Deep into gome internal investigation "struggle Door"

Bain debt to share or to speed up the dilution of Mr Huang's equity face the best semi-annual report why is it still difficult to ping "Huang Nu"? It seems destined to be a struggle without a winner. At the shareholder meeting to be held in about 1.5 months, what kind of answer will gome investors produce? Reporters in recent days to deep inside gome, visit the authorities, efforts to clarify this in Huang Guangyu and gome current board of contradictions between the truth. "This is not the personal struggle between Huang Guangyu and Chen Xiao," gome high-level efforts to dilute Chen's personal role, and "weak" image described the current management, "Gome will be the first half of the year's best performance in history, the biggest beneficiary is not Huang Boss?" After the public anger of Huang Guangyu, management "very wronged." However, Huang Guangyu seems ungrateful, Huang Sister Yanhong public statement "must promptly reorganize the board of directors." The intensification of the contradictions between the two sides is likely to accelerate the strategic investor bain "debt to equity." This reporter Liu Nio Beijing report in the history of the best six months, "Huang Nu" insiders revealed that "control" is the root cause "Chen Xiao chairman of these days to and fro in Beijing and Shanghai, and strive for more investors to support the board.　　"Located in Chaoyang Xiaoyun Yun Road, Peng Run mansion is the" heart "of the United States, and the various news, Gome is still showing the same as usual" calm. " The best performance in history or the release of the reporter, although not as a face-to-face interview with Mr. Chen, but the company's senior hesitation after repeated to reporters detailed the outbreak of the conflict. "We've been thinking about where we're not doing so badly," said the senior executive, "the conclusion is that we did nothing wrong and did nothing to harm the interests of major shareholders." He said that although it is still impossible to release the first half of this year's operating results: "But should be able to say that the first half of this year's sales achieved the best level of history." The motion let the board of Directors of the United States of China thought that, hand over such a report card enough to make large shareholder satisfaction, "but Huang Boss's move let us feel very wronged", and reporters in the process of conversation, Gome insiders no less than 5 times expressed "very wronged."　　August 4, Huang Guangyu, a wholly-owned company proposed to restructure the Board, the core is to Chen Xiao-led management to carry out a large exchange of blood, Gome subsequently sued Huang Guangyu for violating director's responsibility, the contradictions between the two sides so far out of the world. Equity incentive issued is the fuse Gome insiders revealed that most of the management members follow Huang Guangyu's time in more than 8 years, but in the criminal case of Huang Guangyu, management and Huang Guangyu's differences between the growing. "Such as equity incentives, Huang is always not interested in," some Gome said, the introduction of equity incentives may be the fuse. Mr Huang's subsequent instructions were repeatedly conveyed in prison, and management did not comply. Huang Guangyu, who has been in the shuoyibuer of Gome, feels the crisis of "control power" passed. Gome executives stressed that the board has fully considered the personal feelings of Huang Guangyu, but if the interests of the company conflict, can only abandon "too much emotion." BucketCompeting for progress both sides set off the scramble for institutional investors Mr. Chen's search agency backed Thomson's data showing Gome shares currently have nearly 180 investment-institutional shareholders, with a total stake of 44.84% and the top 50 holding more than 40% per cent. Gome 2009 Annual Report disclosed, JPMorgan Chase, Morgan Stanley, Fidelity fund three total shareholding 20.6%. These institutional investors have undoubtedly become the focus of contention between the board and Huang Guangyu. "Of course Mr. Chen is busy now. Gome insiders say at present, institutional investors basically support management, "if the current management team to do some harm to investors, then may be abandoned by investors, but now you can not find a flaw," the Gome board of directors that investors should stand on the board side. Yanhong: The motion will be supported However, Mr Huang is also releasing signs of support. Huang Yu, two sister Yanhong public statement, "has communicated with a number of institutional investors, after a comprehensive view that the provisional general Meeting of shareholders will have enough investors to support the motion of major shareholders." "Analysts believe it is hard to predict who will win the stake in the battle." "Huang Guangyu has a 34% stake and more than 300 of Gome's unlisted outlets, which the agency has to pay attention to," but the 5-year plan launched by Gome's board of directors in June did get support from several agencies.　　The focus is on the shareholders ' meeting to be held in about 1.5 months, can Mr Huang's motion really win over half of the shares? Mr. Chen's ally, Bain, is still weighing the "debt-equity swap" NOTE: "Any discussion of a stake will have to take account of Bain's role conversion". The shares will be 10.8% stake in June 2009, Bain Capital of 1.59 billion yuan to obtain the Gome convertible bonds (can be converted to 10.8% Gome shares). But "Bain is still only Gome's creditors, not shareholders, no vote", as Chen's ally--Bain to play a role in the general meeting of shareholders must be completed before the shareholder meeting "Equity swap." "It's all up to Bane to turn around and when to turn." Gome's new spokesman, Tongyan, said that after Bain completed the "swap", existing shareholder equity would have to "hit 90 percent". "From the point of view of Bain's stability in the Gome team, he will do it faster," he said. "The yellow equity will be faced with a thin reporter learned that if bain debt to share, then, Mr Huang holding 34% of the stake will be diluted to 29.8%." Bain Capital and Chen Xiao side shareholding up to about 11%. In addition, the Gome board also has 20% additional authorization, may through the additional diluted Huang Guangyu's stake, but this authorization has been Mr Huang's motion to cancel at the shareholder meeting. According to the news, Bain is still making a final trade-off, because once the debt to equity swap, Bain will lose the "convertible bond holders" special protection provisions. Gome executives also admitted that before Huang Guangyu did not take the initiative, Bain did not "swap" plan, but now "does not convert means no voting rights, but also to consider the wind of debt to equityRisk? "