Monday, January 14, 2008

誤會變災難

禤中怡曾經講過(去年3月29日),新上市公司與股民始終是「第一次」見面,管理層究竟如何獨立運作新公司,始終還需時間去驗證,更如交新朋友般,始終需時間培養「感情」。


上周就有峻凌國際(1997)表演股價連挫3日的壯觀場面,股價由1.63元跌至1.22元,足足不見了25%!較招股價1.68元亦下挫達27.38%,對上市認購便持有的股東來說,認真是災難。這間於去年7月10日才上市的台資企業,主業為提供SMT生產方案解決供應商。所謂SMT,即表面貼裝技術,英文全名為Surface Mount Technology,這種並非全新技術,簡單而言,就是將電子零件插入線路板及焊接,但今日零件細小,不能像以往用人手焊接,加上經濟效益需要,用機械設備會更快捷,但每台機器索價不菲,也算是資本密集行業。


該股像裕元(551)一樣,因母公司於台灣上市,故披露每月營業額,其實數據顯示生意不錯,07年營業額更升約57%,可見透明度夠高。有生意支持,股價暴挫的「死因」又是甚麼呢?禤中怡只知道該股於去年11月30日停牌,今年1月9日(上周三)才復牌,披露3名獨立非執行董事一齊辭職,並於去年12月1日生效,而執行董事兼財務總監陳隆勛亦將於1月底辭任。


看似簡單董事辭職,況且即時找到替代人選,但一口氣全部「起身」就認真少見,而他們辭職的理由是公司進行重組。原來主席伍開雲曾同陳隆勛提及,鑒於未來發展和減低營運成本,有意把中環總辦事處及主要營業地點遷至香港其他地點。此外,伍開雲認為陳隆勛適合調任集團國際銷售部門另一職位。


不過,董事會解話,話無結束香港辦事處計劃或意向,而上市後亦未開董事會討論結束香港辦事處,而主席亦無要求陳隆勛辭任,且在董事會會議紀錄中,無議決過重組集團的建議。董事會更認為這批獨立非執行董事辭任,是由於一連串誤解及誤會,導致他們誤以為有意結束香港辦事處所致!那麼股價暴挫又是誰需要負責呢?


事件可見,這間上市公司董事會之間的溝通質素有多好,而搬香港總辦事處這些事情,兩個高層又可以先溝通,令人對企業管治再歎息一次。更難明的是,既然董事會認為是誤解兼誤會,為甚麼那些獨立非執行董事仍然要一齊辭職呢?要注意的是,他們均非小輩,像59歲的魏啟林博士現任東森電視事業董事長,更曾任台灣的行政院秘書長。至於馬嘉應博士擔任數家公司獨立董事,94年還做過世界銀行國家經濟部顧問,而梁興國在銀行及企業融資擁有逾14年經驗,這些背景絕對是重量級,沒有理由會如此意氣用事吧!


(1月14日刊於《am730》)

15 Comments:

At 4:07 PM, Anonymous Philip said...

請問你怎樣看這間公司(1997)的前景? 管理是否真的出現了很大問題? 如持有該股之股票,是否應該立刻止蝕離場?

 
At 1:10 AM, Blogger 禤中怡 said...

多謝閣下的提問。
大多數投資專家均建議嚴守止蝕位。
其實,應專注物色具增長潛力的優質股份。
祝好運。

 
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