Tuesday, April 07, 2009

有仔萬事足

李氏兩父子昨日又成為市場焦點,小小超將電訊盈科(008)據為己有的計劃終踏入新一步,高等法院終於批准私有化,但上訴庭將就證監會的上訴進行聆訊,料小小超早料有此一著,但現在更加不能退讓,否則變成此地無銀三百両了,相信他不會就此罷休,中途放棄。

不過,事件已引發數「人頭票」的問題,即是把股份拆細,然後按人數持有股份,雖然每人持有的股份不多,但變相增加投票人數,能夠通過私有化的機會便增加,而這種在制度中鑽空子的做法,的確值得商榷,有關監管部門需研究,應制定法例,在以協議安排方式將公司私有化時,需提升保障小股東利益的政策。

不過,見到南太電子向旗下NTEEP(2633)的股東提出的全面現金收購建議,昨日也觸礁。雖然每股現金代價1.5元,比提出建議時的股價高1.6倍,較資產淨值更有溢價3.4倍之多,可惜肯接納收購建議的股份,只佔需收購全部股份的88.46%,而根據規定,最少的比重需達90%,最終私有化第二度失敗。該股昨日收市報1.49元,奈何好夢成空,今日股價會否打回原形,重跌一跤呢?

至於超人隻和記黃埔(013)亦出手籌錢,發行10年長債 ,難得銀根鬆動,說不定用長錢冚短債。其實,該股去年努力減債,一下子大削債項逾837億元,令本金計的銀行及其他債務總額下降18%至2,538億元,但令現金、速動資金及其他上市投資合稱為速動資產的金額,大降51%至880億元,故需向市場集資。但和黃股東權益受匯率因素影響,大跌12%至2,715億元,負債淨額相對總資本淨額比率由07年的26%上升至去年底的34%,足足增加8個百分點,難怪上周信貸評級機構穆迪將其債券評級前景從「穩定」轉為「負面」。

幸好,所謂有仔萬事足,和黃原來早作部署,首先搵持有60.36%的和記電訊國際(2332),將和記電訊(香港)股份以派股息方式送給股東,然後獨立上市,變相讓和黃獲得一間新上市公司的60%股權,市場估計市值逾百億元,會否視為和黃的特殊利潤呢?更重要的是,和電國際只剩新興市場電訊業務,會否成為下一個賣盤的靚交易呢?

隨後更找坐擁逾百億元的長江基建(1038)幫手,竟然話會在債券市場買母公司的債務證券,金額不超過22億元。長建話鑑於全球經濟急劇放緩,備存過剩流動資金只可帶來低回報,故審訂投資及庫務政策時,考慮投資年期較長之工具如優質公司債券,兼且對和黃業務、管理及信貸狀況較對其他獨立公司更熟悉。有了這個好仔幫手入市,和黃債券價格就不易受摧殘。

和黃旗下還有一個好仔未出場,就是持有71.5%股權的和記港陸(715),因該股賣物業後,坐擁現金高達59.6億元,但竟維持派2.2仙末期股息,派息率僅9.8%,認真孤寒,故此,難免惹來向母親交家用的猜測也不奇。

(4月7日刊於《am730》)

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