TVB requests its shares resume trading on Monday morning
Trading has been suspended since April 28 as regulator mulls implications of buyback
Television Broadcasts Ltd (TVB) has made an application to the Hong Kong stock exchange for trading in its shares to resume at 9am on Monday, following Wednesday’s publication of a ruling by the SFC’s Takeovers and Mergers panel.
Trading in shares of Hong Kong’s largest free-to-air broadcaster have been suspended since April 28, pending the release of what TVB described at the time as “an important announcement.”
The ruling from the panel regarded a so-called whitewash waiver pertaining to the ongoing saga surrounding TVB’s share buyback.
In January, TVB offered to buy back 31.5 per cent of its shares for HK$4.21 billion.
This has proved controversial, and on Thursday Silchester International Investors, a London-based fund which owns 14.1 per cent of TVB, reiterated its demand that the broadcaster cancel its buyback offer and pay a special dividend to minority shareholders instead.
Wednesday’s ruling relates to the ownership implications of the buyback, as a group dominated by the company’s largest shareholder has indicated that it would not accept the offer.