5 Aug 2004
RE PCCW LTD
- Citation
- RE PCCW LTD
- Court
- Court of First Instance
- Case number
- HCMP1699/2004
The court confirmed the cancellation of the share premium account because statutory formalities and the Articles' power were satisfied, the reduction had a legitimate purpose to eliminate losses, shareholders were not prejudiced, and creditors were adequately protected by detailed undertakings and a bank guarantee facility, justifying exercise of the court's discretion to confirm the reduction and dispense with settlement of a list of creditors.