Huang guangyu event occurs after half a year, GOME also quietly layout with its strategic transformation. Since the end of April this year, the GOME intended transfer of equity financing in the industry to spread rumors, including United States Consortium, Li Ka Shing Foundation, etc., are involved in the United States this financing scheme of hearsay. May 27, GOME in publishing a quarterly financial report for the first time while the outside world acknowledged that the company is negotiating with potential investors become shareholders. However, even if the capture is not with GOME post, but its first large shareholders of still, GOME in "how the yellow era" after possible weakening effect on the company to capture, has become the GOME internal balance of interests.
For the first time in response to the "financing the door"
GOME stock sale, aroused the interest of many investors, including the international private equity funds KKR and Bain Capital joint consortia, Li Ka-shing's Fengze appliances, fosun Group President Guo guangchang, and global appliance giant 100 buy, however until 5 April night, GOME in submission to the Hong Kong Exchange file is the first time in response to the "financing the door", said the company is negotiating with potential investors, however, this notice does not disclose the details of the investment business negotiations, and that has not yet been reached on a binding agreement.
It is clear that the financing for the "door", GOME management deal with fairly careful, their spokesman is silence, only to be able to obtain from the United States regarding the financing proposal is the official statement, "the United States will be released at an appropriate time to notice to the market release of information". Public information display, since last November 24, GOME stock suspension has almost half a year, the current market value of 142.9 billion. Of these, Huang guangyu and wife cuckoo in GOME shareholder structure to 35.5% stake in occupies the first place, but now the only person in the United States occupies 7.28% tool company.
It is not difficult to see, as the head of the United States, only with less than 10% of the shares of Chen status clearly embarrassed, to this end, the financing programmes introduced for GOME management tier resize or will play a key role in the United States stock will only be lifted if time countdown. However, from May 27 GOME official statement in financing programmes introduced before guomeibing does not change the current situation, "suspended until further notice."
Introducing investors "Wong"
Since 16 January this year, resigned from the GOME Director Huang guangyu, although GOME dominion over to Chen's hands, however, to capture the impact of the United States still failed to erase, to completely change the capture mode for axis control, further incentive GOME executives, would require radical reform. 20% of the equity dilution financing would be treated "Wong".
For 20% of the equity financing programmes, guess mainly in two forms: SEO and transfer. The former is the GOME will issue an additional 20% of the stock, to further dilution of equity to capture; the latter is sold Huang guangyu 35.55% 20% of the shares, which will lead directly to capture lost GOME "absolute shareholder". Although the two are not a form of financing programmes, "Wong" intention is quite obvious. Of course, in the proposed financing plan, behind the United States also considered that the present own financial pressures facing. From GOME 2008 annual fiscal report data display, GOME 2008 Payables, meet the payment, convertible bonds and bank lending has been as high as $ 166 million, at the same time, the United States in May 2007 release of the huge bond billion will expire next year, the United States will face a short-term redemption of pressure.
However, the United States has been on 29 may have made it clear that intend to authorize the directors to issue the dispensing, and disposal of not more than GOME in 2008 may 20 total face value of the issued share capital of 20% of the shares, but the resolution remains at June 30, annual general meetings to vote on. Household appliance industry observers liubuchen with respect to the United States, it is imperative as soon as possible and minimize fade the color capture, and want to "Wong" is only one of the fundamental ways that reduce the equity weighting to capture until the exit shareholder position.
Foreign capital is expected to win
Face from the Consortium, Consortium's common competition, GOME 20% of the financing options are complicated and confusing. First, the 20% stake in the end is the issuance or transfer issues, industry analysis, in the first shareholder of his absence, to direct the sale of the shareholding is obviously quite capture is difficult, but this will only bring a lot to capture, on listed companies for cash and no too many benefits. However, as soon as directional add-issuance is not the best policy, "Wong", after all, this makes the capture of equity fell to less than 30%, but still failed to shake to capture the first shareholder status.
At the same time, GOME what will eventually be and who knocked down 20% of the equity trading has also become the focus of attention of the industry, many investors, a hundred buy already expressly does not acquire the ownership, GOME Li Ka Shing also admits to not so interested in the acquisition, the rest of the KKR and Bain Capital composition of the Consortium is to become the protagonist of this acquisition, although also expressed interest in Guo guangchang quite large, but for the shareholders of consideration, purchase order or Guo guangchang will be back.
Public information displays, in the United States the current ownership structure, in addition to capture and Chen respectively occupy 35.55% and 7.28% of the shares, in addition, from JP Morgan, Pless joint companies and other 4 companies
Occupy 35.95% of the shares. Professional analysis, introduction of foreign capital for a stable framework for the management of the United States are clearly more favourable. Currently, the specific financing program the United States has yet to be further disclosure. Today: 30 real figure show differentiate tickets 18 Super beautiful family rooms let you escape the evil living room Feng Shui teaches you to build up their spending for escaping vestibule Feng Shui world first beauty Home photo exposure when red 8 big star of the secret as home
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