Officials Examine PCCW Deal Vote

香港证券监管机构将就电讯盈科(PCCW Ltd.)股东周三投票同意公司老板李泽楷(Richard Li)斥资21亿美元买断公司的幕后情况展开调查，这一动向给李泽楷数年来为改善其主要投资电讯盈科命运所作的努力带来了新的阻碍。香港证券及期货事务监察委员会(Hong Kong Securities and Futures Commission)周三晚间在电讯盈科股东投票大会结束约一个小时后调取了投票记录。大会吵吵嚷嚷地持续了7个小时，部分投资者试图推迟投票但未能成功。证券期货委员会在一份声明中表示“将进行质询”，但拒绝作进一步说明。目前出现的问题是，香港当地媒体和一位知名股东权益活动家日前声称，一些股东收到电盈股票，作为支持该公司私有化的回报。但他们均未指明谁将提供这些股票。电盈人士说，他们不了解有任何不当赠股的事，不过将就此进行调查。该公司一位发言人周三说，公司将配合证券与期货委员的调查，李泽楷牵头的私有化收购团体也将如此。这位发言人表示，无法安排李泽楷接受采访。周三参加投票的股东有82%同意私有化。根据交易计划，李泽楷的收购团体将以每股4.5港元（58美分）的价格买进目前他们尚不持有的52%电盈股份。这一出价较该团体去年10月首次表露收购意向时的电盈股价有55%的溢价，但低于该股近年来5港元左右的股价区间。下一步，电盈私有化计划将于2月24日交香港高等法院依据当地法律予以审核。业内法律人士称，监管机构或少数股股东届时可能对该计划提出反对。一些参加投票的投资者表示，他们将继续反对该计划。已退休的家庭主妇Daisy Cheung表示，她将维护自己的股东权益。她是在2000年买入电盈股票的，当时正处于互联网泡沫期，该股股价有时甚至达到100港元以上。她不愿透露其所持电盈股票的更多信息。对试图一劳永逸地解决电盈归宿问题的李泽楷来说，调查再次让他的努力变得复杂化。在此番私有化计划之前，李泽楷曾三次尝试出售电盈。他在私有化计划说明书中说，交易完成后，电盈的业务模式不会有大的改变，不过他也提到，当市场环境好转时，不排除进行公开募股的可能。电盈曾是互联网热门企业，现在是香港主要的固定电话服务供应商。这类业务有稳定的现金流，但由于香港人口稳定，因此其增长前景有限。分析师认为，该公司如果希望在本土之外扩张，必须与其他公司在它感兴趣的新市场上建立合作，比如中东。鉴于电盈近年来5港元左右的股价区间和互联网繁荣期的高股价，一些投资者认为目前的私有化收购出价太低，因此反对交易。根据目前交易计划，李泽楷与相关实体将拥有电盈三分之二股份，中国联合网络通信集团有限公司(China United Network Communications Group Co.)将持有其余股份。该集团目前正在收购中国网络通信集团公司(China Network Communications Group)。电盈周三还表示，将采取措施削减成本，其中将涉及裁员，但未透露裁员幅度。电盈股票周三停牌。周二该股收于4.17港元。Jonathan Cheng / Lorraine Luk相关阅读电讯盈科私有化方案获股东大会通过 2009-02-05电盈私有化投票如期举行 2009-02-04电讯盈科将推行裁员等成本削减计划 2009-02-04赠股疑云令电盈私有化进程复杂化 2009-02-03 本文涉及股票或公司document.write (truthmeter('2009年02月05日11:14', '0008.HK'));电讯盈科有限公司（简称：电讯盈科）英文名称：PCCW Ltd.总部地点：香港上市地点：香港交易所股票代码：0008document.write (truthmeter('2009年02月05日11:14', 'PCCWY'));Pccw Ltd. (ads)总部地点：香港上市地点：美国场外交易粉单市场(Pink Sheet)股票代码：PCCWY


Local securities regulators will investigate the circumstances behind a PCCW Ltd. shareholder vote that blessed a $2.1 billion buyout of the company, in the latest hurdle to deal maker Richard Li's years-long efforts to settle the fate of one of his major investments.Officials with the Hong Kong Securities and Futures Commission took possession of voting records Wednesday night, about an hour after the end of a raucous seven-hour shareholder meeting marked by unsuccessful efforts by some investors to postpone the vote. In a statement, the commission said it 'will be making inquiries,' but declined to comment further.At issue are claims by local media and a high-profile shareholder activist that some people received shares in the company in exchange for their support. The claims didn't identify who might have issued the shares.PCCW officials said the Hong Kong company had no knowledge of any improper share transfers but will look into the matter. A spokesman Wednesday said it would cooperate with the commission, as would the buyout group led by Mr. Li. The spokesman said Mr. Li wasn't available for comment.Of the shareholders who voted, 82% approved the deal. Under the deal, Mr. Li's group would buy out the 52% of PCCW shares it doesn't already own for 4.50 Hong Kong dollars (58 U.S. cents) a share. The amount is a 55% premium to the share price before the group expressed initial interest in October but is below the stock's rough trading range of HK$5 in recent years.The deal will now go before Hong Kong's High Court for approval under the city's laws Feb. 24. Attorneys in the industry said regulators or minority shareholders could challenge the buyout then.Some investors at the meeting said they would continue to oppose the deal. 'I intend to fight for my rights as a shareholder,' said Daisy Cheung, a retired housewife who said she bought PCCW shares in 2000, a year when they sometimes traded above HK$100 a share during the dot-com bubble. She declined to disclose additional information about her holdings.The probe marks the latest complication Mr. Li faces in settling once and for all the fate of PCCW. Mr. Li tried to sell all or part of the company three times before trying to take it private in the current deal. Mr. Li said in the prospectus that there would be no drastic changes to the business model in the event of a privatization, though he raised the possibility of an initial public offering when markets improve.Once an Internet highflier, PCCW now is Hong Kong's dominant fixed-line telephone provider -- a steady cash-generating business, but one that offers limited prospects for growth, given Hong Kong's stable population. Analysts say it must strike partnerships with other firms in new markets it has shown an interest in, such as the Middle East, if it hopes to expand beyond home.Citing PCCW's trading range of about HK$5 in recent years and even higher levels during the dot-com boom, some investors have opposed the buyout as too low.Under the current deal, Mr. Li and related entities would own about two-thirds of the company. China United Network Communications Group Co., a mainland telecommunications company controlled by Beijing and in the process of acquiring China Network Communications Group, would own the rest.Also Wednesday, PCCW said it will implement cost-cutting measures, including layoffs, but declined to elaborate on the extent of the job cuts.Trading in PCCW's shares was halted Wednesday. On Tuesday they finished at HK$4.17 a share.Jonathan Cheng / Lorraine Luk