Chen confirms Bain Capital's determination to swap debt to weaken Mr Huang's stake

On the afternoon of August 23, the chairman of Gome's board of directors Chen Xiao, in Beijing, told the media that Bain Investment had confirmed to the board that it planned to transfer all the convertible bonds before the special shareholder meeting.　　Allow Bain to vote for the re-election of directors at special shareholder meetings and against Mr Huang's proposal.　　In June 2009, Bain invested 1.59 billion yuan in the acquisition of the Gome convertible bonds (can be converted to 10.8% Gome shares), is still not "swap shares." But Bain had said it would complete the "swap" in August, but had only 10.8% of the voting power.　　Therefore, Morgan Stanley, JPMorgan Chase, Fidelity Fund and other shareholders of more than 5% of the institutional shareholder, Chen Xiao and Huang Guangyu are the focus of contention.　　Whether Bain will transfer the convertible bond to the stock has been the focus of attention, Chen's statement to the media today, the matter further implementation. According to statistics: Jobern will hold gome 1.628 billion shares convertible bonds before the special shareholder meeting to carry out debt to equity swap, then, Huang Guangyu will be weakened to 30.7% of the stake in Chen's camp will be significantly increased to 12%. (Ann is from Shanghai)