Gome to invest in Bain investment dilution of how much is unclear

-Our correspondent Li Bing suspended nearly 7 months of Gome (00493).　　HK) has finally been in Hong Kong, and the market speculation of the Gome refinancing plan finally came to the bottom. June 22 Afternoon, Gome issued a notice, said Gome and international private equity fund Bain Investment under the Bain Capital Glory 2¥q signed an investment cooperation agreement to subscribe to the United States for the seven-year new issue of the convertible bonds. The financing package will bring gome not less than HK $3.236 billion.　　And on June 23, 2009 to duplicate the card.　　June 22 5:10 P.M.. Gome held a press conference. "Today's announcement is an important moment for Gome's corporate history, marking the company's entry into a new stage of development." By reaching an investment deal with Bain, the world's leading private equity fund, Gome not only has a solid financial base to support future development, but will also improve its governance structure.　　"Chen Xiao, chairman and president of Gome's board of directors, said at a news conference. Bain received three non-executive board seats according to the information received by reporters, the investment agreement, Gome will issue a total price of HK $1.804 billion new seven-year convertible bonds, for the initial conversion price of HK $1.18 per share, compared to the final closing price before the suspension of 1.12 Hong Kong dollar premium 5.4%. In addition, Gome also offered to eligible existing shareholders a public offering of 18 shares of HK $0.672 per share for the existing shares of 100 shares. Bain Investment through another affiliated enterprise Bain Capital Glory II 2¥q as the exclusive underwriter of the public offering.　　The financing package will bring gome not less than HK $3.236 billion.　　Under the plan, Bain will eventually hold 9.8% to 23.5% per cent of Gome's expanded issued share capital (assuming that the new convertible bonds are fully diluted on the basis of full dilution, depending on the existing shareholders ' participation in the shares).　　And Bain Investment will nominate three non-executive board seats.　　The nomination of Bain investment to obtain three non-executive board seats, some unexpected market, before speculation and rumors that Bain investment can only be a non-executive director of Gome seat, so Bain's entry will not change the decision of the Gome board. But now it seems a bit unexpected, Chen said in an interview: "Before this many media friends are very concerned about gome, we also see a variety of media have a variety of versions, this situation is difficult to evaluate, the first is to thank the media for our concern." But this is the result of today's outcome, which is what we consider to be the best in Gome's current situation after repeated research by our board, and the Board of Directors supports such a proposal. "According to the reporter understand, Gome's board of directors a total of 11 people, the total number has not changed, but the original board members have three people have been" kicked "out of the board, by BainThe investment person replaces, the concrete 3 people "out" is not yet known.　　The yellow family dilution how much is unknown then when Bain held Gome shares 9.8% to 23.5%, Gome's original big shareholder Huang Guangyu family in this case, they will hold gome a large proportion of shares? Mr. Chen did not give a positive answer, saying only: "Bain investment as the exclusive underwriter of the IPO, he can come to buy the existing shareholders do not share, of course, first of all, for the existing shareholders, each shareholder has the right to participate in such a stock, there is no share of the time, this part of the total underwriting by Bain investment. So now it is impossible to determine exactly how much of Bain's stake in the stock-holding programme timetable, before the July 31 announcement. "And when the reporter asked, Huang's family shares will account for how much, Chen said:" This is more sorry, today is the company and everyone exchanges, there is no way to represent each shareholder to answer this question. "For this raise to get 3.236 billion of the investment direction, Chen said:" First, the company's source has multiple channels, the strengthening of bank credit capacity, the supplier system recognition, enhance the strength of the company and so on, the company after repeated review of the company's balance sheet,　　We think that the company should further strengthen our own capital, so we have the current arrangement of financing. About Huang Guangyu "era of power" has been to the United States of China's stock market, "eyeing" different, Chen said: "Return to a shares of this matter, in the current situation and there is no timetable, the largest national font size companies do not have a specific timetable for the United States is more distant."　　"denies a clear line with Huang Guangyu at the same time, the Gome announcement also disclosed that, based on the company's audit of Gome listed companies related transactions and internal control review, as well as gome internal Auditing report, Gome's board of Trustees to confirm that the assets and funds are not diverted or occupied, the company's financial health. "Our review report and internal audit report, the company after the suspension, Ernst and the China office of the internal monitoring system and risk management mechanism and financial status of the review, but also a rigorous internal audit." The audit report shows that as of November 30, 2008, the internal internal control system has no major problems, in the past trading days and accounting records did not find any assets and funds diverted, the overall internal monitoring system is appropriate and effective, the actual amount of related transactions does not exceed the company's independent shareholder period and other relevant limits. "Since Huang Guangyu, Gome's financial and other aspects have been in a tense state, and has been doing with Huang Guangyu" draw a clear "action, out of the surface of the movement is the logo of each store for a new look, according to the reporter know Gome's original logo for Huang Guangyu personally design,　　The new logo is designed by an advertising agency in Macau. To this point Yang to clarify: "This is not a draw a clear, but Gome is now in the third phase of development, the change of image taken for granted." FirstStage Gome's advertising word is to buy home appliances to Gome, and the second phase of Gome to expand, merger, open shop, and this phase of 08 at the end of the country's national layout has ended, the 09 Gome into the third stage of development is the network optimization, refinement of the new logo for signature handwritten prototype, but also represents the United States to do a better solid commitment, To suppliers, to customers. ”