Shun Tak calls on 21st century units
WHILE many may fret about what 1997 may bring, some investors in Stanley Ho's Shun Tak group have suddenly found that 2067 is upon them, 73 years too early.
The company is calling on them to exercise their rights on warrants which were originally designed to run all the way into and beyond the middle of the next century.
This rather bizarre offer is being made to those who were issued with 2,067 of the units, which entitled them to subscribe to Shun Tak shares at a price of $2.92 any time up to December 15, 2067.
Now, with Shun Tak shares standing at $8.10, and the units standing at $7.40, the company has invoked one of the clauses of the agreement allowing it to force investors to subscribe or allow the warrants to lapse.
They have until September 30 to take action.