Articles: Dividends
Meaningless board games at HKEX, and how the UK FCA has just made an awful mistake
We review the proposals for a 6-seat and 9-year limit on so-called INEDs, along with other changes that do nothing to address HK's corporate governance deficit. Meanwhile, a slow-motion disaster is underway in the UK as it scraps fundamental investor rights. (28-Jul-2024)
We review the proposals for a 6-seat and 9-year limit on so-called INEDs, along with other changes that do nothing to address HK's corporate governance deficit. Meanwhile, a slow-motion disaster is underway in the UK as it scraps fundamental investor rights. (28-Jul-2024)
China Galaxy Securities (6881) cuts final dividend after going ex
Company announcement, 7-Aug-2015
More than 3 months after completing a share placement on 5-May-2015, and after going ex-dividend on 2-Jul-2015, CGS now says that the dividend will be cut by 21% from CNY 0.16 to CNY 0.126447 per share (pre-tax) in order to divide the same amount of profit over a larger share base. This is wrong-headed. Investors who sold on or after the ex-date but before this announcement will be worse off because of it. They also persist with the inane mainland habit of declaring dividends "per 10 shares" rather than per share.
Company announcement, 7-Aug-2015
More than 3 months after completing a share placement on 5-May-2015, and after going ex-dividend on 2-Jul-2015, CGS now says that the dividend will be cut by 21% from CNY 0.16 to CNY 0.126447 per share (pre-tax) in order to divide the same amount of profit over a larger share base. This is wrong-headed. Investors who sold on or after the ex-date but before this announcement will be worse off because of it. They also persist with the inane mainland habit of declaring dividends "per 10 shares" rather than per share.
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