The Hong Kong-based activist shareholder, governance evangelist and a manufacturer of optical products, David Webb voted in favor of privatization. The one who held a blocking stake in Yorkey Optical International (Cayman) increased its offering from HK$0.88 to HK$0.999 per share.
Previously, he criticized the previous proposal’s weakness on how it was booked at depreciated cost, rather than using market value. In order to save face, the company agreed to keep the price below, HK$1. The improvement on the offer basically helped Webb facing the bottom line. This is because some people commonly opt for a quieter life after making up a net worth of at least HK$1.22bn. It is based on the disclosures of holdings in HK listed companies, here he holds 5% stake at least.
Although Webb suffered from prostate cancer in 2020, and said that he would retire, he continues to struggle for shareholders rights to step back. Webb explained his action by reasoning that he wants to gain something more than a pile of money. He attempts to achieve something for public sake in his area of expertise. Besides, he has known how it works, both regulatory and practically.
He was just 32 when he retired from a career in investment banking. Plus he had a role in an in-house corporate finance at a Hong Kong conglomerate. Webb began his new career, investing full-time in small-cap stocks in the special administrative region. Here, somehow, he might have earned a smaller amount of money compared to previous job. But his investing career is actually not the only job he does. He has made a career out of his tireless advocacy in order to make good governance.
