7
WEDNESDAY, JUNE 8, 1988
"WHERE A FREEZING ORDER IS MADE, ANY CONCERNED IS VOID," MR NENDICK SAID.
TRANSFER OF THE SHARES
"IN ADDITION, NO VOTING RIGHTS ARE EXERCISABLE THE SHARES AND NO DIVIDENDS ARE PAYABLE.
"
AN ORDER MIGHT ONLY BE LIFTED BY THE CERTAIN CONDITIONS WERE MET, HE ADDED.
RELEVANT
IN RESPECT OF
AUTHORITY
WHEN
PUBLICATION TALKING ON THE CONSULTATION EXERCISE FOLLOWING THE
SAID WHILE MOST OF OF THE WHITE BILL IN JUNE LAST YEAR, MR NENDICK
A FEW POINTS
OF WERE THE COMMENTS CENTRED ON TECHNICAL PROVISIONS, WIDER IMPORTANCE.
THE FIRST CONCERNED THE APPLICATION OF THE BILL.
18 ΤΟ LIMIT THE REQUIRE ALL WITH ITS
"WE PREFER TO FOLLOW THE UK PRACTICE, WHICH APPLICATION OF THE LEGISLATION TO LOCAL COMPANIES BUT TO
BOTH LOCAL AND OVERSEAS, TO COMPLY LISTED COMPANIES +
" MR NENDICK SAID. PROVISIONS AS A LISTING REQUIREMENT,
ALL
KONG
LISTED
TO
THE BILL SHOULD APPLY "WHILE WE AGREE IN PRINCIPLE THAT
LOCALLY AND OVERSEAS BOTH COMPANIES, HONG
PROBLEMS IN EXTRA-TERRITORIAL INCORPORATED, THERE ARE PRACTICAL AND APPLYING THE LEGISLATION TO OVERSEAS COMPANIES.
THE NECESSARY AMENDMENTS
ΤΟ THE
SECURITIES
(STOCK EXCHANGE
LISTING) RULES WERE IN HAND, HE SAID.
THE SECOND POINT
CONCERNED THE
PERCENTAGE NOTIFIABLE
FOR
SUBSTANTIAL SHAREHOLDERS.
*+
"IN THE BILL, SHAREHOLDINGS OF 10 PER NOTIFIED, MR NENDICK SAID.
CENT
OR
MORB MUST
НЕ
BY
THAT
A
BEEN EXPRESSED
AND COMMITTEE,
"THE VIEW THAT THIS FIGURE IS TOO HICH HAS SOME, MOST RECENTLY BY THE SECURITIES REVIEW FIGURE OF FIVE PER CENT WOULD BE MORE APPROPRIATE."
BE MORE WHILE A FIGURE OF FIVE PER CENT WOULD INTERNATIONAL PRACTICE, MR NENDICK SAID HE WAS NOT IN CHANGE IN THE PRESENT PROPOSAL AT THIS STAGE.
"ANY CHANGE
ΤΟ
KEY THIS
PROVISION
WOULD
IN LINE WITH FAVOUR OF ANT
FUR'1 REQUIRE EXTENSIVE CONSULTATION AND WOULD UNAVOIDABLY DELAY THE PASSAGE OF TIO IMPORTANT PIECE OF LEGISLATION WHICH HAS BREN UNDER THE EARLY 1970'S," MR NENDICK EXPLAINED.
CENT
IS A SUITABLE 1 BELIEVE THAT 10 PER POINT FOR DISCLOSURE FOR HONG KONG, BEARING IN MIND
DISCLOSED IN MAY ITSELF REQUIRE INFORMATION TO BE LEVEL OF SHAREHOLDING.
"
DISCUSSION SINT
INITIAL THAT A RELATION
TRIGGE COMPAN TO AN
་་
/THIS PROVISION