What is a whitewash in finance?

What is a whitewash in finance?

A whitewash resolution is a waiver of rights for these shareholders to receive a mandatory takeover from other shareholders. An investor can appeal to an executive for a whitewash resolution (or whitewash waiver). This waiver, if approved, would be subject to the approval of shareholders.

What is a whitewash process?

Put simply a financial assistance whitewash is a procedure involving shareholder approval by a company passing a special resolution at a general meeting of its members, with no votes being cast in favour of the resolution by the person acquiring the shares or any associates.

What is a whitewash period?

The whitewash procedure includes a 14 day waiting period following lodgement of a notice with the Australian Securities and Investments Commission (ASIC) and a requirement that approval also be obtained from the shareholders of any Australian listed holding company or the ultimate Australian-incorporated holding …

What is corporate whitewashing?

You’ve probably heard of whitewashing at least once in the corporate world. This term is defined as the glossing over or covering up of scandalous information through a biased presentation of facts.

What is a whitewash report?

February 2022) (Learn how and when to remove this template message) Whitewashing is the act of glossing over or covering up vices, crimes or scandals or exonerating by means of a perfunctory investigation or biased presentation of data.

What is a whitewash waiver Hong Kong?

Whitewash waiver or whitewash resolution is a corporate law concept originating in Hong Kong and Singapore. In some cases an investor will apply to the executive for the whitewash waiver, which, if granted, will be subject to the approval of independent shareholders.

What is whitewashing in marketing?

Whitewashing in beauty is a phenomenon in the intersection of the fashion industry, digital photography, mass media, marketing and advertising. It describes a situation in which the skin tone of non-white people – when depicted in magazine covers, advertisements, commercials, music videos, etc.

Can a private company give financial assistance?

Since 1 October 2008, a private company may give financial assistance for the purchase of shares in itself or another private company, but a private company may not give financial assistance for the purpose of the acquisition of shares in a public parent company. …

What is a Rule 9 whitewash?

by Practical Law Corporate. A note on the whitewash procedure under Rule 9 of the Takeover Code and the circumstances in which the Takeover Panel may grant a waiver from the requirement to make a general offer under Rule 9 of the Takeover Code.

Does not materially prejudice the company’s ability to pay its creditors?

A company must not pay a dividend unless the payment of the dividend does not materially prejudice the company’s ability to pay its creditors (prejudice to creditors test). This means the directors must anticipate the future financial position of the company.

How does CSR benefit both company and stakeholders?

Customer loyalty, values-driven purchasing, innovation, and engaged employees all contribute to a more efficient, stable business with a more devoted customer base. As a result, a major benefit of CSR for stakeholders is stronger business performance and broader opportunities to invest.

Why is salt added to whitewash?

Salt was often added to exterior limewash to make it more durable and dry slower, producing a better finish. Limewash could also be colored if the opaque white lime color was not desirable.

What does whitewash mean?

Definition of whitewash. b : to alter (an original story) by casting a white performer in a role based on a nonwhite person or fictional character It was important to Jenny Han, author of the YA books To All the Boys I’ve Loved Before, that the film adaption would keep one key detail: that the lead character, Lara Jean, was Asian-American.

What is a Whitewash Resolution in company law?

The Companies Act Of 1985 and the whitewash resolution is meant to ensure that the target company will remain solvent and will not seek to discharge its liabilities once the acquisition is complete. The whitewash resolution means the buyer promises via a resolution that the target company will be solvent for at least a year.

What does whitewash the scandal mean?

2 a: to gloss over or cover up (something, such as a record of criminal behavior) refused to whitewash the scandal In the years following the Nuremberg trials, there was an increasingly concerted effort to whitewash the record of the Wehrmacht, the armed forces of the Third Reich. – Rob Zacny.

What is an example of a whitewash waiver?

This waiver, if approved, would be subject to the approval of shareholders. As a whitewash example, say private company ABC wishes to be purchased by company XYZ.