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IT MIGHT BE THAT THE SFC WOULD DECIDE THAT, FOR OTHER REASONS, IT WAS NECESSARY TO REVIEW THE AMBIT OF THE CODE AND PROCEED WITH A PUBLIC CONSULTATION. BUT EVEN SO, OWEN FELT THAT ALL PARTIES WOULD BE BETTER SERVED IF THE CONSULTATION TOOK PLACE AT A MORE DISTANT DATE IN THE FUTURE.
6. MEANWHILE, THE SFC IS ALSO AWAITING FULL DETAILS FROM THE STOCK EXCHANGE OF HONG KONG ON ITS PROPOSAL FOR A SECONDARY LISTING. THESE ARE EXPECTED TO BE AVAILABLE BY THE END OF THIS MONTH. OWEN ADDED THAT IN HIS PERCEPTION, THE SECONDARY LISTING PROPOSAL SHOULD MEET MOST OF JARDINE'S OBJECTIVES. SFC WILL NEED TO CONSIDER CAREFULLY ANY PROPOSED EXCHANGE RULE CHANGES AND WILL ENDEAVOUR TO DO SO QUICKLY. IN ARRIVING AT A VIEW, SFC WILL NEED TO KNOW WHETHER THESE RULE CHANGES WILL BE SUFFICIENT FOR JARDINE'S PURPOSES, OR WHETHER FURTHER ISSUES ARE TO BE RAISED.
7. AS YOU CAN SEE, THE BALL IS NOW FIRMLY IN JARDINE'S COURT, ALTHOUGH OUR OWN IMPRESSION IS THAT THEY WILL STILL PROBABLY WANT
THE TAKEOVER ASPECT RESOLVED. WE WILL KEEP YOU INFORMED OF FURTHER DEVELOPMENTS.
WILSON
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PS LORD CAITHNESS
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MR YAXLEY, HKGO, LONDON
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SIR J COLES
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MR BURNS
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