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Henderson Investment Limited

Formerly known as Until
Wing Tai Development Company Limited 30-Aug-88

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)

Henderson Investment voting advice
We urge investors to protest against the re-election of an "independent", who is also a director of majority shareholder Henderson Land. As such, he was unable to give any advice to independent shareholders on the recent privatisation proposal, which was voted down by a slim margin after we lobbied against it. We also urge investors to vote against the new issue mandate. (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)


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