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Old guard lends ear to Peregrine

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SCMP Reporter

Despite the presence of bodyguards, at no point did yesterday's shareholders' meeting of collapsed Peregrine Investments Holdings look like it would rival the intensity generated by the collapse of CA Pacific.

About 150 mostly elderly shareholders attended the meeting held in a Wanchai Convention Centre theatre capable of seating many more.

Like previous creditor meetings for Peregrine Investments, Peregrine Derivatives and Peregrine Fixed Income, the directors sat together in the front row.

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They are required to attend the meetings or face the possibility of court action.

Reading a prepared statement, former chairman Philip Tose told shareholders the Peregrine group had collapsed because of the unprecedented meltdown of Asian markets in the six months to mid-January.

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Mr Tose said he was unable to answer specific questions because the bank's collapse was under investigation by Hong Kong regulators.

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