Chapter 1291 Application for Resumption of Trading
December 28th.
Pengrun Building.
This month, what Gome employees felt the most was the frequent meetings and meetings.
Li Dong, Huang Guangyu, Cheng Xiao, various organizations...
Every now and then, I come here for meetings and negotiations.
Today, early in the morning, these people locked themselves in the small conference room again, attracting attention from inside and outside.
...
meeting room.
This time it was not a big meeting, but a small meeting, with several directors and several major shareholders, a total of less than 20 people.
But the atmosphere is not as relaxed as the last shareholders meeting.
Ever since Li Dong wanted to switch shares, Huang Guangyu seized the key point and attacked fiercely: "At the beginning, we agreed with various institutions that we could exchange shares, but there was an agreement on the exchange price!
At that time, the agreed conversion price was as high as 4 Hong Kong dollars!
You want to exchange shares, yes, 2 billion bonds, 500 million shares, I have no objection! "
Li Dong sneered and said: "You know this, don't I know?
But there was a supplementary agreement at that time, depending on Gome’s specific operating conditions, the average conversion was done based on the closing price within five days before the share transfer.
Now that Gome is suspending trading, according to the agreement, the shares must be transferred according to the closing price within five days before the suspension!
4 Hong Kong dollars, that is a joke. Before Gome suspended trading, the closing price was only around 1.05 Hong Kong dollars.
If you want to transfer shares, of course you have to follow this method!
Mr. Huang, it's boring to pretend to be confused.
Even if this matter is brought to law, the supplementary agreement is still valid. I don't want to go to that point, what do you think? "
Wang Yue also said indifferently: "Mr. Huang, it's pointless to have disputes over this kind of matter now.
It is the due right to convert convertible bonds into shares.
The agreed exchange price is only a reference, not a specific regulation. All shareholders and directors understand this. What Mr. Huang needs to do at this time is to negotiate the specific matters of the share exchange. "
Huang Guangyu let out a sigh of relief, and said in a deep voice, "Even if the stock price is not exchanged according to the agreement, it cannot be exchanged according to the closing price before the suspension of trading.
I agree with the supplementary agreement, the supplementary agreement can be supplemented, the above mentioned is a 20% fluctuation ratio.
Mr. Li can't deny this, right?
And 1.05 Hong Kong dollars is the impact of Gome after it suffered a huge impact.
Now, I am asking for a 20% premium to convert shares, which is in line with the agreement.
Mr. Li wants to transfer shares, yes, at 1.26 Hong Kong dollars per share, carry out the transfer.
This is not my own rights and interests, it is related to the interests of the shareholders as a whole!
If Gome hadn't been impacted and the stock price of 1.26 Hong Kong dollars had been converted, would Mr. Li think it was possible?
No premium, we will not agree to this transfer of shares! "
2 billion Hong Kong dollars in bonds, converted into shares at 1.05 Hong Kong dollars, that is 1.9 billion shares.
And if you convert shares at 1.26 Hong Kong dollars, that is less than 1.6 billion shares!
There is a gap of 300 million shares, which is by no means a small number!
Lao Huang cares about a few tenths of Hong Kong dollars, which seems petty, but it is by no means aimless.
300 million shares of capital, at this time, the value even exceeds the real value of 300 million shares by a lot!
Li Dong shook his head and said, "Since you said 20% up and down, can't I go down 20%?
At this time, I felt that the United States was at stake, and it was not even as good as before. After all, there were people creating obstacles everywhere.
1.26 Hong Kong dollars, I can't bear it, the premium has reached the upper limit, this is impossible. "
At this time, the attitude of shareholders has deviated again.
As before, shareholders only care about their own interests.
Huang Guangyu asked for the highest premium, which is beneficial to everyone, so there is no reason not to agree.
As for Li Dong, since he wants to transfer shares now, it is imperative, and everyone will eat him.
For Li Dong's rebuttal, no one spoke, and nothing was said, which at this time represented disapproval.
In fact, Li Dong also knew that it would be useless to even bring in JPMorgan Chase at this time.
Before, he used common interests to suppress Lao Huang, but now, it is impossible for him to control him in reverse.
As for Li Dong, what he needs is speed, and he doesn't bother to continue arguing. It doesn't have much effect. After thinking about it, Li Dong said: "1.25, the difference of 0.01, it's easy to calculate with an integer.
If you really want to care about this little price difference, then it's meaningless.
I didn't say anything. Now that things have happened, I've decided on this stock. However, if I have to reach the limit, there is a little difference between up and down, which is meaningless. "
The price difference of 0.01 Hong Kong dollars, after the share transfer, the total price difference is only 16 million Hong Kong dollars, which is distributed to everyone, which looks like hundreds of thousands.
Everyone is not really a dime a dozen. Since Li Dong is willing to pay a premium, there is such a small difference between the top and bottom, and everyone has no objection.
Lao Huang didn't refute at this time, and the time for penny and baht counted. There was a gap of 300 million shares just now, and now the gap is more than 10 million shares. For Gome, which has a total share capital of tens of billions, if you care about these things, others will really underestimate him. .
After Li Dong finished speaking, everyone nodded and said, "Then convert shares at 1.25 Hong Kong dollars per share.
The newly increased share capital of 1.6 billion shares, which is a bond swap, does not need to be issued, the group resolution, and the Hong Kong Stock Exchange review can be passed. "
Li Dong said with a smile: "In this way, I will hold 9.6 billion shares.
As for the total share capital, it was 24.6 billion shares at this time, and my shareholding ratio was more than 39%.
Mr. Huang, after the share transfer agreement, I will be the major shareholder.
Next, there are some things, without my consent, Mr. Huang can no longer interfere. "
At this moment, the Huang family, after obtaining 400 million shares of Baoneng, holds a total of 9 billion shares, which is lower than Li Dong's 9.6 billion shares.
So far, from the beginning to the present, in 12 days, Li Dong completed the reversal and became the largest shareholder.
As soon as these words came out, everyone in the conference room looked a little strange.
The Huang family, how to choose?
At this time, there is no other way to go except to choose to inject Yiwei.
There is no bond conversion, and it is impossible to repurchase the shares in the hands of others. After one capital injection, the group now has RMB 3 billion in the account, and there is no way to inject capital again.
Trading is suspended, and there is no way to issue additional tradable share capital.
After all the calculations, the only way is to inject Yiwei.
At this time, the injection of Yiwei may have some changes compared to before. Will Li Dong agree to the injection?
Or, if there is no injection, JPMorgan Chase, CRMC, and other small shareholders with lower shareholdings all support the Huang family. Otherwise, the Huang family, which has lost its status as a major shareholder, may soon be out.
Ever since Li Dong announced the share transfer, Huang Guangyu actually knew about today's scene.
After taking a deep look at Li Dong, Huang Guangyu said in a deep voice, "What's the hurry, Mr. Li!
On Yiwei's side, whether to inject or not, at this time, everyone is not talking about it.
Mr. Li's goal is to complete Gome, I understand what you mean.
Since you have this idea, and I have reached a dead end, I will not let Mr. Li be so easy!
Otherwise, I will choose to sell it to Suning!
Otherwise, Mr. Li will agree to my new plan.
Of course, I will not embarrass other shareholders, nor will I let everyone suffer losses along with some people.
Allotment of 4 billion new shares, 1 billion yuan, 2 billion warrants.
Everyone agrees, Yiwei injects, disagrees, well, I will negotiate with Suning. "
Everyone's face changed slightly, 4 billion new shares, according to Li Dong's transfer price just now, that is 5 billion Hong Kong dollars.
1 billion RMB, converted into Hong Kong dollars, is about 1.18 billion Hong Kong dollars.
The so-called warrants mean that when new shares are issued, the other party has the right to subscribe in advance without going through the secondary market.
2 billion shares of warrants, this is actually money, the value is not too low.
The three together are worth at least 6.5 billion Hong Kong dollars.
Compared with the last quotation of 10 billion Hong Kong dollars, the gap is not small, but 6.5 billion Hong Kong dollars, for Yiwei at this moment, the value is not too low.
According to Li Dong's last proposal, 4 billion Hong Kong dollars is enough.
Now, 6.5 billion is still beyond everyone's expectations.
After he finished speaking, everyone looked at Li Dong again, and Li Dong said calmly: "3 billion allotment shares, 1.5 billion Hong Kong dollars, no warrants, that's it.
If you can agree, then agree.
If you can't agree, Mr. Huang will go to Suning.
I'd like to see how much they can contribute.
More than 5 billion Hong Kong dollars, is Suning willing to pay?
As I said, the brand value of Gome is not worth so much money at present.
There are only more than 300 stores. They were merged and acquired at the beginning of the middle school. They also have a lot of stores, and the profit of a single store is much higher than yours.
How much is Ke Dazhong worth?
Now, we have given a quotation of 5.25 billion Hong Kong dollars, which is not too low.
This offer is in the interest of all our shareholders.
Mr. Huang thinks it is not enough, so you can do whatever you want. After this share transfer, I will immediately apply for the resumption of trading. The reorganization of Gome is over. "
As a major shareholder, Li Dong now has the right to say this.
Huang Guangyu's face was a little gloomy, and he said after a long time: "3 billion new shares, 2 billion Hong Kong dollars!
This is my bottom line, if I can't agree, it will be over completely.
Li Dong, at this point, everyone has opened up and said that there is no need to bargain.
You don't have to provoke me, you know better than me whether Gome's brand value is worth it or not. "
As the first home appliance chain brand, it is no better than being completely suppressed by Suning a few years later. Although it was also suppressed at this time, Gome is still the well-deserved number one home appliance brand.
Li Dong said that the Gome brand was worthless, obviously he couldn't take it seriously.
Even if the brand is changed to Yuanfang, in the eyes of everyone, Yuanfang is a supermarket and Gome sells electrical appliances, and it will still have a big impact.
5.75 billion Hong Kong dollars, still a lot.
But at this time, Lao Huang's attitude was very firm, and it was obvious that if he disagreed, he would break up with each other.
Big deal, really sell it to Suning!
He even lost Gome, and if he could get some more money, he would do it too, which is better than getting nothing at all.
Li Dong looked at Cheng Xiao, then at CRMC and several other institutions, and said after a while, "What do you say?"
With the injection of Yiwei, there is no need to check the status of the company.
Because, this is hosted by Gome, the accounting situation, business situation, the people present are better than Yiwei people.
Therefore, whether it is worth the price or not, everyone has a steelyard in mind.
Yiwei with an annual revenue of 20 billion, Yiwei who masters the Gome brand, and Yiwei with 358 stores, is less than 6 billion Hong Kong dollars. Generally speaking, it is still worth it.
Cheng Xiao thought for a moment, then slowly said: "Boss Li has no objection, and neither do I."
The meaning of this is very simple, you have decided.
Now that you have become a major shareholder, the difference between up and down is mainly shared by your side, and they have little influence.
And if they really want to inject, the overall value of Gome will rise, and the equity in their hands will remain unchanged, and they will make money.
The key is that the 3 billion new shares will once again affect the changes in the structure.
If Li Dong agrees, the Huang family will hold 12 billion shares, surpassing Li Dong again by a large margin.
Li Dong tapped on the table lightly, and said calmly: "Boss Huang insists, everyone has no objections, so I don't have much opinion.
Of course, since Mr. Huang wants to inject, then don't bother everyone to have another meeting.
I still have 1.7 billion Hong Kong dollars in bonds in my hand, let's also convert shares together. "
"Cough cough cough!"
Many people couldn't help coughing, shit, this guy actually has a hole card!
3.7 billion convertible bonds, the total market is only more than 4 billion, this guy, almost all of them have been taken!
Now, even Lao Huang is not so calm.
He knew that Li Dong held 2 billion yuan in bonds, maybe a little more, and it would never exceed 3 billion yuan.
Unexpectedly, he really did not expect that Li Dong would hold 3.7 billion!
1.7 billion bonds, another 1.36 billion shares were transferred.
After the conversion, Li Dong holds 10.36 billion shares.
Huang's 12 billion share capital.
And JPMorgan Chase still has 1.6 billion equity.
Once the official transaction between Li Dong and JPMorgan Chase is completed, the gap between Li Dong and Huang's shares is only 40 million shares, which is almost negligible.
The two sides have completely returned to the same level.
Li Dong said and continued: "I'll add another 100 million. It's better to issue new shares in round numbers. I hold 3.7 billion bonds, add 100 million cash, and transfer 3 billion shares.
It's the same as Mr. Huang's side. It just so happens that 6 billion new shares are allotted. What do you think? "
100 million cash, exchanged for 40 million shares, more than double the market price, and the impact is not too big, everyone has no opinion.
Even Huang Guangyu didn't care about this share capital.
Next, everyone had nothing else to say, and began to discuss the issue of share transfer and capital injection.
After the allotment of 6 billion new shares, Gome's total share capital is as high as 29 billion shares.
Compared with before, there is an increase of 9 billion in new equity.
However, Gome’s strength has also increased a lot, with 358 more stores and more Gome brands. Excluding the payment of Huang Guangyu’s 2 billion Hong Kong dollars, the last injection of 3 billion yuan, plus Li Dong’s increase of 100 million this time.
Converted into RMB, the new cash flow will be about RMB 1.4 billion.
This kind of Gome is much stronger than before.
Once the reorganization is completed and trading resumes, the overall value will also rise by a large margin.
As of this time, the reorganization is over. The Huang family holds 12 billion shares, Li Dong 10.4 billion shares, JPMorgan Chase 1.6 billion shares, and CRMC 1 billion shares.
These four companies hold 25 billion shares.
On the Yongle side, the holdings are less than 1.5 billion shares, and the holdings of several small investment banks are probably also at this number.
The remaining share capital of less than 1 billion shares is still in the hands of retail investors.
It can be said that Gome at the moment is about to complete its privatization.
Judging from the intentions of both parties, it is obvious that the reorganization should be completed quickly, new tradable shares will be issued, and a war will start in the secondary market.
After all, the conversion that should be converted is over, and the capital injection that should be injected is over.
At this time, there is no other way to continue to expand its own advantages, either to acquire the shares of other shareholders, or to issue new shares.
The gap between up and down is very small, and the attitudes of the remaining minority shareholders are not clear.
Neither Li Dong nor Huang Guangyu were willing to hand over the decision-making power to them.
That being the case, then quickly reorganize and resume trading. After the resumption of trading, issue new shares and start a war in the secondary market. At that time, it depends entirely on strength and no longer relies on external factors.
This was the choice Li Dong and Lao Huang made in desperation.
Everyone discussed for a while, and finally Li Dong said: "This reorganization is not complicated, Yiwei is originally managed by us, and the materials are complete.
The application for resumption of trading will be submitted to the Hong Kong Stock Exchange for review immediately. Mr. Huang and I have contributed a lot. Today is the 28th. This month is over and there are still four days left today.
New Year's Day is Thursday, the market will not be closed, and strive to resume trading successfully on New Year's Day! "
Everyone looked at each other in blank dismay. They had seen such a hurry before, but they had never seen such a hurry!
This is a restructuring listing!
Four days, plus today, are you trying to exhaust our rhythm?
Even Lao Huang was stunned for a moment. Li Dong couldn't wait, and the deal would be resumed on New Year's Day. Is this guy really so sure?
You know, in the secondary market, it depends entirely on strength.
He also knows how much Li Dong's capital is.
Moreover, Li Dong is currently 1.4 billion shares lower than him, and he will get 2 billion Hong Kong dollars immediately. The gap is not small. It is not so easy for Li Dong to surpass him.
Before and after this time, it would be difficult for Li Dong to completely surpass him if he didn't spend 20 billion.
In the distance, even if he got a 5 billion loan from China Merchants Bank and Jiangbei raised 3 billion to support him, Li Dong himself would have to raise more than 10 billion.
Is this guy really a bottomless pit?
Yuanfang, which has only been established for a few years, really has such a strong strength?
Lao Huang felt a little uneasy in his heart, but the sooner it was resolved, the better.
He was just released on bail, not parole.
The trial is still going on. Once it is protracted and the result of his trial is over, he still has to go in.
It is not yet known how long this battle for equity will last.
Without him, Du Juan couldn't beat Li Dong's, and the tide merchants would also have doubts, and it was hard to say whether they would lend money to them.
Taking advantage of the time he still has, completing the final decisive battle with Li Dong is also in line with his expectations.
Thinking of this, Lao Huang heaved a sigh of relief and said, "Listen to Mr. Li, everyone has worked overtime to complete the review of the restructuring materials, and I will negotiate with the Hong Kong Stock Exchange.
The sooner the trading resumes, the better, and the new year has a new atmosphere.
In 2009, it may be a different new situation. "
When he said this, Lao Huang took a look at Li Dong. No matter what, no matter who wins or loses, Gome will be the Gome again.
Li Dong and him looked at each other, and both of them smiled. It was not easy to reach a rare agreement.
However, this can be regarded as the final stage of peace. If the resumption of trading is successful and the issuance of new shares is successful, it will be life and death.
At the stage of resumption of trading and listing, neither side has any retreat.
Unlike now, you can inject capital, and I can inject capital. At that time, Gome will operate well, and there will be no preconditions for capital injection, and it will not be able to pass internally.
It is also impossible to frequently suspend the issuance of new shares.
Taking advantage of the completion of the reorganization, an additional issuance is in line with the requirements. After all, there are too few tradable shares in the market and it does not meet the requirements of a listed company.
Next, without major changes, there is no such opportunity.
Smiling, the two sides didn't talk any more, and each took their people away.
The final decisive battle will be in the next few days.
And not long after the two parties left, the latest restructuring plan was also announced by Gome. )!!