Gree Electric announced on the evening of the 16th that the company received a written letter from Zhuhai Yinlong and was informed that the adjusted trading plan had not been approved by Zhuhai Yinlong Shareholders' Meeting. Zhuhai Yinlong decided to terminate the transaction based on the voting result. In view of this, the company decided to terminate the plan to issue shares to purchase assets. The company promises not to plan major asset restructuring matters within at least one month from the date of announcement.
Upon application by the company to the Shenzhen Stock Exchange, the company's stock will resume trading on November 17 (Thursday).
Gree Electric's acquisition of Zhuhai Yinlong Road is extremely rough. In August this year, Gree Electric announced the acquisition plan and proposed to acquire 100% equity of Zhuhai Yinlong with a consideration of RMB 13 billion. According to the issue price of RMB 15.57 per share, approximately 835 million shares of the company will be issued to all shareholders of Zhuhai Yinlong. It is also proposed to raise non-public offering shares at the same price to raise no more than 9.7 billion yuan of matching funds for the construction of Zhuhai Yinlong Project. After the completion of the acquisition, Zhuhai Yinlong will become a wholly-owned subsidiary of Gree Electric. Once the plan is released, the question is constantly questioned, and it is generally accused that Yinlong’s valuation is too high, Gree’s issuance and the share price are too low.
On October 28th, Gree Electric held the first extraordinary shareholders meeting in 2016 to vote on the acquisition of Yinlong by Gree Electric and the plan to raise matching funds. The original plan of Gree Electric has a valuation of Yinlong of 13 billion and a targeted fundraising of 9.7 billion yuan. In the voting on 26 sub-proposals of the full-scale plan, the relevant proposal on the acquisition of Yinlong was passed, and the plan to raise funds for matching funds was rejected.
Gree Electric intends to continue to advance the acquisition, so it made concessions to shareholders. On November 7, Gree Electric announced that the company intends to reduce or cancel the matching raised funds, and at the same time, it will adjust the pricing basis for the stock issuance of assets for the issuance of shares in accordance with relevant regulations. But in the end, Zhuhai Yinlong also rejected the deal.
Heating Eye Mask,Self-warming Eye Mask,Portable Heating Eye Mask,Rechargeable Heating Eye Mask
Ningbo Sinco Industrial & Trading Co., Ltd. , https://www.newsinco.com