Protest outside CITIC Pacific’s EGM this morning (267)
It was reported that there were around 10 retail shareholders, led by LEGCO member James To Kun Sun, protesting outside CITIC Pacific’s EGM today. They demanded that the company should delay approving the plan of issuing convertible bonds to CITIC group and accepting the rescue plan put forward, until the SFC has finished investigating the whole accumulator saga. Also, they demanded that the directors in-charge should be personally held responsible for the matter. They were refused entry into the meeting at the beginning, but at the end they were let in.
I am not sure whether delaying approving the measures would help the small shareholders recover their losses. Letting this type of thing dragging on will just create an overhang for the stock price and does no good to the Company. On the other hand, the directors, if they are deemed to have done anything wrong by the SFC, should bear personal responsibilities and resign (and be charged criminally).
