"Share different rights" to assist double sinks management curve MBO

According to the double sinks development (000895.　　SZ) announced the assets Reorganization program, the double sinks Group Chairman Bandung as the first big interest person's Hing Tai Group, becomes the double sinks development actual control person, but in the double sinks development all shareholder, the Xing Tai Group holds the shareholding share not biggest, can only list in second place. In the dual-link development of the equity structure of the map, the double sinks in the link between the international position, Ding Hui, Goldman Sachs, Hing Tai Group, Temasek, the new days of the equity of all loaded into the double sinks International,　　Double sinks international again through gloriouslinkinternationalcorporation and Rotex (rotaryvortexlimited) control of the double sinks group, and then control the development of double sinks. Xing Tai Group is not the largest shareholder of double sinks International. According to the latest announcement of double sinks development, cdhshinelimited, cdhshineⅱlimited, cdhshineⅲlimited, Cdhshineⅳlimited for the same company under the control of the investment fund, there is a consistent action relationship, four shareholders in total holding a double exchange international 33.7% of the equity.　　A brokerage analyst told the first financial daily reporter that Ding Hui holdings of these four companies, can be regarded as a subject, Hing Tai Group has a double international equity share of 30.23%, and Ding hui four companies, compared to 33.7% of the total, Hing Tai Group can only be counted as the second largest shareholder of the international double sinks.　　If from the equity ratio, after the reorganization of assets, ding-hui is still the largest shareholder of double sinks International, it is also the actual control person of the double sinks International, and the double sinks International is the actual control person of the double sinks group and the double sinks development, but the Xing Tai Group has changed from two shareholders to the actual control person of the double sinks development with the operation mode of "different rights of shares". Hing Thai Group through the next level of the company's male domain indirectly holding a double sinks international equity. The reorganization of the two sinks shows that the shareholders of the double sinks international intend to revise the Articles of Association of the double sinks International. In accordance with the Charter of the revised BIS International Company, where a double exchange international shareholder will vote on a general resolution (that is, a resolution to be passed by a majority of shareholders), the company and its affiliates may cast 2 votes for each share held by them, Other shareholders, such as Ding Fai and Goldman Sachs, cast 1 votes on each share held by them. Under the arrangement, the proportion of voting rights for the shares of the bi-share International Shareholders ' association is 53.19% per cent, so the male domain company becomes the double sinks the international actual control person, the Xing Tai Group as the male domain company's parent company naturally becomes the double sinks international the actual control person, also homeopathy becomes the double sinks development the actual control person　　, as the second largest shareholder to become a listed company dual-Exchange development of the actual control of the "magic" to complete this. Analysts believe that, according to the company's basic operating rules, the company's shares should be the same shares, the Thai group has 2 voting rights of a subsidiary of the abnormal performance, may be Ding Hui and other shareholders and Hing Tai GroupReached a compromise, improvised Thai group access to dual-exchange development control, but in dividends Shidanghui and other shareholders will gain more. Ding Hui, Goldman Sachs and other basic financial investors, the value is real income, as for the company control in the hands, is not the most important thing.　　From this point of view, the "same share of different rights" arrangements can be considered to help Bandung and other management curve to achieve MBO, a "tailor-made." In addition, an investor familiar with the double sinks told reporters that Goldman's strong exit intentions could be one of the reasons for the MBO programme. "Goldman Sachs is a typical investment banking style and has continued to reduce its holdings in recent years. "In 2006, when Goldman entered the dual exchange, it held a double-link group of shares of 51%, indirectly holding a dual-share development stake in the listed companies 30.97%, to last year, the proportion has quietly dropped to 7.72%."　　Once the capital operation of MBO, Goldman Sachs can be the most convenient way to exit the two-tier market directly. In stark contrast to Goldman's "hurried past", the investor added, Ding FAI has no intention of retreating through this capital operation. "Ding-hui long-term optimistic about the project, and will continue to hold, which in recent years in the development of double sinks in the stock changes are not very obvious." ”