowledge) - Crocodile Garments Ltd<0122>failed to get enough votes for its privatization proposal, sourcessaid, citing the company's non-executive director Carl Ka-wing Tong, assaying.
Of the more than 137 million shares held by independentshareholders, about 50 million, or 36.4%, were against the buyout offerof HK$0.42 per share.
Of 115 independent shareholders, 50 of them were against the scheme.
Thecompany said in a statement filed with the Hong Kong Stock Exchange(HKEx) that there will be no similar privatization proposal before 2019.
Accordingto a previous agreement, chairman Lam Kin-ming, who is also the largestshareholder, will not make another proposal to privatize the company orplace any offer for its securities until after the end of 2018.
The company's existing business and operations will continue as usual.
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