The placement of Pacific Century CyberWorks PCCW shares by Cable Wireless CWcompleted overnight on Wednesday has caused the stock to plunge in value by 15.92% in little over two days. It did not help that the sale price of the shares at HK$9.88 $1.27 was an 8% discount to the previous day's closing price and 37% lower than the HK$15.80 level at which CW acquired the shares.
The sale has ...