Wednesday 12th June 2013
Dear Reader,
NEW ARTICLE
Avoiding double stamp duty
A HK$1.6bn deal announced
yesterday neatly demonstrates how the proposed Double Stamp Duty will drive
higher-end transactions into the corporate transfer market, while freezing up
the low end with prohibitive taxation. We'll be speaking against DSD in LegCo
tomorrow. (12-Jun-2013)
RECENTLY ON WEBB-SITE
Scrap the public float rule
Investors in SCMP (0583) are in
the deep freeze again, and other companies have indulged in artificial schemes
to comply with the 25% public float rule. The rule should be scrapped, because
as we explain, it has no real purpose, and because the only way to enforce it is
to victimize minority shareholders by suspending their shares. The rule does not
serve investor interests. (11-Jun-2013)
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