pcrd-investors-vote-against-sale-of-pccw-to-leung

PCRD investors vote against sale of PCCW to Leung

Shareholders vote down a proposal to sell a 23% stake in PCCW to Francis Leung, opening the door for Richard Li to put together another deal for PCCW.

By Sameera Anand

November 30, 2006

Minority shareholders of PCCWÆs holding company, Pacific Century Regional Developments in Singapore, have overwhelmingly voted against the proposal to sell PCRDÆs 22.64% stake in PCCW to a consortium led by Francis Leung. The vote was held yesterday November 30.

ôItÆs not surprising. Events over the course of the year have led shareholders to believe that the break up value of PCCW could be far higher than its market capitalisation, comments one banker.

Leung's consortium bid HK$9.2 billion $1.18 billion or HK$6 per share for PCRDÆs controlling stake in PCCW. PCCW has traded around HK$5.00 in recent weeks, leading some observers to comment that shareholders were not being...

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