Thursday, May 07, 2009

「大型」回購

上月初,中信泰富(267)高層大地震,禤中怡提到,前主席榮智健所持股份,存在隨時減持股份的隱憂,豈知在短短1個月後,市場便傳出榮前總真的減持股份,湊巧的是,該集團昨日有批總數共6,000萬股,每股作價12.2元,涉及金額高達7.32億元的大手交易上板,但是否由榮前總沽出就難作準。

按道理,藍籌股主要股東無論增持和減持股份,如果股份數目龐大,公司盡快向外披露,肯定可以提升資訊透明度,以及企業管治水平,兼且今次批貨價值肯定不菲,若果是市場傳聞,實在有必要作出澄清,假如消息真確,當榮前總落實減持股份後,也可讓市場知道,避免讓市場存在不明朗因素。

奈何遲遲不見該集團公布正式通告,的確令人失望,或許榮前總只是第二大股東,而且在集團內已經身無重要職位,無必要同公司和小股東交代,實行讓消息滿天飛。

公司股價卻不能不反映這種傳聞的威力,開市即插落12.3元最低位,雖然很快跟隨大市抽上,但始終難以收復失地,最終逆市跌2.4%,收市報12.88元,成交股數逾9,313萬股,成交金額逾11.5億元。由於榮前總手上仍有重貨,若果分批配售,難免對股價構成壓力,但如他選擇減持股份,母公司中信集團何不向他增持股份,加強投資者對中信泰富的信心呢?

藍籌股尚且如此,其他無染色的股份就更加進取!禤中怡見到合一集團(913)在港交所(388)披露,於本周二回購股份,但所涉股份數目就十分「驚人」,竟然回購多達「6股」!每股回購價更達0.088元,合共資金要0.53元,場面相當恐怖。禤中怡望清楚,資料無誤,而當日該股股價高低位分別為0.086和0.09元,而成交股數是7,578,006股。

相信大家都知道,股份交易,即買賣是需要成本的,就是佣金和交易徵費等,即使用網上交易,也有最低消費,除非公司管理層神通廣大,或者申請開設新證券戶口,藉此享受免佣優惠,否則為了6股而進行回購,背後真正原因就認真令人費解。

這還不止,該公司披露自08年6月12日通過普通決議案以來,合共回購股份數目為「8股」,又是另一個經典場面,扣除已披露的6股後,原來還回購過2股那麼多!不過,直至4月30日止,該集團沒有回購過股份,而該2股確又經港交所回購,意味這2股是在本月份進行,偏偏又未見有披露,究竟是甚麼一回事呢?但讓大家看清楚,怎樣管理一間公司才是真正重點。希望港交所大員不要因小數目而忽視披露質素。

無疑,錢銀事小,況且合一於07年供股連配股合共6次,今年2月又向股東伸手,供股集資,怎會拘泥於那些小數目呢!加上自07年股份10合1,然後再1供5,去年又5合1,直至上月底又建議10合1,代表所回購股份數目,其實已經是很「龐大」的了。

(5月7日刊於《am730》)

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