Category: Money tips Release Date: 2006-10-15
Nearly 1 o'clock yesterday morning, when waiting at the information receiving terminal before the SSE and other staff were finally come to Baosteel notice. Immediately, he will notice the fastest pass of the Commission designated disclosure media.
"Baosteel has tried its best." Yesterday's Baoshan Iron and Steel for the 11 program directors in the final decision on the performance of Baosteel stock reform Guotai Junan sponsor organizations of the concerned persons told "Daily Economic News."
As the person said, almost everyone found that Baosteel made concessions: Bulletin of the program (10 to send a copy plus 2.2 shares of European-style call warrants) and the June 21 Baosteel discussion paper issued to fund the company's programs (10 to send plus two copies of a share warrant five copies Put warrants) compared with the transfer of more or less Baosteel 0.5 ~ 0.6 unit.
From December 12, 2000 hit the market, Baosteel, when carrying out a number of major issues, to the market left a very strong impression. This time, the face of stock reform, Baoshan Iron and Steel Why give?
"Baosteel is why improving the program, depending on the attitude of the SASAC." Everbright Securities Investment Bank (Shanghai) Zhu Yongping, general manager, said, "Baosteel or Yangtze Power's share-trading reform is vital to the entire Chinese stock market, if the program pass, however, may have a negative impact on the market. For this consideration, the SAC had to make certain concessions. "
However, Baosteel Secretary of the Board Chen Ying said, "The reason we made an adjustment, and many investors are based on full communication. We feel that the current proposal is more beneficial to both sides."
According to "Daily Economic News" understanding of Baosteel's board of directors was held in Beijing has been opened until yesterday morning. In addition to outside independent directors alone Wei Jian, Huai-way mirror in a conference call participants, the Baosteel part of the supervisors and other senior managers also attended the meeting. Baosteel Group and Baosteel chairman Xie Qihua personally chaired the meeting and presided over the meeting.
Chen Ying said, "The reason why the meeting open until too late at night, is to facilitate independent directors. Because there are two Dudong abroad, there is the time difference problem." According to "Daily Economic News" understanding, Baoshan Iron and Steel Board of Directors on the issue of concessions reach a consensus after the warrant is exercisable at a price in the end be difficult to determine how much the delay. Previously, the fund company's line of popular power price of 4.18 yuan.
In order to determine pricing in the end geometry, the board of directors meeting time has been extended, the exercise price of the final announcement of 4.50 yuan. Some market participants pointed out that the reason for the exercise price will be set at 4.50 yuan, might be in order to comply with the relevant rules of SSE. In the SSE upcoming business rules on the warrants provided for an exercise price must be ex-dividend. If you set the exercise price of Baosteel 4.18 yuan, after the ex-dividend will be lower than the net assets of Baoshan Iron and Steel.
Market participants say has been confirmed by Chen Ying, "we do so, and it is made SSE adequate communication. We do not want to violate SSE upcoming rules on the warrants."
