Beijing Shougang Co., Ltd. to prepare a restructuring plan as long as a year and a half years, but the minority shareholders in general meeting unexpectedly rejected.
Shougang shares in suspension for three days last night once again come up with a restructuring plan without any changes. New plan is not due to minority shareholders challenged to be placed in the assets involved in financial fraud, "to be set out the assets of the land compensation is too low" to make program adjustments, only the controlling shareholder of Shougang Group Shougang Mining Company will change in the injected within three years after the completion of the restructuring, to start immediately after completion of the reorganization.
Shougang shares suspended since October 29, 2010 to start planning a major reorganization of assets. May 18, 2012 officially announced the asset replacement draft. Show that the draft Shougang shares intended to be discontinued Shougang steel assets and the first wire factory, and the "relocation of Shougang Steel Company") under the parent company, Shougang Corporation Hebei Province, Shougang Qian'an limited liability company (hereinafter referred to all relevant replacement of assets. Estimates placed the assets of 18.37 billion yuan, assets set out to assess the value of 6.323 billion yuan, the difference in part by the Shougang shares to Shougang Corporation issued approximately 2.8 billion shares as payment of the price. The issue price of shares to buy assets remained at 4.29 yuan / share. It is noteworthy that the assessment of the price set out the assets of 6.323 billion yuan, including 10 billion in compensation for premature termination of the land use right leasing contract, paid by the Shougang Group Shougang shares involved in the reorganization.
Last night issued a series of announcements, in addition to questioning the placement of minority shareholders, set out the prices of assets assessment to conduct a detailed publicity, but also a large shareholder of the assets into the Commitment Letter. Shougang Corporation, which has promised that within three years after the completion of the restructuring will drive under the Shougang Mining Company iron ore business assets into Shougang shares. The commitment letter last night, major shareholders additional commitment, injected into the program will start immediately after the completion of this restructuring, the Shougang shares will be built into the operation of the Shougang Group in China steel and the upper reaches of iron ore resources business listing platform.
Earlier in the general meeting of shareholders held on June 25, a major asset restructuring of Shougang shares placed to move the steel assets of the motion was rejected by the minority shareholders. Day of the poll results show that reorganization motion by the rate of only 65.43% and 65.94%, against accounted for 33.83% to 33.9%, 0.22% abstention. Close to two-thirds of the votes accounted for just under one step away. This is clearly contrary to the Shougang shares and its major shareholder expectations.
In fact, Shougang shares in the restructuring plan after the announcement, there have been small shareholders in a variety of questions. First moved to the steel "account" issues remain unresolved, and subsequent small shareholders of listed companies for the relocation of Shougang many have questioned the original plant of land ownership and the amount of compensation; number of small shareholders questioned also moved to the excellent performance of the steel suspected Shougang intentionally do high Qiangang performance through related party transactions. July 17, Shougang shares re-suspension of planning for restructuring.
The data show that Shougang shares in the actual control of SASAC.
Shougang shares once again hold a shareholder meeting scheduled for August 23. Analysts believe that the advantage is not obvious the last time it was rejected, coupled with the Shougang shares have come prepared, it is estimated by the probability of the larger. The day before the suspension of the Shougang shares fell 2.46 percent, to close at 2.77 yuan / share.
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