9 Oct 2020
RE ALLIED PROPERTIES (H.K.) LTD
- Citation
- [2020] HKCFI 2624
- Court
- Court of First Instance
- Case number
- HCMP1033/2020
The Court declined to sanction the scheme because the explanatory materials failed to give a fair and complete explanation (notably failing to compare the actual Scheme Consideration of HK$0.42 with relevant market and NAV benchmarks and to explain the use of company reserves to fund the Special Dividend and alternative scenarios), and because the evidence of voting/headcount contained material inconsistencies and unreliability such that the Court could not be satisfied the statutory headcount and representative majority requirements were properly met.