Green light for Richina rights issue
Richina Pacific shareholders have been spared from having to vote on whether to throw out director Ming Lu, as Mr Lu resigned ahead of the firm’s special meeting, which is being held today. (See leatherbiz.com ‘Decision day approaches at Richina Pacific’ - 22.03.03).
His resignation clears the way for the approval of a $3 million loan with the firm’s 25% majority shareholders, Richina Enterprise Holdings Ltd.
Chairman Alistair McCormick said the loan will tide the company over until the $10.4 million one-for-one rights issue is completed in May. Shares will be available to shareholders at $14.5 cents as of
