CONFIDENTIAL
FM HONG KONG
TO PRIORITY F C O
TELNO 855
OF 20105OZ MARCH 92
INFO PRIORITY HKGO LONDON
CONFIDENTIAL
01203
MOLIAN 32C
HKGO PERSONAL FOR YAXLEY
MY TELNO 525:
JARDINES
YOU MIGHT FIND IT USEFUL TO HAVE AN UP-DATE ON DEVELOPMENTS IN RESPECT OF JARDINES OVER THE PAST MONTH.
2.
THE SFC HAS CONSIDERED THE PROPOSALS MADE BY THE STOCK EXCHANGE OF HONG KONG (SEHK) TO AMEND THE LISTING RULES AND LISTING AGREEMENTS TO FACILITATE SECONDARY LISTING FOR COMPANIES SUCH AS JARDINES, THE MAJOR PART OF WHOSE TRADING IS ON THE SEHK. THIS WEEK THE SFC APPROVED CHANGES TO THE SEHK'S LISTING RULES AND LISTING AGREEMENT IN RESPECT OF THE NEW FORM OF SECONDARY
LISTINGS.
3.
CHANGES WERE MADE TO THE ORIGINAL PROPOSAL AS A RESULT OF CONSULTATION BETWEEN SEHK AND SFC. THE MOST SIGNIFICANT OF THESE
WERE:
(A)
(B)
4.
-
THE EXTENSION OF THE PERIOD OF NOTICE PRIOR TO A DE- LISTING FROM ONE MONTH TO THREE MONTHS:
THE INTRODUCTION OF A REQUIREMENT THAT THE CONSENT OF SHAREHOLDERS TO A DELISTING COULD ONLY BE DISPENSED WITH IF THERE WAS AN ACTIVE MARKET IN THE SHARES CONCERNED AT THE PLACE WHERE THE PRIMARY MARKET WAS SITUATED AT THE TIME DELISTING TOOK PLACE.
JARDINES (GREG TERRY) ARE AWARE OF THESE CHANGES. WE UNDERSTAND THAT THEY HAVE NO DIFFICULTY WITH THEM. THE SEHK SHOULD BE FORMALLY ADVISING JARDINES IN THE COURSE OF THE NEXT FEW DAYS THAT IT MAY PROCEED TO PUT IN PLACE ITS SECONDARY LISTING. JARDINES WILL THEN, WITHIN THE NEXT 4-6 WEEKS, CONVENE A SHAREHOLDERS MEETING TO APPROVE THE SECONDARY LISTING. HOWEVER, ACTUAL IMPLEMENTATION OF THE SECONDARY LISTING CAN ONLY OCCUR 90 DAYS AFTER SHAREHOLDERS' APPROVAL AND AFTER AN MOU IS IN PLACE
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