We look forward to the EGM tomorrow to approve the property disposal, and to the board's subsequent decision on the distribution of sale proceeds.
Orgs
People
Open letter to the board of Ming Fai (3828) from David Webb
Webb-site.com, 19-Oct-2016
Webb-site founder David Webb owns almost 10% of Ming Fai and calls for a special dividend of at least $0.352 per share to reduce net cash to not more than HK$300m (34% of net assets) after the sale of the investment property, which we support. Ming Fai has a strong core business, but if the current board, which holds 33% of Ming Fai, doesn't do the right thing then we will nominate directors who will.
Orgs
Savills appointed sole agent for public tender sale of 5/F 181 Queen's Road Central
Company media release, 04-May-2016
We note that this investment property is owned by Ming Fai (3828). If it fetches the indicative price of HK$300m then that is worth about $0.425 per share, which we hope would be distributed given the company's existing net cash position of about $0.37 per share. Webb-site founder David Webb holds over 9% of Ming Fai.
Orgs
Eric Sun Yung Tson inherits INED seat at Ming Fai (3828) from his father
Company announcement, 29-Mar-2016
Sun's son rises, presumably after an exhaustive search by the Nomination Committee.
Orgs
People
Ming Fai (3828) wins appeal in Supreme People's Court
Company announcement, 15-Nov-2015
Dislcosure: Webb-site founder David Webb owns over 8% of this company.
Orgs
Ming Fai International Holdings Limited Public Disciplinary Actions