The voluntary conditional offer made by the Taigang (PAG) to Chunquan Trust was finally settled. As a result, the voluntary conditional offer was invalidated because PAG could not obtain more than 50% of the acceptance of the offer, that is, the offer failed, Chunquan’s major shareholder The status remains unchanged, and PAG can only continue to be the second largest shareholder, followed by the Huizhou transaction. If the major shareholders and their alliances remain unchanged, the Huizhou transaction will pass smoothly, and the spring will be passed. Spring will issue new shares at low prices to pay the price of Huizhou transactions, which will seriously dilute shareholders’ equity.
The opinion of the independent financial adviser appointed by Chunquan Manager is that the offer price of 5.3 yuan is unreasonable, but the manager of Chunquan has paid the price of 3.372 Hong Kong dollars to pay the price of Huizhou trading. I wonder if Chunquan administrator will think that the price is reasonable. What?
The spring spring offer proposed by PAG ended in failure, representing the sad ending of the minority shareholders’ loss of justice and self-interest.
In fact, the end of the sadness is more than Chunquan, Orange Tianhe (01132) is also.
The connected transaction of Orange Sky Golden Harvest (01132), even if the financial performance is good, is still a complete and bad transaction. I believe that I don’t have to say more, as long as investors with reasonable analytical skills understand it, but they can’t get rid of the big vote. Shareholders and their unanimous persons, as many as 801 million independent shareholders holding shares have the right to vote on this connected transaction, the result of which is the strong promotion of financial performance, or I am vocal in this blog to call for the vote, the result There are still only 233 million shares participating in the voting. According to the total number of shares with the right to vote, the voting rate is only 29%. Where do the other 71% or 569 million shares go?
Frankly speaking, it is really disappointing to see this turnout rate. Why do so many minority shareholders ignore their shareholdings? If the minority shareholders do not agree with us, it is okay to come out and vote in favor. It is better than not doing anything completely, not making a statement, letting minority shareholders make important decisions for the silent majority.
I don’t know when this situation will improve. Perhaps it will be necessary to wait until Hong Kong implements the paperlessness of stocks, and minority shareholders can vote on their own online, without having to commission a brokerage agency to completely reverse this situation.