The provisional liquidators of Mandarin Resources have warned minority shareholders considering selling their shares to controlling shareholder Chim Pui-chung that any share transfers could be declared void. Their note of caution follows Chim's offer, publicised last week, to buy shares held by minority shareholders at $8 a share. He controls almost 73 per cent of the long-suspended company. The provisional liquidators, John Lees and Desmond Chiong of Ferrier Hodgson and Marfan, said any shares transferred after the submission of a winding-up petition would become void under Section 182 of the Companies Ordinance. The Securities and Futures Commission had the provisional liquidators appointed in its bid to wind up Mandarin - a move opposed by Chim. Last Friday the High Court dismissed them on technical grounds but immediately reinstated for reasons of public interest. Chim's offer to buy shares came after he proceeded last Monday with an extraordinary meeting in defiance of the provisional liquidators' attempts to adjourn it. As well as warning shareholders about the share offer, the provisional liquidators added that they had yet to come up with their own valuation of Mandarin shares. They also reiterated that the meeting was invalid and that all motions voted on would become void. During the meeting, a shareholder vote decided, among other things, that the company should not be wound up.
