The small shareholder question the important asset reorganization plan of the south to have the interest conveyance suspicion
KeywordsPlan asset reorganization small shareholder black five categories
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Every reporter Ma Shua for major matters suspended one months of St South (000716, closing price of 4.23 Yuan) yesterday announced a major asset restructuring plan. The deal is unchanged from the 10-month reorganization, but asset valuations have increased by more than 100 million yuan. At the same time, some of the trading target holders also by the company's actual control of the black five groups into the company's controlling shareholder in the South investment, even more surprising is that the above assets are South investment in January this year to 90 million yuan in the price from the black five groups bought, but now to the price of 230 million yuan sold to listed companies. This caused the St South shareholder rights representative Xu Yuanyuan's attention. He thinks the move is a suspect. However, St. Zhang Xiangbin, president of the south, denied this. The index of asset valuation increased 72.93% yesterday, St South (000716, closing price of 4.23 Yuan) again announced the "issue of shares to buy assets and related transactions plan", The proposed price of 4.3 yuan per share, to the controlling shareholder of the South Investment directed issue about 65 million shares, the purchase of its possession of the Guangxi Black Five Logistics Co., Ltd. (hereinafter said: "Black five types of logistics") 100% of the equity, Jiangxi Black Five Food Co., Ltd. (hereinafter said: "Jiangxi Black Five categories") 50% Equity and Sugar warehouse assets, the transaction is the target of estimated value of about 280 million yuan. Among them, the black five types of logistics of the book Net worth of 133 million yuan, pre-valuation for 230 million yuan, an increase of 72.93%. June 2008, St The second meeting of the Sixth Board of Directors of the South to consider the adoption of the "Non-public offering shares purchase assets and related transaction plan" Bill, and in the same year July 7, the announcement. According to the announcement, at that time, the estimated assets of the bid was 270 million yuan, of which 100% of the black Five logistics and sugar warehouse were estimated to be 260 million yuan. If eliminate the effect of the sugar warehouse, the black five categories of logistics 100% stake in the preliminary valuation of about 200 million yuan. However, in the implementation of the plan, because the proposed purchase of sugar warehouse assets due to the original holder of the tax can not handle the transfer procedures and market changes, and other reasons, there are major uncertainties, the company held on December 9, 2008, the sixth session of the Board of Trustees in 2008, the third provisional meeting to consider the adoption The bill to terminate the implementation of the issue of shares purchase assets and related transaction plans. Subsequently, January 5 this year, St south of the actual control of Guangxi Black Five Food Group Co., Ltd. (hereinafter said: "Black five Group" and the Southern Investment signed the "equity transfer Agreement", the black five groups of its black five categories of logistics 100% stake in the price of 90 million yuan transfer to the South investment. According to the Black Five logistics financial statements (unaudited), the Black Five logistics in 2007, 2008 and 2009 1 quarter of the owner of the parent company's net profit is 390900, 6.3741 million and 10.9294 million yuan respectively. Shareholder question has the interest conveyance suspicion black five kind of logisticsThe estimated increase was 72.93%, which led to the attention of Xu Yuanyuan, the shareholder rights representative of the South. What puzzled him was, "why did the Black five group invest 50% of the assets worth 200 million yuan to the south, then invest in the south with a premium increase of 72.93% and a price of 230 million yuan to the south?" "In the middle, the investment in the South can get a 140 million yuan difference. Xu Yuanyuan told the Daily Economic news reporter, the black five types of logistics are all in the holding shareholder "South Investment" hand, the asset is the south to invest 90 million yuan to the black five groups to buy, but now to the estimated 230 million yuan to sell to the listed companies, the benefits of delivery is obvious, through low buy high selling, " The southern investment mad earned 140 million yuan. He thinks, "the reorganization of St South is in fact further hollowed out the listed company, harmed the fundamental interest of all shareholders." However, St Zhang Xiangbin, President of the South, has made a strong denial. In an interview with the Daily economic news reporter, he stressed that the Black five group of 100% holding the investment in the south, no matter how the price of the transaction, will not affect the value of the assets of the Black five logistics, and the transaction behavior itself will not generate revenue. One problem is that St South is not a wholly owned subsidiary of the holding shareholder's southern investment, if the South investment to the black five types of logistics to 230 million yuan to the price of the south, will generate revenue? Zhang Xiangbin said that the St-South purchase of large shareholder in the south of the investment is also the equity and equity transactions, should not be generated in itself, which involves the financial aspects of how to deal with the problem, Xu Yuanyuan and other shareholders of the question is unreasonable. Zhang Xiangbin said, the plan also has to carry on a series of related consideration, after the plan passes if the south invests the related stake sale, only then may produce the income.
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