Deal Watch - 10/14/2010

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Posted on October 14, 2010 at 8:10 PM

Hogan Lovells represented Shinning Crown Holdings Inc., the majority shareholder in GOME Electrical Appliances Holdings Limited, in respect of various issues relating to the Special General Meeting of GOME, held on Tuesday 28 September 2010 in Hong Kong. GOME Electrical Appliances Holdings Limited is one of the largest privately-owned electrical appliance retailers in Mainland China and Hong Kong. Shinning Crown Holdings Inc. is a company wholly owned by Wong Kwong-yu (once the richest man in China) and owns 32.5% of GOME Electrical Appliances Holdings Limited. As majority shareholder, Shinning Crown Holdings Inc. requested that the current Chairman of GOME be removed from the board and that the board's ability to issue new shares in GOME Electrical be withdrawn. Whilst the motion in relation to the proposed board reshuffle was lost by a narrow margin, the majority shareholders were successful in preventing the Hong Kong listed firm from issuing new equity.  Other shareholders in GOME include Bain Capital, which had converted its RMB1.6 billion worth (US$240 million) of Gome Electrical Bonds into shares ahead of the Special General Meeting, giving it a near 10% holding in the company. The Hogan Lovells team include partners Neil McDonald, Chris Dobby, Tim Fletcher, Andrew McGinty and associate Rachel Lao.

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