Missing former China Aircraft chief's shares sold
Option owned by Mike Poon, former chief executive of China Aircraft Leasing Group, on 5.38 million shares exercised after resignation
More than 5 million shares owned by China Aircraft Leasing Group's missing former chief executive Mike Poon have been sold since he resigned on June 17, exchange filings reveal.
An option owned by Poon on 5.38 million shares at US$0.161 (HK$1.25) apiece - an almost 90 per cent discount to the market price - was exercised on June 19, the same day China Aircraft Leasing issued 5.4 million shares at that price "pursuant to exercise of share options under pre-IPO share option scheme other than by directors of the company" according to a notice the company filed with the stock exchange on Friday.
Friedmann Pacific Asset Management, Poon's company - 10 per cent owned by his wife Christina Ng - through which he controls China Aircraft Leasing as the second-largest shareholder, exercised an option to 429,000 shares.
It is unclear who gave instructions for the transaction, which occurred one day after Poon's job was taken over by China Aircraft Leasing chairman Chen Shuang following his abrupt resignation.
Poon's whereabouts remain a mystery. China Aircraft Leasing had said Poon was on leave from May 18 amid reports he had disappeared, allegedly in relation to corruption investigations.
The company said it had not been able to contact him after receiving his resignation letter on June 17 and appointed Chen to replace him the next day.
Even though the stock's price plunged to HK$9.65, a three-month low, on June 19, Poon would have still netted HK$45 million if the shares were sold at market value. The stock has since rebounded to close at HK$10.38 yesterday.