Letter to Hamish McLeod, Esq (30/1/92) Page 3
any
regulation. The idea has been put to the Stock Exchange. They considered and rejected it on the grounds that it would add nothing worthwhile in terms of shareholder protection. And of course it has not been required other company obtaining a secondary listing in Hong Kong. With the best will in the world, it gives the impression of setting traps for Jardines. We have all expended a great deal of time and effort to reach agreement on the concept of the secondary listing and the result has been widely welcomed. I really do hope that it will not be derailed by the introduction of new hurdles and obstacles.
I have set this out at some length now because I shall not be here while the SFC are considering the Stock Exchange proposals. I very much hope that they will decide not to pursue this particular idea. But I wanted you to be aware of our strong views in case it does come up.
Jardines and
I have discussed the take-over code aspect with Robert and he has agreed to further low-key discussion between the SFC (provided it is not too time-consuming) to try to narrow the gap between us, in the hope that conditions may be more propitious for public consultation and a solution in a year's time.
This letter has come out longer than I intended when starting to write. But it seems worthwhile spelling out
the case in some detail.
I enjoyed our again in March.
breakfast
and look forward to seeing you
CDP/mm
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