Diverted backdoor Silver run investment Chenguang Rare Earth was questioned by S shun of unilateral default

On the morning light Rare earth and silver run investment in a major asset reorganization, S shun Yuan 28th to China Securities newspaper reporter said, the company and Chenguang rare earths "on shun Yuan Real Estate Development Co., Ltd. Significant asset reorganization cooperation letter of intent" (hereinafter referred to as "cooperation letter of intent") In the clear agreement of the Chenguang Rare earth and its actual controller huangping not with other third parties to reorganize the exclusive terms. The legal profession believes that the agreement of the letter of intent on the major assets reorganization can continue to perform, ultimately should be determined by the arbitral tribunal, except the arbitral tribunal, the unilateral statement of any party has no legal effect. China Securities newspaper reporter 28th night to call the morning light rare earths actual control of Huangping's mobile phone, the caller confessed to being a huangping, but said, "I don't care about it now," and then hung up on the phone, not sure whether he was saying whether or not the reorganization was done or not. August 27 Evening Silver Run Investment disclosure reorganization plan, silver run investment is intended to be owned by the other than the first phase of the sea-building assets and liabilities and Chenguang 100% shares of the equivalent asset replacement, the proposed assets from the Chenguang rare earths actual control person huangping or its designated third party to undertake; and at the same time to 9.40 yuan/ The price of a unit to which the latter issues shares to buy the difference in the value of an asset. The exchange of assets and issue of shares are mutually conditional, simultaneous and indivisible. After the transaction is completed, the actual controller will be changed to huangping. In response to the above-mentioned reorganization plan of silver run investment, s Shun Yuan issued a notice to question its legality. The announcement that April 25, 2012, by the company's eighth session of the Board of Directors of the Nineth meeting to pass, the company and Hai Sun Enterprise Investment Development Co., Ltd. and Chenguang and the actual control of the huangping signed a letter of intent, agreed with the company and Chenguang Rare earth and huangping major assets reorganization matters. September 27, 2012, the company's eighth session of the Board of directors at the 12th meeting to consider the adoption of a major asset restructuring of specific programmes and other bills. However, at the company's third provisional shareholder meeting, held on October 26, the current shareholder voted to veto the plan. 15:42 February 7 This year, Morning light rare earths and huangping by e-mail issued the "cancellation letter", last October 26, the company's shareholders general meeting rejected the reorganization plan, unilaterally lifted the April 25, 2012 signed the letter of intent. At present, the company and Chenguang Rare earths on the "Cooperation Letter of intent" of the relevant disputes in the Shanghai International Arbitration Center trial process, the company arbitration required Chenguang rare earths and huangping continue to fulfill the agreement of "Cooperation Letter of intent", promote reorganization. But before the final decision has been made in the case, Chenguang rare earths and another listed companies to promote major asset restructuring matters, the Company believes that "cooperation letter of intent" expressly agreed to the dawn of rare earths and huangping must not be with other third parties to reorganize the exclusionary clause, Chenguang rare earth and its huangping behavior is contrary to market integrity principle, has caused significant adverse consequences to s shun Yuan and the vast majority of investors. According to the plan for the disclosure of the bank investment, the estimated value of the assets to be injected is about 1.311 billion yuan at the benchmark date of assessment.However, at the time of the backdoor S shun in 2012, the estimated value of the Chenguang rare earths was as high as $3.34 billion. In other words, in just a year, Chenguang's rare-earth assets shrank nearly 60%. Of course, the morning light rare earths profit also greatly reduced, from 300 million yuan a year ago to 90 million yuan. Analysts believe that these key data changes, confirmed last year s Shun Yuan shareholders against the restructuring of the main reason-the light Rare-earth assets "water injection" scale is too large.