Rizhao port to adjust the number of Non-public offerings and issue reserve price

NetEase Finance September 8 Rizhao Port Wednesday Evening issued a notice said that the company's 2010 Non-public offering of shares program to make corresponding adjustments, after the adjustment of the issue of the non-public offering price is not less than 3.94 yuan/share, after the adjustment of the issue of less than 390 million shares, the programme of other matters have no change. April 23 This year, Rizhao Port announced the Non-public offering plan, the company plans to issue 125 million-200 million shares at 7.07 yuan Price. Subsequently, the company's stock prices continued to fall, August 18 closing price of 6.66 yuan.　　Rizhao, August 20, due to the two-tier market prices fell sharply, the company's non-public offering prices from the previous 7.07 yuan down to 5.91 yuan, the downward margin of about 16%, but the size of the issue from 200 million to 260 million shares, the entire scale of financing is still maintained at around 1.5 billion yuan.　　The adjustment was mainly attributable to the implementation of the Capital Provident Fund (CPF) transfer of equity. August 19, 2010, the company's second provisional general meeting in 2010 to approve the "formulation of the 2010 medium-term profit distribution plan", the company based on the existing total equity 1,510,102,040 shares, with a Capital Provident fund 10 shares to increase 5 shares, the total number of shares to increase by 755, 051,020 shares.　　The company announced on September 9, 2010, "Rizhao Port Co., Ltd. 2010 medium-Term Capital Provident Fund to increase the implementation of the notice", the Capital Provident Fund to increase the share of equity registration date of September 15, 2010, except the right day for September 16, 2010, the new shares listed in circulation day September 17, 2010. In accordance with this non-public offering scheme, if the company shares in the pricing base date to the date of issue dividend, Shang, Provident Fund to increase equity, etc.　　After the implementation of the capital Accumulation fund, the amount of the Non-public offering and the reserve price will be adjusted accordingly, and the adjustment date shall be the Capital Provident Fund to increase the equity, i.e. September 16, 2010, so that the issue quantity and the reserve price should be adjusted accordingly. Northeast Securities analysis that the Non-public offering will invest in the construction of Rizhao port, the southern area of the Coke Wharf project, the main construction of 50,000 tons and 70,000 tons of berth each one, the annual design capacity of 7.3 million tons,　　New land area of 644,000 square meters, construction period of two years, is expected to be completed in 2012, so the implementation of the Non-public Development Unit in the short term will dilute the earnings per share. Corporate earnings are expected to grow by 20% per cent in 2010, net profit attributable to parent owners increased by 35%, and 21.5 times, 18.6 times times the expected PE in 2010-2011, with a cautiously recommended investment rating.