Old Wine Brewing employee shareholding 800 million: will acquire the old cellar

October 30, Old wine (600659). SH) released the company's third quarterly bulletin. January-September, the company achieved total revenue of 1.238 billion yuan, an increase of 2.19% per cent, to achieve net profit of 45.49 million yuan, a year-on-year decline of 20.68%. Although the net profit growth rate declines compared to 2013, this is caused by the liquor industry, but in the third quarter of this single quarter, the old white wine to achieve total revenue and net profit of 573 million yuan and 31.2939 million yuan, respectively, year-on-year growth of 41.13% and 6.74%. Compared to six months of the first half of the net profit only about 14 million yuan, down 49%, the old wine in the third quarter of the performance of a sharp rebound. As of November 14, the old liquor is still suspended. According to the suspension of the announcement, the old wine liquor suspension, aimed at brewing the introduction of external investors and employee shareholding plan. The economic observer from the company's insider to know: Old wine is planning a hematopoietic 800 million yuan of additional plans, of which employees subscribe to 200 million yuan, strategic investors subscribe to 600 million yuan, the project is to raise 800 million yuan to buy the same province of the Old City, and repay the bank loans. Which employees subscribe to the additional equity lock will be regular 4 years. Hard to cut "meat" old wine is the only one in Hebei province listed liquor companies, but the company's 2002 IPO, but is the old wine of the relevant party, the stock short name is also the first margin. The company's IPO is "pig-raising". In the process of continuously injecting the assets of the old liquor into the listed companies, the first injection is also the old wine of the pig. It was not until 2007 that the stock was renamed "Old Wine". For the pig sideline, despite the unanimous call should be stripped, but the old wine "cut meat" until the first half of this year's profit margin after the start of the "Heroes broken wrist." July 14, Old wine liquor The Board of Directors passed the "on the exchange of assets through the center of the public transfer of the company's two WA pig branch of the full asset of the bill" to add value after the evaluation value of 27.7784 million yuan for the listing price, the public transfer of the company's subordinate two WA pig branch of all assets, before Before "cutting meat", the sideline accounted for about 2.64% of the total revenue of the listed company. The chance that the company no longer "does not do the job" is the pig industry market in recent years sustained losses, to 2014 the first half of the unprecedented depth of losses, farmers brought a successive heavy blow. April 2014 pig Industry at a low point, 11 yuan pig price has been lower than the cost of feed. September 11, the old wine liquor issued a notice said the transfer has been completed. But compared to the 27.7784 million Yuan previously announced, the end only sold 22.5005 million yuan, suddenly lost 5.2779 million yuan. The reason is that the old liquor in Hebei property Market Limited listed during the price of this asset, the first auction ended in a stream. The second time, the company will raise pig assets 90 percent, to 25,000,560 yuan sold, still streaming; the third time, on the basis of 25,000,560 yuan and then hit 90 percent or 2250.050,000 yuan, was finally Anping County Wire Mesh Products Co., Ltd. on the Internet to take. CIC Consultancy report pointed out that the old white wine industry stripping pig business is based on the current plight of the liquor industry to make adjustments, that is, to devote all energy to the liquor industry. In the liquor gold development period, liquor-making enterprises have the conditions, energy for cross-border operation, but the domestic pig industry price fluctuations, greater risk, although the current pig industry environment has improved, but the liquor industry is more important. Collecting funds from October 20 onwards, the old liquor suspension, planning additional issues. According to the announcement, the additional purpose is to introduce strategic investors, as well as to the company's employees additional. According to the economic Observer, the old Liquor Securities Department has withdrawn the "subscription letter" issued to employees of the company on November 10. Listed companies intend to suspend the 20 trading days before the average price is 26.19 yuan 90 percent that is 23.58 yuan/shares, to employees additional equity. Among them, the General Staff subscription limit of 50,000 Yuan, Ke ji can subscribe to 200,000 yuan, at the level can be subscribed for 300,000 yuan. If for the company's production technology backbone (including: Senior technicians, provincial-level wine-tasting, Deputy high above technical titles), marketing backbone (regional manager above), municipal level (including municipal) model workers, can be based on the above standards to increase by 50%. In the opinion consultation letter, the listed company has made the risk prompt to the employee stock holding, and has the intention to hold the employee to sign on "I have fully understood this directional additional stock plan and the risk prompt" the word. In the advice letter, the old wine said that the 23.58-yuan issue of the additional price is about 50 times times earnings, and the average earnings ratio of about 20-30 times, "so the company's current stock yield is far lower than the same industry earnings and the bank's deposit rate in the same period." For additional equity, generally, the lock-up period is 36 months. But this time the old liquor-oriented staff ownership plan "The survival period will be longer than 36 months, generally 48 months or so." "According to insiders, the employee subscription of additional equity will not be households to the personal hands of the investment staff, and the company set up a financing platform" on behalf of the holding. It is understood that the old liquor of the employee Stock ownership plan (or also for some distributors), the proposed financing of 200 million yuan. Another 600 million yuan is financed from strategic investors. Although the securities department of listed companies did not disclose the origins of strategic collaborators, the Economic Observer reported that 600 million yuan of strategic investors, listed companies have been basically agreed. As for the 800 million dollars raised, the old liquor is intended for two purposes, one for repayment of bank loans. The three quarterly reports show that as of the end of September, the company's bank loans have reached 378 million yuan, and at the end of 2013, this item is 225 million yuan, that is to say, in the first three quarters of 2014, the new bank loans for the old wine increased by 153 million yuan, an increase of 68%. But in the "cash to repay the debt," the old wine has been repaid in the first three quarters of this year loans 272 million yuan. Another project to raise capital, or to buy the same old cellar in Hebei province. In the 90 's, the old cellar and the old, together with the name of wine"Three famous wines in Hebei province". But after entering the new century, the continuous impact of foreign luzhou-flavour liquor city, state-owned enterprise system aging caused by the shortcomings of the development of the old cellar, the market share shrinking, the enterprise has been transferred from Zhangjiakou state-owned enterprises are state-owned enterprises, but there are thousands of employees. The economic Observer reported that the purchase of the old liquor was led by the local government. One of the employees who submitted a letter of intent for the issue was worried that "the lock is a regular four years, what is the stock price?" Bottom of my heart. He said that his attitude represents the company a lot of people, "the company through such a way, is tantamount to the staff and the company bundled together, a proud and proud, but in case the company is poorly managed, only fear of the suffering of our staff's money." "A wine industry brokerage researcher expressed cautious optimism," from the human point of view, the old wine of the employee ownership plan, on the one hand, listed companies should be the Hebei provincial government ' Mixed changes ' requirements, but on the other hand, is based on market value management considerations, the number of 50,000 yuan in the capital market is only a chestnut, but for the Hebei state-owned enterprises employees personally, but is a large number. If four years later, the stock price does not rise up, plus the inflation factor, the employee subscribe for additional shares to lose money, then the management of the listed company will be discredited in the staff. There is reason to believe that the management of listed companies in order to maintain the prestige of the company, in the future will be through a series of strategic management, in four years after the high old liquor market value. ”