Thursday, February 05, 2009

小小超的下一步

小小超終於踏過最艱巨的一步,將電訊盈科(008)私有化帶入最後階段,避免出現過往私有化SUNDAY和盈大地產(432)失敗的尷尬局面。

話雖仍受「種票」疑雲困擾,但相信監管當局在這個短時間內查明真相,確實不易,故此電盈離開聯交所的日子不遠矣。其實,今次小股東投反對票的股份數目也有近2.8億股,距離所需否決私有化建議的3.47億股,只是相差了6,700多萬股而已,分分鐘一個機構投資者投反對票,便可將整個局面改變。

另一個有趣的現象是,電盈頭頭艾維朗於去年12月才大大聲話,集團沒有裁員需要,又話自己營運穩健,但竟然在短短兩個月間,情況急轉直下,需要減少人手,令人摸不著頭腦。而且,恰巧在這兩日間爆出要裁減人手的消息,與表決私有化動議舉行日期何其相近,究竟這是公關實行分散市場注意力的伎倆,抑或是想告訴小股東,公司也要瘦身迎寒冬了,還是說明了接受這個私有化作價,袋錢「骨水」是更佳的策略。

無論如何,除非證監會能夠在短期內發現股份轉讓等出現問題,並即時煞停整個私有化程序,否則像那些電盈小股東般,提出重新點票的要求,肯定難過登天。

下一步,電盈雖然已變成一間私人公司,但相信企業融資市場的眼睛,定必繼續注意其動向,因為分分鐘還有其他生意機會也。

由於小小超領導的新加坡盈科拓展和中國網通集團所組財團,完全擁有電盈後,處理內裡的資產就容易得多,無需再受本港上市規則所左右,唯一仍需向新加坡交易所匯報任何變化,但已經簡單得多。

首先,兩個股東擁有電盈控制權後,將從電盈收取大批股息,用作支付私有化代價,令其負債總額急增,但可知道這間電訊公司的現金產生能力實在不差,如06年,來自業務產生的現金便達65億元,而07年帶來的現金也有51億元,反映電話服務本身不是夕陽工業,主要視乎如何去吸取那些每月乖乖付月費的客戶而已。

當然,小小超亦有可能想出辦法為該公司減磅,其中一個方法就是出售資產套現,一些非核心資產如所持盈大地產(432)股權等。至於將所有電訊業務包攬由HKT持有後,依然有機會賣些HKT股份予其他大型投資者,繼續表演其神乎奇技的財技也。

這些交易活動依然對香港人構成重要影響,畢竟該公司聘用逾萬名員工,擁有本港一個大型電訊網絡,隨時左右大家的生計,而終極的結果,可能是小小超將手上的股權轉讓予中方股東,完成將近10年的歷史任務,然後中方股東再將其重新上市,讓一隻如此龐大的物體,供香港市民齊齊分享。

這些純屬禤中怡的推測,但小股東也不要勞氣,反正投資機會多的是,日後或許可再做電盈,或者HKT的股東也說不定,最緊要手中仍有彈藥。

(2月5日刊於《am730》)

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