Many long-time PCCW minority shareholders said they felt short-changed again by Richard Li Tzar-kai as the telecom giant's chairman moved to privatise the company with an offer price widely considered to be too low. 'I was totally against the privatisation,' said a small investor in the company surnamed Lee. 'It is unacceptable that [Richard Li] proposed to declare a huge cash dividend to pay for the privatisation. I think we have the same right to earn the dividend as we both have stakes in PCCW. I think the privatisation price should be at least HK$6, not merely HK$4.50.' PCCW shareholders have been disappointed in the stock of the city's largest telecom operator since its mega-merger in 2000, watching the share price fall by 97 per cent from its peak. 'My portfolio in PCCW has dropped to only HK$120,000 from a peak of HK$10 million,' said one elderly long-time investor in the company shares. 'They didn't do anything when the share price was at a higher price and only went for a privatisation at the historically low price. 'Also, I felt so upset that Mr Li was absent [today]. He was too afraid to stand in front of us to answer questions that we have wanted to ask him a long time,' said the shareholder, crying. Another small shareholder, Ms Lee, who said she was a housewife, said she felt disappointed, adding that Mr Li was not a good leader. 'He doesn't care about our feelings and didn't do anything to help the company become strong. He only knows how to exploit the rights of small shareholders.' More than 250 angry small investors signed a joint letter yesterday, saying that the privatisation was unfair to minority shareholders and promising to file a complaint with the government.