Richard Lee swallowed SUNDAY 90% small shareholder support has not been frustrated

Yesterday, Hongkong mobile operator SUNDAY (0866.HK) held a provisional shareholders meeting, the company independent shareholders of PCCW Privatization (0008.HK) SUNDAY motion to vote, the privatization proposal is rejected.

SUNDAY is one of Hongkong's 6 mobile communications license holders, but also one of the 4 telecom operators with 3G licenses. In June this year, 0008.HK (PCCW) chairman of the little Superman Richard Lee confirmed that the company plans to put forward a comprehensive acquisition of SUNDAY, to return to nearly 3 years has been withdrawn from the Hongkong mobile phone market. SUNDAY privatization price of HK $0.65 per share, if the company's minority shareholders approved the plan, next January 11th will be the last trading day of SUNDAY.

Instead, at the shareholders' meeting held yesterday morning, PCCW proposed privatization bill for SUNDAY shareholder opposition failed. It is reported that about 82.8% of SUNDAY shareholders approved PCCW privatization bill, about 17.2% of shareholders voted against. According to the Hongkong listing rules, the privatization bill must be approved by at least 90% of the minority shareholders to obtain approval, so the privatization program failed to get through.

In the privatization proposal was rejected, PCCW's stake in Sunday was 79.35%. Because of the public shareholding of less than 25%, if not to increase the purchase price of PCCW, in order to attract more shareholders agree, to maintain the listing status of SUNDAY. This means that the company must reduce the hands of the SUNDAY shares to 75% or less.

SUNDAY9.91% shares held by HUAWEI Technologies Co. Ltd., believe that at the general meeting of shareholders voted in favor, in October the company had to send written confirmation of PCCW, said it would vote in favor of the acquisition.

The relevant regulations, the company shall be 1 years and then put forward the privatization of SUNDAY. PCCW executive director Elviran said that the motion was rejected, there is still no decision is put forward again after 1 years. And as president of SUNDAY AI vilan also pointed out that the current company still maintain a SUNDAY listing status, although the privatization plan failed, so that both administrative expenses increased, but PCCW and SUNDAY various aspects of business operations and operations are not affected.

Yesterday, SUNDAY began the suspension, before the suspension to HK $0.63, with the company's issued share capital of 2 billion 990 million shares, the market value of approximately HK $1 billion 880 million; and PCCW shares rose 0.518% to HK $4.85.