Thursday, September 07, 2006

劉國權惹內幕交易疑雲

唉!唉!唉!點解連有良好企業形象的香港上市公司也出現令人難以理解的問題呢?《明報》昨日報道了佐丹奴(709)的新聞,標題是「佐丹奴主席邊拒洽購邊增持」。文中提到曾有意收購佐丹奴的Uniqlo控股公司FAST RETAILING.,LTD(FR)早於今年6月6日已首度接觸佐丹奴管理層,但聯交所資料披露主席及行政總裁劉國權卻從6月6日開始增持公司股份,大有內幕交易之嫌芸芸。劉國權本身為會計師出身,斷估無理由不明日外間有意洽購會令股價產生甚麼反應,雖然佐丹奴發言人向媒體強調事件純屬誤會,指Uniqlo在6月6日只是打電話給劉主席的秘書,交流經營意見及策略,更強調當時不知道他們有意收購,甚至劉國權正出外公幹。

不過,投資上市公司的原因,就是這些公司具備一定的企業管治外,更有高透明度,比起投資一間士多,最少也知道公司發生甚麼事。FR決定不提出收購佐丹奴之餘,還「踢爆」於6月6日接觸佐丹奴管理層後,於21日及25日曾舉行兩次會議,但查一查資料,佐丹奴未有將此事向各大小股東匯報。雖然FR指兩次會議中,佐丹奴管理層均不願與其作出任何溝通,但大家畢竟有碰過面,即使FR可能未有正式提出收購,但佐丹奴管理層的做法理應也向外披露,這些極有可能對公司發展及股價具有影響的資料。的確,上市公司管理層喜歡話經常甚麼甚麼時間,便收到甚麼OFFER(要約),不能樣樣披露,皆因沒有具體內容,但在資訊爆炸的年代裡,透明度絕對是企業管治的主要元素之一。至於劉國權於6月6日至23日期間,多達12度增持佐丹奴股份,令股權由1.54%增至1.62%。面對這種瓜田李下的場面,作為管理層自然掌握第一手資料,即使公司價值吸引,是不是要避一避嫌呢?難得的是該集團只作一個不明交投量上升原因的通告。

面對這種情景,佐丹奴(709)股東可謂先喜後悲,眼見自己投資的股份受這間日本大型企業FR垂青,即使中期業績倒退近18%,仍繼續持有,希望可財息兼收,實行等收購之餘,「收埋」6.5仙股息。可惜,結果是有興趣買家慘遭冷落,惟有另闢拓展途徑。外電指FR已轉向美國市場物色投資機會,反映短期內恐怕不會再費神於佐丹奴身上。至於佐丹奴早前推出的迪士尼T恤被指部分含化學物過高,雖未有定案,但可說是雪上加霜。面對兩大困擾元素,佐丹奴股價因此拾級而下,股東急急拋售股份,連本月11日股票截止日期還等不及,索性放棄股息,沽貨離場免損失加重。該股前日挫11%後,昨再跌1.49%至跌穿4元,收3.97元,短短兩日市值便蒸發8.5億元,股東莫奈何。至於劉主席增持股份會否損手?,對不起,即使最高每股平均價才3.749元,你話賺定蝕呢?

內幕交易在外國時有發生,如有「家政女王」美譽的馬莎斯圖爾特(Martha Stewart)於02年涉嫌進行內幕交易,雖與美國證監會達成和解協議,願意支付19.5萬美元罰款,但在5年內便不准擔任任何上市公司董事職務。她因在02年出售生物科技公司ImCloneSystem股份前,已獲悉該公司的抗癌藥Erbitux未獲監管當局批准,無法推出,消息令ImClone股價大跌16%,但她因提早拋售股份而避免損失。事後她被聯邦調查員在03年指蓄意隱瞞其出售股份的造法屬違法行為,在04年6月被判入獄5個月,證監會當時亦指控斯圖爾特涉嫌進行內幕交易。

(9月7日刊於《am730》)

17 Comments:

At 11:10 PM, Anonymous Anonymous said...

劉生梗係睇住一個不屬於佢但又可話事嘅王國,年年過千萬,當然冷待FR拚購提意啦...可憐我哋小股東就失去一個高價吐現机會。

 
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