Monday, December 11, 2006

股東一票也不能少

自從股壇長毛David Webb於03年提倡企業管治,不惜身體力行,親自出席上市公司的股東大會(當然要買入些少股份,或託朋友送委託表格,即proxy form也才可入場),實行他的「殭屍行動」,呼籲投資者在股東大會上反對上市公司增發20%新股的一般授權,建議發行新股上限由20%降至5%,折讓價不可逾5%等等。

他更多番挑戰多間大藍籌的公司董事會如滙控(005)、恒生(011)等,儼如股民救星,更曾就應否准許傳媒入內列席股東大會而擾攘逾句鐘!後來他加入港交所(388)成為董事,成功加入建制內才暫息旗鼓。不過,儘管有些小股東不滿David Webb令股東大會會議時間拖長,遲了開飯,但大家似乎已懂得把握股東大會的機會,進行一些別具意義的「行動」,不再純粹如一些職業股東買些上市公司碎股,然後去開會等吃(當然公司要有此安排,否則空歡喜一場)。

近日禤中怡看到兩間大藍籌股的投票結果,發現股東利用手上的投票權,不會盲目依循大股東,齊齊投贊成票去。在上周,兩間大藍籌舉行股東大會,當中的投票結果或露偳倪。

新鴻基地產(016)披露上周舉行的股東周年大會投票結果中,議案之一:「批准董事會透過增加購回股份數目而將發行新股一般授權擴大」有1.75億票投反對票,佔總投票比重10.35%,比上屆股東會反對票共1.42億股還多23%。至於另一議案:「批准董事會發行額外股份之一般授權」,投反對票數目由去年度的逾2.61億股更大增55%至超過4.07億股,反對比例為24.08%。

禤中怡再看看之前舉行的思捷(330)股東會,發現情況更顯著。其中「賦予董事一般授權以發行……最多已發行股本10%之額外股份……」決議案中,投反對票的較去年增加約17.5%至3.68億股。不要小看這個票數,原來已佔投票總數的44.45%,只是根據規定,上述兩間藍籌股的各項決議案的贊成票超過投票的50%,議案便算通過,可見思捷的董事只是獲些微多數股東的贊成票支持議案方獲通過,否則分分鐘不能自行決定增發最多10%股份融資,需召開股東會批准方可。至於能夠動員這麼多票數,相信亦拜前主席邢李㷧所賜,請不要誤會,只是覺得邢氏過去多次持續減持大量股份後,接貨的應以基金等專業投資者為主,當然有say啦!

讓董事有權發行新股其實亦未知是好是壞,如董事掌握時機,可藉股價在高位時快速集資,提高股東回報,若如David Webb提倡供股建議,讓其他股東有認購機會,恐怕在時機上或有閃失。但股東亦擔心亂印公仔紙會讓他們有所損失。其實,藍籌股在這方面理應克制,但一些二三線股亂批股、亂供股問題尚未解決,又有誰可為小股東伸張正義呢?

內地孕婦來港生育 政府無橋
近來大批內地孕婦來香港產子,令到公私營醫院人滿為患,而且孕婦無做產前檢查,有性病愛滋都不知道,香港的醫生同助產士就日日在高危環境下工作,「咪話唔慘」。

不過,不只香港遇到類似問題,美國的問題比香港更嚴重,因為根據目前美國法律,在美國出世的就是美國公民,而父母可以憑子女的美國公民身份,申請無配額限制的一家團聚移民名額。所以很多墨西哥的產婦,跨越美墨邊境生仔,還未計那些內地比較富貴的孕婦,齊齊闖入美國生育。目前美國的做法是,如果入境官員見到是孕婦,可以不准對方入境。當然對臨急抱佛腳那班人幾有效,但結果是很多墨西哥產婦,一知道自己「有咗」就申請美國簽證,然後逾期居留打黑工,直到生得為止。

按照美國經驗來看,特區政府對付內地孕婦來港產子這個問題上,都沒有甚麼好橋。或者可以仿效英國,修改國籍法去解決問題。以前很多日不落國殖民地子民湧去英國產子博取英國公民身份,令到英國十分煩惱。結果英國在1983年改國籍法,除了剝奪香港人應該有的英國公民身份,同時亦講明,除非父母是英國公民,或者英國永久居民,否則所出生的細路均沒有英國公民資格。如果修改《基本法》,規定只有父母擁有香港居民身份,所生的細路才有香港居留權,禤中怡認為這個規定也算合理,不過,就算香港人學足前事頭婆招數,都未必能阻止內地大肚婆來香港生仔。以前話英港醫療水準差不多,去英國產子主要目的是希望拿到本英國護照,但目前中國庸醫那麼多,加上實行一胎政策,內地大肚婆仍有很多誘因來港生仔,不如香港設立專服侍內地孕婦的私家醫院更好過啦。

(12月11日刊於《am730》)

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