The restructuring of the mountain steel was again the inducement of cash option

On the last day of 2010, the group's restructuring plan suffered another setback. On the day of the general meeting, although Jinan steel (600022, the former closing price of 3.55 yuan) all the bills passed, but Laiwu Steel shares (600102, the former closing price of 7.85 yuan) four of the first three bills were rejected.　　This means that the new programme proposed in December 2010 once again nationalists awry, following the first proposed absorption consolidation programme in March 2010.　　As to why the plan was not, some insiders pointed out that, because of the market is poor, most investors targeted at the cash option, which is the biggest stumbling block on the restructuring of the steel group.　　Retail investors to veto the main force today (January 4), Jinan Iron and steel and Laiwu steel shares at the same time issued a notice of the general meeting of the December 14, 2010, Jinan Iron and steel to absorb the merger of Laiwu Steel shares of the draft, the final due to the shares of Laiwu Steel shareholders of the opposition and declared void. "Daily economic news" reporter found that the Jinan steel shareholders are happy to see its restructuring. The nine bills considered by Jinan Iron and steel temporary shareholders meeting were approved by a large proportion of votes. However, shareholders in Laiwu Steel share a big disagreement over restructuring. Of the four motions in the shares of Laiwu Steel, except that the last one was approved by 94.57% "consent", the votes for the remaining three motions were not significantly superior to the "objection" votes.　　For example, "Jinan iron and steel implementation of the exchange of shares and the merger of Laiwu Steel and related transactions of the motion," agreed to account for 56.23%;　　According to the provisions, "consent" votes to reach more than two-thirds to confirm the passage of the bill, and all the proposals must be passed in order to express the support of restructuring, so with the opposition of Laiwu Steel shareholders, the restructuring plan was completely rejected. Reorganization is often understood by the market as a positive, so who is the restructuring of the steel group to make shove? The reporter found that the reorganization of the voting party, Laiwu Steel shares of the large shareholder Laiwu Steel Group according to the provisions to avoid. According to the three quarterly bulletin of Laiwu Steel shares, including Shandong province economic development investment companies and social security funds, private equity, including the top ten circulating shareholders in the proportion of 12.29%. Given that institutions tend to be "restrained", they will not vote too much.　　Then, a large part of the proposed reorganization is not from retail investors.　　has been a harbinger of "daily economic news" reporter found that the Jinan iron and steel Absorption of the plan was not, in fact, early omen. "From the trend perspective, the market is still very worried about the new plan."　　"A few days ago, the reporter asked a senior steel industry researcher, Jigang, Laiwu Steel There is an arbitrage opportunity, he pointed out, because the plan will not be sure, in the face of the so-called arbitrage space, market funds are rarely involved. "Daily economic news" reporter found that, compared to Laiwu steel shares 8.9 yuan/unit, Jinan Iron and steel 3.95 yuan/share of the cash option price, held before the shareholders meeting, Laiwu Steel shares, Jinan Steel shares fell to 7.85 yuan/unit and 3.55 yuan/share, more thanThe gold option Price has 13.4% and 11.3% arbitrage space respectively. This is in the decline of the A-share market, is not attractive. However, this is an obvious opportunity, but there is no money involved.　　For several consecutive days, Jinan steel and Laiwu steel shares of the transaction amount of not more than 50 million yuan, and share prices showed a continuing decline in the situation. The researchers said that with the last warning, the reorganization, the involvement of funds is clearly much more cautious.　　"If the scheme can not pass, there is no chance of arbitrage"! Today, this judgment is confirmed.　　So why has the program been rejected by the market again? The main reason for the contradiction is the right to choose cash.　　Yesterday, a close to the steel restructuring of the industry told the Daily Economic news reporter, many investors voted against the main reasons for two: first, for cash options, the second is the overall market environment is poor. "Under the proposed reorganization, investors who did not vote against them would not be eligible for cash options," he said. "The insider told reporters that, in accordance with the principle of maximizing the benefits, the assumption that the scheme will eventually pass, investors can fully operate: The first vote to lock the price difference between the current and cash options." By voting against the same as having the right to sell at any time, such "opponents" can still be sold to lock in excess returns once they have exceeded the price of the cash option. Instead, they voted in favour, and the share price rose over the cash option, with the same rights as "opponents".　　And once the stock price in the choice of cash prices below, will "suffer". On the other hand, whether the market or steel stocks, in the case of small opportunities, who dare to gamble on the excess income of steel stocks? "The insider pointed out that if the environment is good, we can all vote in favour of the scheme." Subsequently, large funds can also be fired by the stock price to cash options above, to obtain excess income. However, the reality of the environment is not good, even if the scheme passed, its share price may be under the cash option, and at this time, vote against, to obtain cash options to obtain a stable return. "This reflects from one side, the market is not optimistic about the future of steel stocks."