richard-li-attempts-another-delisting

Richard Li attempts another delisting

PCCW uses the market downturn to privatise property subsidiary PCPD, offering a discount to the most recent NAV.
PCCW and Picville Investments are planning to delist property subsidiary Pacific Century Premium Developments PCPD for an outlay of HK$2.6 billion $339 million.

Shareholders of PCPD are being offered HK$2.85 per share in cash. The price represents a premium of 26% over the closing price on February 6, the last full trading day before the shares were suspended. But the shares have been trading down in tandem with the markets, and the offer price is at a premium of only 15% to the closing price based on a four-month average.

The price represents a 2.5% premium to the audited net asset value NAV as at December 31, 2006, and a discount of...
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