Irrational minority investors are objecting to the privatisation…
In the court hearing yesterday morning (Saturday morning), there were 8 retail investors testifying against PCCW; however, the points they made seem to be irrelevant to the privatisation case. Most of them have held PCCW for over ten years and they have suffered big losses and they have expressed their mistrust or contempt against Richard Li for bringing down PCCW and for PCCW’s big drop in share price.
Fair enough, they have the right to express their opinions. But how is their testimonial relevant to the case? Sure, PCCW share price suffered big drop during the tech bust in 2000 and 2001 and Richard Li was, very likely, responsible for the drop. But then, do they think that PCCW share price would go back up to its max price in 2000 if the privatisation was disallowed? No way! What could they achieve by opposing to the privatisation? Nothing. PCCW share price would probably drop further if PCCW was rejected by the court at the end.
Wake up, people. You should move on. When you bought PCCW, you believed in their management and when they failed, that means that you have made a bad investment decision. Then you should move on and find another company that you believe in. Holding on PCCW for 10 years and hoping that it would bounce back to the level you bought ten years ago just don’t make sense to rational investors.
April 20th, 2009 at 6:11 pm
Yes, totally irrational, delusional individuals who dare get in the way of Lord Richard. The “Stanford graduate” who is generously buying the company and then granting himself a big cash dividend, which in fact gets him the company…. for nothing. Yes, no reason why these cretinous creatures should be protesting at all.