Abaci's Common Sense Investing

What an anti-climax! David Webb didn't show and there's very little sparkle throughout. And there's no much to eat either. But I did learn from a minority shareholder a couple of golden lines by the great late Chairman Mao, of the communist party of course.

(1) "Dishonestly always gets one in trouble" but
(2) "Honest people are often pushed around"

Nothing offensive to Chairman Wong. I hope the HKET will have good coverage as its journalist had a lengthy chat with that shareholder.

1st, Kudo to the HKEX for imposing the approval threshold of 75% (YES vote) and 10% (or less of NO vote) to the proposal thus making it harder to pass than usual. Otherwise WKK would simply need 50%+ independent votes to get the resolution through. But guess what - this wasn't necessary afterall as the NO votes outnumbered the YES votes! I think slight more than half of the independent shareholders showed a thumb down to Chairman Wong's offer.

Good news for the financial adviser Standard Chartered Bank and independent financial adviser DBS as they'll get a third chance to do the same work again, having collected their fees twice already.

There may never be a 3rd time, in which case WKK is still very cheaply priced now, but when the chance does come there may be a different structure again. Of course the best scenario as I said before would be for a fund to come in and buy out the PCB assets from WKK, at a much more reasonable price of course, and leave the listing status to Chairman Wong to play around with his latest medical venture, which may or may not by run by him for too long.

DISCLOSURE: I hold 532 at time of writing.