Data:2009-12-12 2:34
Category: Money tips Release Date: 2006-10-01
China's Sinopec (600028 market, information, reviews, Search) January 22, 2007 held a provisional shareholders meeting on the issue of new shares, convertible bonds and corporate debt issuance and other items for examination and approval. Content of the conference is primarily to draw the shareholders to consider and approve the three motions: 1, issue new shares of the general authority; two on the mainland outside of the issuance of convertible bonds; 3, in issuing corporate bonds in the mainland.
Company issued 1.5 billion U.S. dollars to 10 billion yuan of convertible bonds and corporate bonds will have a major impact on the market, on the issue a "general license issuing new shares," is mainly guaranteed convertible bonds issued by supporting a smooth process, as can be re - There will be a new debt to equity shares of production. The issuance of new shares need to have the procedure approved by shareholders in order to ensure a smooth convertible bonds share transfer rights, there should be supporting the approval of new shares issued. Therefore, the only question a generation. Sinopec emphasized, and the issuance of new shares and convertible bonds of the share transfer is only generated by H on. Therefore, the market spread, "IPO" may be related to the privatization of Sinopec and Shanghai, is unfounded. Can be transferred to debt-after right to increase the company's total equity, diluting the company's performance, the overall impact of the basic little.
Guoxin Securities analyst Chen Aihua so that the issue of 1.5 billion H shares of convertible bonds, assuming that transfer price of 6-7 yuan, all share transfer will increase the share capital of 16.7-19.5 billion shares on the company's share capital dilution effect of about 2%, 2007 diluted earnings per share will be 0.72 yuan to 0.70 RMB. Dilution effect is relatively small, little impact on stock prices. Sinopec expects 2007 earnings per share of 0.72-0.8 yuan, to maintain "prudent recommendation" investment rating.