The Exchange was proactive in seeking the Company to respond to the news reports on 6 February alleging that the Company has approached C&W and offered approximately 2.4 billion pounds with an attempt to takeover C&W but such an approach was rejected by C&W.
It is the primary responsibility of listed companies and their directors to ensure that there is full, accurate and timely disclosure. Irrespective of whether the Exchange makes enquiries, it is the responsibility of issuers and their directors to respond to any price sensitive information which is inadvertently divulged to outside parties and /or reported in the media. In response to market rumours or press reports, the obligation on an issuer and its directors is to address the content and substance of any press articles and/or rumours and make an appropriate announcement. It is incumbent upon the issuer and its directors to ensure that any statement or any other information they notify through a regulatory channel is not misleading, false or deceptive and does not omit anything likely to affect the import of such statement or information. It is misleading to suggest that by reviewing announcements, the Exchange takes responsibility for the contents of any announcement made by listed companies.
HKEx's e-Business & Information Services Unit ("eBIS") did not delay the posting of the second announcement onto the HKEx's website and acted in accordance with established and well publicised procedures. As the diskette containing the copy of the announcement for posting was received by eBIS after 12:00 midnight, eBIS included the announcement in the first batch of announcements for posting onto HKEx's website before the market opened on 7 February 2003.
The Listing Division is seeking further clarification from the Company.
