Friday, December 28, 2007

聞風喪膽

轉眼12月將過,1年就此結束,禤中怡以為可以開開心心過年,豈知被一眾強手嚇得膽裂。


本來想看看集資市道,見到12月有多隻股份,如曾經同華晨汽車(1114)搞到不歡而散的仰融,旗下隻圓通(1188)1供1集資約3億元,無甚特別,但見到有一系列的股份突然玩削減股本、然後大合股,再來一個大比例供股,實行07供股到08,幸好禤中怡未有中伏,但股東就遭殃。


為甚麼遭殃?不是鼓勵供股讓股東有投資機會的嗎?當然,公司有前景,亦要看作價和意圖。原來威利控股(273)和漢基(412)齊齊投資的多隻股份,包括民豐控股(279)、合一(913)和福方(885)先後提出供股建議,3間公司抽水合共超過8億元,最令人驚訝的是,他們集資所得,顯然沒有特定投資目標,像福方話減債外,視乎有沒有明確投資機遇,而合一更開宗明義話正尋求投資機會。


此外,3間公司於供股前的12個月間,原來已多番向市場集資,總共已拿了逾19億元,簡直視印股票如印銀紙般。禤中怡曾多次強調,向市場拿錢無問題,重要的是,能夠為股東增值,而非攤薄權益。


不過,最令人感到恐怖的,非「民豐」之喪膽行為莫屬,該股於今年3月23日才2供1,想不到不足9個月內又伸手,而期間更已進行兩次配股。今次供股建議看似普通,削減股本,隨手10股合併為1股,然後再1供5,每股供股價0.12元。最大問題是,整個削減股本、重組、供股等過程,堪稱橫跨兩年,皆因預期於08年7月29日才全部完成!豈不是要8個月時間?禤中怡真的不敢相信,在如斯高效率的金融社會中,需時如此久去完成,莫非當中有甚麼令人難以解決的問題?還是叫其他股東等啊等?


即使有份投資民豐的威利控股,自己也於11月中提出削減股本,10股合1股,然後按合併股份再1供1,抽水手法相類似,但預期整個供股程序於2月12日完成,即只須3個月時間就完成,那麼民豐的特長供股期又有何解釋?為甚麼監管機構又會批准呢?


更叫人「讚歎」的是,民豐於07年3月底累計虧損4.17億元,跟著公布9月底中期再蝕1.25億元!皆因所持作買賣的證券公平值竟蝕1.37億元,可見投資眼光有多精準,能夠在這個大牛市中,錄得如此「輝煌戰功」。此外,直至9月底,手頭現金還有3.8億元,負債才7,018萬元,真想問問,何不先好好利用這些寶貴的資金,那麼快就伸手?


不過,有時企業管理人的作風的確高深莫測,於9月底,該公司竟把總值逾3.4億元的持作買賣投資,抵押予一間金融機構,以取得孖展融資額4萬大元!恐怕股東見到這種悲壯場面,除了長嘆一聲外,是否應早點來個了斷。


(12月28日刊於《am730》)

10 Comments:

At 8:18 PM, Anonymous Anonymous said...

I own xx,xxx share 273 many yrs ago, due to their share combination, I left only xx share nowaday. If I sell, it does not cover the selling cost. I wirte it off already in my book.

All stocks you mentioned is from a group, they cross hold the others and registered in same building.

They used the same financial techque to cap money from the market for many years.

From their financial report, it seems they never get profit but earn money from shareholder.

I don't know why the SFC do nothing to protect our investor.

Why SFC don't group them into a special teatment sector and wanting us their previous share combination and share capital increasing record or even terminate them trading in the stock market if they continues getting loss for over a period.

I guess if such kind of case repeat and repeat again, it will distroy the investment market.

 
At 6:07 PM, Blogger Tommy said...

大哥,小弟TommyLam是am投資的忠實讀者,更經常有拜讀並參巧貴欄中環博客。



小弟亦曾高價買入民豐(279)而正考慮是否供股,其實我已差不多决定並無選擇下而叠埋心水去科款供股。但睇過大哥12/28及1/2之文章不禁又十五十六心大心细。



小弟覺得大哥資料準備充足而分析精細,希望有機會請大哥你飲茶而當面向你請教迷津。有空請致電61092103或電郵tommylam88@hotmail.com小弟以確定相宜時間及地點

 
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