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Peggy Sito

Shares of  Henderson Cyber were suspended from trading yesterday amid market speculation that its majority shareholders will try to take the company private.

Henderson Investment and Hong Kong and China Gas, which together own almost 85 per cent of  the Growth Enterprise Market technology firm, might mop up the remaining equity from the company's minority shareholders for about $300 million, or  40 cents per share, brokers said yesterday.

Analyst said the move would be consistent with attempts by the Henderson group of companies to consolidate subsidiary equity in recent years. Spokesmen from Henderson Cyber and its majority shareholders were unavailable for comment yesterday.

Henderson Investment, which  owns 36.7 per cent of Hong Kong and China Gas, is controlled by Henderson Land Development.

Henderson Land successfully privatised subsidiary Henderson China Holdings last month for $1.38 billion.

In early 2003, Henderson Land made a $5.6 billion bid to privatise Henderson Investment, which holds major stakes in Miramar Hotel and Investment and Hong Kong Ferry (Holdings). That plan was voted down by minority shareholders  who said the offer was too low.

Henderson Land vice-chairman Colin Lam Ko-yin  last month  said the group  was constantly reviewing its business structure  and did not rule out the possibility of privatising more subsidiaries.

'The rumoured price of 40 cents per share represents a 53 per cent premium to Henderson Cyber's last trading price and is a lot higher than the company's net asset value of 15 cents,' said Kingston Lin King-ham, an associate director of Prudential Brokerage. He added it was difficult to say whether the price was reasonable.

Shares of Henderson Cyber last traded at 26 cents before they were suspended yesterday afternoon. They were up 18.18 per cent from Thursday's  close.

According to Henderson Cyber's annual report, the company had $623 million in cash as at the end of last year.

Henderson Cyber, which owns internet access seller iCare.com, raised $937 million at an issue price of $1.25 through a GEM board listing in  2000.

The company's loss for the six months to December last year narrowed to $4.04 million, from $11.11 million in the previous year.



Henderson unit surges on buyout talk