Financial News
Written by: Lin Leqian
2020-06-16 11:42
Date of last update: 2020-06-16 11:42Centennial British-funded foreign trade association Defeng (0020) today (16th) held legal affairs meeting and annual general meeting, and voted on privatization. Chairman Wu Zongquan said at the shareholders meeting that, regardless of the result of privatization, he also thanked shareholders for their support over the years.
Wu Zongquan said at the meeting that he would like to thank shareholders for their support over the years regardless of the outcome of the privatization. (Photo by Lin Leqian)
In accordance with the order of gathering restriction, the number of people in each room cannot exceed 50. Wheelock reserves 7 rooms to allow shareholders who exceed the number of people to participate in the meeting in the form of a video conference. As seen on the scene, the shareholders only filled two rooms without refreshments Provided, the number of people is not enthusiastic.
At the meeting, shareholders asked whether the company would lay off staff in the future, and whether Chairman Wu Zongquan would join Wharf (0004) and Jiuzhi (1997) as management. Vice Chairman Wu Tianhai responded that he failed to answer the relevant questions based on the takeover code. Shareholders also asked about the reasons for the privatization of the share swap arrangement. Wu Tianhai said that the proposal was proposed by the offeror Admiral Power Holdings Limited, and the shareholder considered whether to accept it and could not answer for the other party.
A shareholder of Wheelock who attended the privatization vote pointed out that the price was "unacceptable." (Photo by Lin Leqian)
A small shareholder who attended the shareholders' meeting said that he had been a shareholder of Wheelock for many years, and he expressed his opposition to the privatization plan. He believed that "the value of this asset is not good, (Do you think the price is not worth the price?)" Shareholders also said that it is difficult to evaluate whether privatization is right or wrong.
On February 27 this year, the Wu Guangzheng family, the majority shareholder holding nearly 70% of Wheelock’s equity, proposed to privatize the group at a price of 1 share of Wharf and 1 share of Wharf home plus 12 yuan in cash. Based on yesterday's closing price, the value per share was 61.44 yuan, which was 59.3 yuan higher than the market closing price of Wheelock on the same day, and the premium was only 3.6%; if compared with the net asset value per share of Wheelock at the end of last year, there was a 53% discount .
Wheelock Privatization