Chapter 427 Confrontation on the Board of Directors
After several days of preparation, Wooden Swire and Guo Lingming held a board meeting on the afternoon of the 9th, and the topic was the sale of shares in Cathay Pacific Airways.
This time Gan Qin and Wang Xinyu also went to Swire Co., Ltd. to attend the board meeting. Their goal was very clear, which was to prevent the Sivaiya family from selling their shares, especially to the Huazi Group. This was Li Guangyu's plan.
A red line has been set. Only if Cathay Pacific is in the hands of other consortiums can Xiangjiang Airlines take advantage.
In the past two days, Deputy Financial Director Lei Jianbin's actions on Cathay Pacific have begun to bear fruit. His company's deputy general manager Zhao Wenhua has agreed to work for Xiangjiang Airlines, and he can also lead a group of pilots there. It can be said that Xiangjiang Airlines
The company's small number of aircraft flights can be operated.
At the meeting, Wooden Swire elaborated on the problems faced by Cathay Pacific today, including the financial difficulties of Swire Pacific, and proposed selling Cathay Pacific shares in exchange for cash to expand the development of the company's other industries. He hoped that the shareholders present could
Support his decision.
Gan Qin said: "Mr. Shihuaiya, we disagree with you. Cathay Pacific is still the overlord of Hong Kong's aviation industry and monopolizes Hong Kong's aviation services. Moreover, the aviation market will become bigger and bigger in the future. Such a high-quality industry
It is definitely not something that our company should sell. The world's shipping industry is currently facing a cold winter, and I think it is more conducive to the company's development to dispose of the company's ocean shipping industry."
How could Wooden Swire be involved in the ocean shipping industry? The Swire Group's main business is trade, which serves the Swire Group.
Wooden said: "Ms. Ganqin, Cathay Pacific is definitely the best choice for sale now. Please don't harm everyone's interests for your own selfishness. You have to know that this company is not just us.
With your Li's consortium, Xiangjiang still controls the shareholders of our company's stocks, and we still need to be responsible for their interests."
Gan Qin did not expect that Wu Tengshi Huai Ya would actually move out of Xiangjiang stockholders to oppress his side. This problem is really not easy to deal with. Once such news spreads to the outside world, it will be a huge blow to the reputation of the Li Group.
Gan Qin said: "We officially maintain a responsible attitude towards shareholders, so we suggested that the company sell the ocean transportation company to prevent the huge losses from affecting the company's development. Cathay Pacific Airways is currently making good profits. I think
There is no need to sell this company."
Wooden Swire knew that it would be impossible to discuss the sale of Cathay Pacific shares with the Lee Group, so he had no illusions about it. He came up with the plan discussed by himself and Guo Lingming, which the Lee Group could not restrict.
They sell their shares.
Wooden said: "Ms. Gan, due to the needs of Cathay Pacific Airways' development, we will separate Cathay Pacific Airways from Swire Pacific and re-divide the equity of Cathay Pacific Airways in order to seek listing on the stock market.
, and your group holds shares in Swire Pacific, its shares in Cathay Pacific Airways will be transferred to your Lee Group in this proportion. Please also ask your lawyers and financial department to participate in this change in the equity of Cathay Pacific Airways."
Gan Qin and others did not expect that Wooden Swire would push for the listing of Cathay Pacific Airways in order to sell their own stocks. You must know that the current stock market is not good, and they will lose a lot of profits in this way.
And this time Gan Qin and others really couldn't stop it. This time they directly did not use Swire Pacific to control the shares of Cathay Pacific Airways. They allocated 70% of Cathay Pacific's shares in proportion to the shares currently held by each shareholder in Swire Pacific.
When it comes to each company, the Li Group's shares won't play a big role in the situation there.
Once the plan proposed by Wooden Swire is implemented, the Lee Group will only hold a little over 20% of the shares in Cathay Pacific, and its impact on Cathay Pacific will be very small.
Gan Qin said: "Mr. Shi Huaiya, this plan is too complicated. Our major shareholders are fine, but how do you make decisions about the shares of outside investors? Moreover, the current market conditions in the stock market are not conducive to the company's listing.
I suggest that we can discuss this issue slowly."
Guo Lingming said: "I support Mr. Shihuai's opinion. Regarding Cathay Pacific, since we shareholders have differences, it will be beneficial to everyone to separate. If the Lee Group feels that Cathay Pacific is a high-quality industry
, you can take over the shares we transferred, so it won’t make things difficult for everyone.”
This was a plan that he and Wooden Swire came up with after thinking for a long time. Since there is a rule in Swire Holdings, the transfer of the shares of a subsidiary must be approved by two-thirds of the shareholders. Originally, at that time,
This provision was made to protect the interests of the Shihuaiya family, but unexpectedly it has now become a restriction on them.
After the shares are divided, once the listing is launched, they will find institutions to raise funds, and they can give up some of their shares. It will become impossible for the Li Group to prevent them from selling their shares.
Wang Xinyu said: "This is an irresponsible approach of yours. How will the many shareholders who hold our Swire Holdings make selections, and how will you allocate shares for them when the time comes. At the same time, once Cathay Pacific becomes independent and the shares are no longer available,
If we belong to Swire Pacific again, the market value of our Swire Pacific stock will definitely fall sharply, which will be quite detrimental to the development of Swire Pacific."
Wu Tengshihuaiya said: "Ms. Wang, Mr. Guo and I have a complete solution in this regard. Although the market value of Swire Holdings will shrink, this will not affect the interests of shareholders, so you can rest assured.
"
Gan Qin and others saw that Wu Tengshihuaiya and the others were determined to sell the shares of Cathay Pacific Airways, and they probably couldn't stop it. Now they can only delay as much time as possible on the equity division, and at the same time let Li Sheng
Hurry up and complete the airline's operations, otherwise it will be really hard to handle by then.
Gan Qin said: "Mr. Shihuaiya, this matter is too important and cannot be decided by just a few of us. We will report your proposal to Li Sheng and ask you to consider the interests of our shareholders and postpone this matter."
operate."
Wooden's consortium was not willing to let the Lee consortium delay. He knew that the Lee consortium was already discussing the purchase of aircraft with Boeing and Airbus. If he waited for a while, the Lee consortium would not care whether the shares were sold or not.
.
Wooden Shihuai Ya said: "On the issue of equity split, as long as more than half of the shareholders agree, the operation can be carried out. This aspect is not restricted by the consent of two-thirds of the shareholders. Your group lawyer can study the company's details in detail.
Regulations. Mr. Guo and I both agree with this treatment, so your objections are useless. We are just notifying you this time and asking you to arrange for financial and legal personnel to come over tomorrow to divide the equity of Cathay Pacific Airways."
Gan Qin said with a cold face: "Mr. Shi Huaiya, is there anything else that the board of directors has to do today? If not, we will leave. Don't worry, our Li Group's lawyers and financial officers will come to Swire Co., Ltd. tomorrow to do the accounting."
The shares that belong to our Li Group."
Gan Qin was in a bad mood. It was obvious that what Li Sheng told him could not be completed. He could only go back and ask Li Sheng what to do next.
Seeing the unhappy expressions of these people, Wooden Shihuai was particularly excited. After these people became directors of the company, his mood has never been better.
Wooden said with a smile: "Ms. Gan, today is mainly about Cathay Pacific Airways. The meeting can be ended now. If you are busy, you can leave now."