Events: Shandong steel restructuring retail accused of calculation
| Event Details:
Twists and turns of the "mountain of steel line"'s Jinan Iron and Steel (600 022) and Laiwu Steel (600 102) of the merger and a new program, compared with the previous two, the new program, while giving shareholders more rights and greater freedom of choice of premium ratio, but still was strong opposition from a number of Laiwu Steel's shareholders. More market participants questioned the first two programs are concerned intentionally, in order to suppress the stock price drop
Related stock movements GF Securities Laiwu Steel, Jinan Iron and Steel
Lower restructuring costs.
Suspended for two months and then throw the new program
Jinan Steel and Laiwu Steel 2 months after the suspension, yesterday threw out the third restructuring plan. Plan that this restructuring to take convertible way of merger, issuance of new shares redemption of Laiwu Iron and Steel, Jinan Steel's shares.
Notice that this conversion ratio of 1:2.43, ie 1 share exchange for 2.43 Gu Ji Laiwu Steel, while the plan also provides the right to request and acquire the cash option, Jinan Iron and Steel shareholders may elect to 3.44 yuan per share, Laiwu Steel Shareholders may elect to 7.18 yuan per share, for cash consideration.
Two stocks resume trading yesterday they both sealed a daily limit, but a brokerage analyst said that the two companies restructuring program has been for some time and this is not much new, so the stock is a limit to a greater extent during the suspension steel plate compensatory growth of broad based.
Endless opposition
"The new program does more than take care of the interests of all the previous two." GF Securities analyst, told reporters, Jinan Iron and Steel cash option price of 3.44 yuan / share, Laiwu Steel's cash option price of 7.18 yuan / share the stock ratio of 1:2.09, but in the convertible, 1 it can be exchanged for shares of Laiwu Steel, Jinan Iron and Steel 2.43 shares, that is, Laiwu Steel's shareholders can receive 16.27% of the theoretical arbitrage space.
However, in the face of this new restructuring plan, a number of Laiwu Steel's shareholders still expressed strong opposition. "Resolutely opposed to this mountain of steel insincere 'new' program." A Laiwu Steel's shareholders in the stock it said the new program and seems none other than the two previous program more, but in fact it is Mountain Steel game of words. Restructuring of the exchange ratio times are 1:2.43, but the cash option from the first 12.99 yuan / share to a second 8.9 yuan / share, and then down to this 7.18 yuan / share, lower than the last.
A senior market also told reporters that appears to 1:2.43 for Laiwu Steel's shareholders is very cost-effective, but a closer count on that not the case. Net as_set_s from the point of view, Laiwu Steel net as_set_s per share of 6.48 yuan, Jinan Iron and Steel net as_set_s per share of 2.3 yuan, net as_set_s ratio of 1:2.82, that is, if the conversion of net as_set_s, a share Laiwu Steel shares should be able to exchange 2.82 shares of Jinan Iron and Steel; earnings per share from the point of view, Jinan Iron and Steel last year, earnings per share of 0.027 yuan, while Laiwu Steel earnings per share 0.134 yuan last year, this proportion is as high as 1:4.96.
Bureau of the industry question was deliberately
Program, in addition to the cash option price changes outside, there is a very important change, the new program, which provides both sides in the general meeting of shareholders to cast "yes" or "against" or Wei vote, can exercise the right to request the acquisition of and the cash option. The previous two programs, only cast a "No" vote of the shareholders can exercise the right to request and cash purchase option. This change has aroused the attention of analysts.
(Editor: Wang Bo) |
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