Hainan Sea Medicine equity incentive into "poison pill" shareholders want to get cash dividends still have to wait for senior executives "wealth"

-Our reporter rectifies month since 2007 because the equity incentive huge losses, Hainan Sea Medicine (000566) canceled 2008 years of the second line of power, because the performance can not reach the standard.　　However, due to the 2008-year performance to meet the right conditions, Hainan Sea medicine has opened a third equity incentive to the right of the line, the right price is still 3.63 yuan/share. This reporter to Hainan Sea Medicine Securities Ministry of the People consulted, was told that the number of shares is the first row of power shares 10%. As a result of the first line of 15 million shares.　　As a result, the number of shares in the line is 1.5 million shares, and the number of power shares will be 1.5 million shares each year thereafter. By the end of 2008, Hainan Sea Medicine did not distribute profits as high as-74.29 million yuan, small and medium-sized shareholders want to obtain cash dividends must make the return of unallocated profits from negative, this is the prerequisite for cash dividends.　　However, the dividend condition does not prevent Hainan high drug executives get a lot of equity incentives.　　"Top executives are incredibly happy, small investors are infinitely painful", the phenomenon of embarrassment and contradictions coexist in Hainan Sea medicine this public listed company. Investor Pain v. Incentive unfair notice shows that Hainan Sea medicine third row of shares of the listing time is May 26, 2009.　　After the right to do so, the 2008 full diluted earnings of $0.20 per share. Most investors have objected to the listing of Hainan Sea Medicine's third-line stake. And some investors think: "Hainan Sea medicine because of the so-called equity incentive mechanism, executives spend more than 3 yuan to buy more than a few points, and then can be more than 10 yuan to throw away, in fact, it gives its senior executives are red, and all of these buy single is our small scattered." We are giving bonuses to senior executives! "Hainan Sea Medicine in the first phase of the incentive plan, Hainan Sea Medicine general manager Xu Lihong, deputy general manager Li Misheng respectively has 1.35 million shares of options, In this stock 3.63 yuan of the right price calculation, 4.9 million yuan per person, the remaining six executives were given 6.15 million shares, and 30 outstanding sales representatives had 3.9 million options, 22 companies had 2.25 million options in the middle and technical backbone, and employees with outstanding contributions to company development had option 5 million　　Unit。　　According to the evaluation method of Hainan Sea Medicine stock Option Incentive Plan, the third right period of the incentive target is May 6, 2009 to November 6, 2015, the third period of 1.5 million shares incentive is up to the right condition due to the achievement of the performance appraisal standard. From the first row, executives involved in equity incentives will again benefit.　　As of May 7 closed, the company's stock price of 11.94 yuan/share, at this price calculation of the above shares will generate 12.465 million of the proceeds. It is understood that Hainan Sea medicine third row right period incentive object involved in the 1.5 million shares of stock options to invest 5.445 million yuan (the number of 1.5 million shares, 3.63 yuan per share), and this amount was deposited in the company before May 12, 2009 to raise funds for storage of special Account。　　But, compared to Hainan Sea medicine because of equity incentive to profit executives, investors have nothing to gain, but suffer. The data shows that Hainan Sea medicine's share price has been fluctuating around 10 yuan. Especially in recent days, the stock price has a downward trend.　　Investors believe that the price of Hainan Sea medicine in disguise shows that the market is not optimistic about the expectations of corporate equity incentives. Hainan Sea Medicine 3.63 yuan/share of the right to the price of equity incentives for executives than investors have been invincible.　　More investors worry that the Hainan Sea medicine executives who throw away the rights of the shares will further hit the company's share price.　　According to SSE Web site records, this January has been the Hainan Sea medicine incentive executives began to sell the company shares.　　"Excessive" incentives make dividends hopeless? When investors are unable to get profits by speculating on the shares of Hainan Sea medicine, dividends will be another way for investors to gain revenue.　　But the data confirmed that investors want to Hainan Sea medicine dividend will be more difficult.　　Hainan Sea Medicine 2008 Annual report shows that because the company's cumulative unallocated profit is still negative, according to the provisions of the company's Articles of association, distribution of the year after after-tax profits, not to make up losses and withdrawal of Statutory Provident Fund to shareholders before allocation, the company's net profit for the first three years are used to make up　　According to the report of Hainan Sea medicine before the reporter found that Hainan Sea medicine from 1996 after a dividend has not been divided too red, and the company's unassigned profits because of the company's cumulative losses in previous years has been negative.　　Data show that Hainan Sea Medicine from 2008 to 2005, the unallocated profit of 74.29 million yuan,-116.15 million yuan,-98.15 million yuan and 121.56 million yuan.　　According to the annual report, Hainan Sea Medicine in recent years, the performance is gradually beginning to rebound, but in 2007, Hainan Sea Medicine Equity incentive makes the company again losses, for the company has been negative for the distribution of the profit again added a heavy burden.　　Public information shows that January 5, 2007, Hainan Sea Medicine to determine the first batch of 20 million stock options and the number of authorized options, November 26, 2008, the first option has the right to be listed in circulation. Hainan Sea Medicine in the first phase of the incentive to confirm the cost of about 72.2 million yuan, which led to the company 2007 annual loss of about 50 million yuan. In this respect, Hainan Sea medicine has also admitted that "Equity incentive plan option Grant, the company related to the annual financial situation and operating results will have a certain impact."　　"But it is hard to imagine that the impact is not just for the annual report of 2007, but for the continued existence that affects future annual statements." This reporter set to 2005 years as a fixed base, from 2006 to 2008 the total net profit growth value of 15.6528 million yuan, and Hainan Sea Medicine 2007 years of the cost of accounting for the difference of 6 times times. The net profit growth value from 2006 to 2011, if calculated by the company before, is 54784,800 Yuan, which is not the cost of the company's next share payment. 　　Industry people evaluation, from 2008 of the unallocated profit-74.29 million yuan, and then from Hainan Sea Medicine 2008-year profit of 43 million yuan level (without excluding the cost of the line), investors want to enjoy the Hainan Sea medicine in recent years cash dividends may be difficult. Even if there is, it has to be ranked in Hainan Sea medicine executives "wealth" after.