HSBC sits on the NOL fence

The independent financial advisor to the independent directors of NOL delivers some self-evident advice.

NOL yesterday produced the circular to its shareholders containing advice HSBC has given to the independent directors of the company. The circular is in response to the mandatory conditional cash offer by Temasek for the 70% of NOL it does not own, announced on August 3.

In its letter to the directors, HSBC lays down three courses of action for NOL's shareholders. Firstly it says, we recommend that independent director should advise shareholders... who are...

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