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Bain Converts Gome Electrical Bonds Bain Converts Gome Electrical Bonds(0)

Shareholders will vote this month at a meeting, called by Gome?s imprisoned billionaire founder Huang Guangyu, on whether the three directors representing Bain will remain.
Huang is seeking to regain control of the company from prison. At the Sept. 28 meeting, shareholders will also vote on removing Chairman Chen Xiao and Director Sun Yi Ding, replacing them with Huang?s sister Huang Yan Hong and his lawyer Zou Xiaochun.
Two unidentified shareholders with a 31.6 percent stake in the company voted against three Bain-nominated directors at an annual shareholders meeting on May 11. Gome reappointed the three directors to avoid a penalty payment to Bain.
In a separate statement Wednesday, Gome said it received a letter from the lawyers of shareholder Shinning Crown Holdings Inc., owned by Huang, expressing concerns about the convertible-bond issue in 2009, and seeking 21 days notice of any future intention by the board to issue new shares under its standing authorization.
In response, Gome said the bond issue was in the best interests of the company, and that Shinning Crown?s request for advance notice was ?unreasonable? and would breach Hong Kong stock-exchange disclosure rules.

Source : Konaxis

Gome Planning Legal Action Gome Planning Legal Action(0)

Gome filed a writ of summons in the High Court of Hong Kong against Huang for a claim for damages, the company said in a statement to Hong Kong?s stock exchange Thursday.
Huang, also known as Wong Kwong Yu, was in May sentenced by a Beijing court to 14 years in prison after being found guilty of bribery and insider trading. The SFC accused Huang and his wife of stock-market fraud in August last year.

The arrest and conviction “caused a great deal of uncertainty for the company,” Gome said. This “has had, and to some extent continues to have, a significant adverse effect on activities, and in particular the ability to access capital.”

Huang and wife Lisa Du Juan, are being investigated by Hong Kong?s Securities and Futures Commission for allegedly having Gome buy back shares in 2008 to help them repay a HK$2.4 billion ($309 million) personal loan. Huang still owns 34 percent of Gome, according to data compiled by Bloomberg.

Source : Konaxis

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