Pacific Concord director says he did not quit to avoid the privatisation proposal Former stock exchange executive Herbert Hui Ho-ming has rejected suggestions by aggrieved shareholders of Pacific Concord Holdings that he resigned as an independent non-executive director to avoid becoming embroiled in its controversial privatisation proposal. 'I did not know about any privatisation proposal and they certainly did not tell me,' Mr Hui said. 'I resigned principally because the company and I had different views on the future development of corporate governance of the group.' Pacific Concord's announcement of Mr Hui's resignation gave no explanation for his departure. Last month, Pacific Concord chairman Wong Sai-chung offered 65 cents a share for the 42.98 per cent of the firm held by independent shareholders. The offer is at a 70.29 per cent discount to net asset value. This was described by Chelsea Securities director James Filmer-Wilson - who represents about 20 investors holding a 0.3 per cent stake - as 'derisory' and 'ridiculously cheap'. In a letter to the Securities and Futures Commission, Mr Filmer-Wilson expressed 'deep misgivings' about Mr Hui's resignation only four days before Pacific Concord's shares were suspended to announce the privatisation plan. Independent non-executive directors advise minority shareholders in such transactions whether the proposal is to their benefit. 'With his experience as head of the listing division at the Hong Kong stock exchange, Mr Hui was well-placed to offer minority shareholders an experienced view of the proposal,' Mr Filmer-Wilson wrote. 'Given the timing of his resignation, we can only infer that he, too, was unable to support the proposal and accordingly resigned to save the majority shareholders embarrassment.'