Cao Mo teamed up with Qian Wenhan and Dongjiang Securities Industrial Investment Fund to inject three to four billion into Dongsheng Real Estate, which would be enough to help Dongsheng Real Estate get out of the current debt crisis. That was because Cao Mo had no control over Dongsheng Real Estate.
Coveted.
Even if the maximum capital injection is made according to the quota of 4 billion, Cao Mo, Qian Wenhan and Dongjiang Securities, plus Chen Rong's private shares, will hold a total of 42.4% of Dongsheng Real Estate's shares, and the other shares will be
It fell into the hands of the Ding family, Dongsheng management, and small and medium-sized shareholders such as Shang Wendong and Cheng Xiang.
Even if small and medium-sized shareholders such as Shang Wendong and Cheng Xiang are excluded, the Ding family and Dongsheng management still hold more than 50% of the equity of Dongsheng Real Estate.
And if they want to completely take away control of Dongsheng Real Estate from the Ding family, they will need to completely detonate Dongsheng's debt crisis; when the Ding family is unable to repay their debts, they will force Dongsheng Real Estate to undergo bankruptcy reorganization procedures.
However, at this time, it is necessary to invest in bankruptcy and reorganization first, but after obtaining control of Dongsheng Real Estate, new funds must be injected into Dongsheng Real Estate to restore its liquidity and construction.
This is not something that can be solved with three to four billion funds, and the process will be much more complicated and cumbersome.
If you want to acquire the controlling rights of the listed company Dongsheng Group and the Hexi Industrial Investment Fund, the price to be paid will inevitably be higher. It will be a rare bankruptcy reorganization in China with a scale of up to 20 billion.
case.
Same reason.
The brothers Lu Jiancheng and Lu Jianchao may only need to introduce billions of funds to completely solve the debt crisis they are facing at this time, but who wants to invest the Taihua Group and the shores of Lake Cornero, the Lu family with New Taihua Investment?
Taking over the many projects promoted by the Taihua Group and carrying out subsequent construction and operations is definitely not something that can be solved with billions of dollars.
Cao Mo still has more than one billion in cash, and may be able to acquire the 50% of the pledged shares of the listed company Taihua Group, thus gaining control of the group. However, the listed company Taihua Group can only
31% stake in Binhai New City, New Taihua Refinery, Conero Lake Port and other projects.
Even if we win the controlling stake of the listed Taihua Group, we will not be able to take the lead in this series of projects, let alone take the lead to promote the subsequent construction?
Even if Lu Jianchao, Lu Jiancheng was unable to resist this time. Not only did he lose the controlling stake of the listed company Taihua Group, Xintaihua Investment also entered bankruptcy and reorganization with heavy debts, or Xintaihua Investment's mortgaged holdings on many projects
The shares fell into the hands of creditors because they were unable to repay their debts.
At this time, after Cao Mo obtained the controlling stake of Taihua Group, he wanted to seize further control of many projects. The links involved would be more complicated and the funds needed to be used would be even more terrifying.
On the one hand, Huamao, as an important equity stake in many projects, whether it is involved in bankruptcy reorganization or directly acquiring the shares of these projects from other creditors, is the same as the listed company Taihua Group and another major shareholder Fulkov Investment.
Have priority.
Even if Cao Mo and Sturgeon secretly reach an agreement to jointly suppress Huamao, Huamao can still use a very critical power at this time, which is the right of shareholder objection to takeover.
In China, the degree of protection for small and medium-sized shareholders is seriously insufficient. Usually after the large shareholder makes a decision, the small and medium-sized shareholders can transfer their equity to others without objecting or withdrawing, even if they expect that the decision of the large shareholder will harm their own interests.
power; except for listed companies, it is usually very difficult for small and medium-sized shareholders to transfer their shares.
However, the country of Kanem has chaotic social security and corruption, but it has a complete legal system left over from the colonial period. In Kanem's company law, there is a very critical protection system for small and medium-sized shareholders, which means that they are unable to resist
When the major shareholder makes a decision, in addition to transferring the equity to others, it also has the right to request the major shareholder to acquire the equity it holds or directly withdraw the investment previously injected.
When the competition for equity in many projects is unfavorable, and in order to avoid being diluted by capital injections from major shareholders in the future or project finance being controlled by major shareholders, Huamao has the right to demand priority in selling their equity at the same price.
This also means that even if Cao Mo just wants to get substantial control over many projects, the funds he needs to use will be far beyond imagination.
The subsequent construction funds for these many projects will also be astronomically huge.
Han Shaorong waited until Tianyue officially completed its capital injection into Dongsheng Real Estate before finally revealing the Lu family's plans. This was also based on his judgment of this objective fact.
Cao Mo still wanted to go in and disrupt the situation, but he had to be qualified to disrupt the situation.
"Han Shaorong chose today to use his last trump card because he expected that I would not be able to disrupt the situation anymore," Cao Mo handed the helmet to the staff aside and said to Ding Zhaoqiang, "But the more he thinks like this, the more I will disrupt the situation.
This bureau - I am going to entrust Dongjiang Securities to set up a trust fund specifically for the purpose of launching irrevocable acquisitions of these financial institutions that hold the pledge rights of Taihua Group shares. Do you want Dongsheng to participate..."
Tianyue is still weak at this time, and alone is not qualified to compete with Huamao. Even if Tianyue does not inject capital into Dongsheng, it will be very difficult for Tianyue to leverage such a big plate.
However, this does not mean that there are no other roundabout means - it is at this time that financial institutions such as securities companies and trust companies can truly reflect their original meaning.
And even if it was to disrupt the situation, Cao Mo would still make Han Shaorong uncomfortable and uncomfortable.
Tianyue Investment's injection of capital into Dongsheng Securities has made it famous, but after all, it is just a newcomer in the Xinhai business world.
If you really have to negotiate with these financial institutions that hold the pledge rights of Taihua Group's shares, the qualification review alone will be a torment, not to mention how Tianyue Investment can attract the real attention of these financial institutions.
How do these financial institutions judge that Tianyue Investment is not just disrupting the situation?
Just like Ding Zhaoqiang was still on tenterhooks until the last moment, worried that Cao Mo might suddenly change his mind.
Initiating an irrevocable acquisition means that once the acquisition is initiated, within the agreed period, the quotation is irrevocable. As long as these financial institutions accept the quotation, they must cancel the contract and execute it; this naturally requires the endorsement of a strong enough institution or company.
It is possible to establish.
Of course, Cao Mo's initial offer will not be too high. The main purpose is to provide a guaranteed floor price for these financial institutions that hold the pledge rights of Taihua Group's shares. The first step is to prevent Huamao from taking advantage of these financial institutions at a low price.
The institution has obtained cheap chips, rendering the trump card he showed today ineffective.
It is not a gentleman to retaliate without revenge, and regardless of whether there is a possibility of seizing control of many projects in Cornero Marina New City in the future, Ding Zhaoqiang cannot forget the cruelty Han Shaorong just dealt to the Ding family, saying: "Of course I have to participate in this, but
It is still early for Dongsheng to recover, so we can only participate appropriately. It is enough for this trust fund to leave 10% of the share for Dongsheng Holdings!"
Having said this, an idea flashed through Ding Zhaoqiang's mind and he said to Cao Mo: "By entrusting Dongjiang Securities to set up this acquisition fund, we can actually use the leverage of the bank - Li Xiaodong asked me to meet when I have time in the next two days. Do you want to participate?"
"
Leveraged buyouts are similar to trust funds. After the three parties sign an agreement, the buyout agreement officially comes into effect. Buyers such as Tianyue Investment only need to put 30-50% of the inferior funds into the buyout fund, and then banks, trust companies or public and private equity funds, etc.
The financial institution provides the remaining funds at an agreed fixed interest rate to complete the acquisition.
If the negotiation can be concluded, they can effectively control their own cash consumption during the stage of fighting for the controlling stake of Taihua Group.
Of course, when Ge Jun proposed the establishment of a buyout fund, he considered the use of leverage, even more so than Ding Zhaoqiang did in his haste.
Several financial institutions that hold shares pledged by Taihua Group are all securities companies; and these securities companies have internal banking departments and equity investment departments.
When they set up an acquisition fund to launch an irrevocable acquisition plan, they had to consider the eventual withdrawal of Han Shaorong and Huamao, and they also formulated a complete response plan for this.
The first step is for Ge Jun to persuade these securities companies to directly provide a portion of the lending funds to the acquisition funds for the equity acquisition of Taihua Group - this itself will be written into the irrevocable acquisition plan.
"Then we will make an appointment with Li Xiaodong to meet in Jinhong. In addition to giving Qian Wenhan a meal, we will also urge him to quickly transfer 500 million to Dongsheng Real Estate. Our actions have been completed. The ten people from Dongjiang Securities
It is only possible that everything can be done step by step!" Cao Mo said.
In Shen Ji, when Guo Guangxin contacted Li Xiaodong, Qian Wenhan, Ge Jun and others respectively, Cao Mo told Ding Zhaoqiang some details of the planned acquisition fund plan - Han Shaorong's plan was revealed, and now it was their turn to make a formal move.
.
After hearing Cao Mo introduce their plan in detail, Ding Zhaoqiang realized that Cao Mo, Qian Wenhan, and Ge Jun had already planned extremely carefully.
Money is so tight now, the funds on the market are limited, and everyone is scrambling for them.
Tianyue and Sun Hung want to use a small amount of funds to complete the acquisition, but there are not many financial institutions willing to cooperate to provide funds.
He just proposed to bring in Xinhai United Bank, but in fact the possibility of Xinhai United Bank providing large loans is not high.
However, for those securities companies that hold the pledge rights of Taihua Group's stocks, this matter itself is a thorny problem that they have to solve; if they are not careful, they themselves will suffer huge losses.
If the plan designed by Ge Jun is implemented, although these securities companies have not completely escaped from the debt situation of Taihua Group, in addition to recovering part of the principal, they can also significantly reduce the pledge rate, and this part of the debt can be cancelled.
The "bad risk" label temporarily becomes a safe asset.
Ge Jun even wanted to persuade one or two securities companies to directly hold shares in Taihua Group to prevent the controlling rights of Taihua Group from falling into the hands of Huamao.
Cao Mo and others did not rush to propose these plans before, but waited for Han Shaorong and Huamao to show their daggers to these securities companies first.
Otherwise, these securities companies usually don't even pay attention to Dongjiang Securities. Why would Huamao, who is well-known in the industry and has strong capital strength, have in-depth contact with the unknown Tianyue?
Of course, now it is possible to get Xinhailian Bank to participate, so we should try our best to fight for it.
Since this is a formal move, there is no doubt that news may spread from Li Xiaodong...