Huamao's acquisition of Taihua Group shares held by Chen Shu personally more or less stimulated some hot money to enter the market. However, two days later, Chen Shu issued a personal statement claiming that the equity transaction agreement signed with Huamao contained serious loopholes.
A lawyer's letter has been sent to Huamao requesting to terminate the agreement, which is even more shocking.
On the fourth day after Chen Shu issued the lawyer's letter, the merger and acquisition fund simultaneously signed debt and equity acquisition agreements with six securities companies, including Chen Shu and Guoye.
Although after the stock price of Taihua Group fell below the liquidation line, Guoye and other six securities companies obtained the right to dispose of the pledged stocks, after all, Guoye and other securities companies did not directly hold these equity shares, and New Taihua Investment was unwilling to cooperate.
The equity transfer requires a series of judicial procedures; and if you want to control a listed company, it is not just a matter of simply obtaining the controlling stake.
Huamao also remained silent in response to the lawyer's letter sent by Chen Shu and did not actively agree to terminate the agreement. Although this also left legal consequences, the equity involved was relatively low and did not affect the overall situation.
Chen Shu personally will continue to retain 4% of the equity. The M&A fund invested a total of 1.296 billion yuan to acquire 54% of the shares, of which Tianyue Investment, Sun Hung Investment and Dongsheng Holdings actually invested 500 million yuan, and the rest were missing.
The funds are provided by seven securities companies, including Xinhai United Bank, Xinhai Gold, Dongjiang and Guoye, for a period of two years.
The merger and acquisition fund has also formally formed a merger and acquisition takeover team headed by Shen Ji, responsible for the work from equity delivery to the transformation of the new board of directors and management; Chen Chang, as a representative of Dongjiang Securities, also joined the takeover team.
There were too many changes and uncontrollable factors involved. In order to avoid drastic fluctuations in the stock price, the M&A fund directly bypassed Xintaihua Investment, which was only a nominal controlling shareholder at this time, and applied to the stock exchange for a three-month suspension of listing and trading to allow for the transition period to take over.
can proceed smoothly.
Cao Mo didn't say that he could put all his work aside at this point.
Chen Shu agreed to cooperate with Shen Ji as the president and executive director of Taihua Group. Under his recommendation, Cao Mo also took the time to meet and talk with the management members of Taihua Group who were currently staying in China to understand their true inner thoughts.
and willingness to stay or leave.
At the same time, he also needs to screen the existing management members of Taihua.
"One emperor, one courtier", he will not accept all the good and bad in Taihua's existing management, so as not to leave fatal hidden dangers for the subsequent development of Taihua Group.
Taihua Group’s domestic business is mainly focused on the production of chemical pipelines and pump equipment.
This was originally one of the industries that had experienced rapid development in China in the past few years, but the Lu brothers were obsessed with making quick money and the so-called big picture.
Too much energy and resources have been invested in many projects along the shores of Lake Conero, causing the development of its main domestic business to stagnate in recent years. It has become a third-rate manufacturer in the industry, both in terms of scale and technical equipment level.
The leading companies in the industry are left behind.
Taihua's chemical pipeline and pump equipment production base is located in Songshan Heavy Industry Industrial Park, covering an area of more than 600 acres. Although Taihua is experiencing drastic changes like an eight-magnitude earthquake during this period, the management and operation personnel of the factory are worried.
The company is panicked and morale is low, but production operations, marketing and sales and other activities can barely maintain normalcy.
This is mainly due to the domestic industry boom. The market is in short supply and demand. Even if the management is slack, it will not be difficult for Taihua to maintain this business.
When Chen Shu participated in the operation and management of Taihua in his early years, he was mainly in charge of the operation of Songshan Factory. The management and operating personnel of Songshan Factory can be said to be his direct descendants.
After taking over Taihua, Chen Shu served as executive director and president. He could reorganize and maintain the business of the Songshan factory first, and then develop it later.
Among Taihua's domestic businesses, the most chaotic ones are port logistics and import and export trade. During this period of time, due to diplomatic difficulties, they were completely paralyzed.
Cao Mo discussed with Chen Shu and Shen Ji for several days, and also met with the person in charge of the relevant business in Taihua. After detailed discussions, he finally decided to sell or shut down the relevant business and lay off the employees.
At this time, Cao Mo also formally proposed an overseas asset replacement plan.
It's just a slight adjustment from the plan he told Chen Shu at the Jinhong Meeting.
The final plan is to put 50% of Cornero Energy's equity into a listed company at a price of US$200 million, exchanging the listed company's shareholding in overseas projects.
Although Cao Mo hopes to put more overseas assets into listed companies, Taihua Group has been in a whirlpool of shock for a long time, and the key involves overseas projects that are difficult to supervise, and it is difficult to obtain mergers, acquisitions, reorganizations, private placements and other plans. If passed, asset replacement will be relatively easy.
Cornero Energy invested 50% of the equity in the listed company. The Felician family, the Sika family, the Rupert family, and the Blake family took a total of 32% of the equity and continued to hold 20% of Cornero Energy. equity (in addition, Falkov Investment holds a 30% stake in Conero Energy), while Tianyue Equity holds 18% of Conero Energy's equity into the listed company.
This arrangement will cause the least disruption to the listed company. Even if the domestic business cannot be rectified temporarily, it can still obtain about 20 million US dollars in overseas profits from Cornero Energy every year, and will not fall into the quagmire of continuous losses. At the same time, it will not need to By sending personnel to intervene in the management of Cornero Energy, Chen Shu only needs to focus on rectifying the domestic chemical management and pump equipment industry, which is also conducive to the rest of the listed company.
The shareholdings in overseas projects were exchanged, and they no longer have anything to do with the listed company, but were all placed in the Conero Lake Industrial Park Construction and Development Co., Ltd.
What Cao Mo has to do is to adjust the shareholding ratio of each company in the Conero Lake Industrial Park. Through the shareholding in the Conero Lake Industrial Park, he can indirectly ensure that the shares in the Conero Marina New City, the New Taihua Refinery and the New Taihua Casino Grand Hotel, Cornero Lake Harbor Interests.
This arrangement is also to prepare for the subsequent unified construction and development of the north and south sides of Lake Cornero.
One and a half years ago, Cornero Cement acquired the New Taihua Grinding Station, and the agreed transaction payment of US$40 million was delayed for two years. It has not been delivered yet - the Lu brothers placed this account payable in a listed company. After the equity was officially delivered, Cao Mo transferred the funds from Cornero Cement to the listed company to maintain the subsequent operations and development of the listed company.
On November 20, all plans were drawn up. Taihua Group also held a new shareholders' meeting, elected and established a new board of directors to approve the plan, and decided to rename the listed company Tianyue Industrial Group Co., Ltd., but the assets Whether the replacement and name change plan can finally be implemented will still need to be approved by the China Securities Regulatory Commission.
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In the new board of directors, Shen Ji also serves as chairman and Chen Shu serves as president.
On the day of the shareholders' meeting, Yang Deshan also rushed back to China. He will concurrently serve as the president of the newly established overseas investment department of the listed company and be responsible for the actual asset replacement work.
Subsequently, he also served as the chairman of Cornero Energy on behalf of the listed company, and cooperated with Brahm to manage Cornero Energy. He will also be responsible for the Cornero Lake Industrial Park, Cornero Marina New City, the New Taihua Refinery, and Cornero. Coordinating the subsequent construction of Luohu Port; at the same time, Yang Deshan also serves as the chairman of Cornero Cement.
In any case, the bald Yang Deshan is already one of the most important figures in the Tianyue family.
Cao Mo did not intend to hold too many positions at the same time. Yang Deshan should be the chairman of the listed company, but in a short period of time Yang Deshan's main focus still needs to be on Kanem, and he has no time to deal with domestic affairs.
In order to boost the morale of the new board of directors and management committee members of the listed company and strengthen contact, a banquet was held at Jinhong Club at night.
Cao Mo did not attend the shareholders' meeting in person, but as the actual controller of the listed company, he rushed to Jinhonghui early in the afternoon to play cards with Ding Zhaoqiang, Qian Wenhan, Ge Jun and others who were the main investors.
At half past five, Shen Ji, Yang Deshan, and Chen Shu rushed to the Jinhong meeting with the newly appointed board of directors and management members of the listed company. The LCD screen placed in the corner of the corridor was playing the executive meeting of the central government that day. Work meeting content:
“…The meeting studied and deployed measures to further expand domestic demand and promote stable and rapid economic growth. It was believed that in the past three months, the world economic and financial crisis has become increasingly severe. In order to resist the adverse impact of the international economic environment on our country, we must adopt flexible and prudent macroeconomic policies. Economic policies to cope with the complex and ever-changing situation. At present, we must implement active fiscal policies and moderately loose monetary policies, introduce more powerful measures to expand domestic demand, accelerate people's livelihood projects, infrastructure, ecological environment construction and post-disaster reconstruction. Improve the income level of urban and rural residents, especially low-income groups, and promote stable and relatively stable economic growth. The meeting identified ten current measures to further expand domestic demand and promote economic growth: First, speed up the construction of affordable housing projects..."
Listening to the dignified and beautiful host broadcasting the meeting content on the screen, Cao Mo, Qian Wenhan, Ding Zhaoqiang, Ge Jun and others who were about to go out to greet the new board of directors and management members of the listed company couldn't help but stop.
They all know that this news means that under severe circumstances, the country's large-scale economic stimulus policy has officially been released.
Ding Zhaoqiang has mixed feelings in his heart. "Active fiscal policy and moderately loose monetary policy" are the monetary easing that he has been waiting for for a long time. The central government gave an order to the funds in the hands of major banks and other banking and financial institutions. It will surge out like a tidal wave opening a floodgate.
The real estate industry, which has the greatest demand for funds and currently has high turnover characteristics, will surely be the first to benefit!