"Warrants not decided to share the success of the reform programme, if investors against fierce, you can discuss everything. ”
Zhongguochangjiangdianligufen co., Ltd. General Manager Mr. Ding Ming on 7 July in the exclusive interview with financial times ", specifically on its present market share-trading reform programme has the largest number of warrants, bright out your own attitude.
He admits, Yangtze power want to use the share-trading reform, as the company's performance growth do institutional arrangements. Because "the cake if you cannot do much, equity division reform is likely to become a zero-sum game".
Zero-sum game, refers to a game, the player has lost a win, a win is a party to the other party may lose game of total score will always be zero.
Since the China Securities Regulatory Commission on 20 June launch of the second instalment of equity division reform, ranked one of 42 home pilot companies within the Yangtze River power and steel shares, market participants as the share-trading reform "benchmarking". Their equity division reform programmes about alleged may in the future other large State-owned enterprise reform in the shareholder structure.
On July 3, published on price scenarios, Yangtze power flow shareholders every 10 shares total retained 1.6706 shares and cash 5.88 element, while also enjoying the gezhouba price increase the benefits of increased. In addition, the Yangtze power warrants plan or arrangement, the columns in the pilot programme.
Sheet set out in the description of the program is very simple: first, the payment of the consideration, the second largest shareholder commitment, and finally the warrants. The first two are the core of the share-trading reform, which is made for the development of the company.
He told the financial times that the Yangtze power initial programme aims, "i.e., an arrangement, the interim period was more long-term also consider some". It is popular to say, the annual earnings per share, the share price maintenance, ensure that the investor's interest is not lost.
He disclosed that the Yangtze power first shareholder — China three gorges project Corporation, hydropower is its strategic industry. Therefore, the shareholder on hydropower will not have a stake in desire. But even without lessening desires, wishes to solve a system of tradable; at the same time, want to defect through share-trading reform, on the business and development among the big problem for some institutional arrangement.
Next, the three gorges of the Yangtze River power will acquire 20 units that need funding, on a hundred billion solely on debt financing is clearly not enough. Therefore, the power of the Yangtze River in the formulation of the share-trading reform programmes, to consider the possibility of future acquisitions and refinancing make some arrangements. And you want to purchase through refinancing Gorge, to increase the scale and efficiency of listed companies.
Did not expect that this approach incurs the market many criticisms, market "refinancing" pale, investors expect to increase the amount of the payment period.
In accordance with the power of the Yangtze River, the original programme and no party has a say, but in the process of communication with investors, they noted the investors on the spot price of paying more attention to, "we have to respect everybody's opinion".
Prescribed in Zhang, Yangtze power of equity division reform programmes on the significance of other listed companies. Because every company has its own characteristics that other companies cannot reference.
But in his view, the power of the Yangtze River in the share-trading reform the institutional arrangements in the persist, thus the purpose of listed companies, is on the other company has the significance of "benchmarking".
Despite the current market for Yangtze power of equity division reform programmes there are quite a lot of questions, but Zhang stipulates that the Yangtze power share-trading reform programme eventually get investors.
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