Thursday, May 14, 2009

利豐董事險失威

港股過去兩日先升後跌,雖然昨日收市才跌94點,但其實在3時前附近,恒指於全日最高位17,372點,直插至最低位17,014點,即在短短1個多小時內,下跌了358點,收市報17,059點,只算略為彈一彈。

至於上市公司和機構性股東卻懶理,實行趁市場資金多,齊齊搶錢,大的當然是美國銀行(Bank of America),一口氣減持135億股建設銀行(939)H股,每股作價4.2元,比今年1月減持的股價3.92元更高出0.28元,套現567億元,還可以多賺一筆,對第二季業績有粉飾櫥窗作用,相信抵銷美林造成的部分影響,兼且有助填補因壓力測試不合格所產生的資金大洞。

至於做航運的太平洋航運(2343)也用每股4.36元,發行1.74億股新股,先拿7.6億元落袋,慢慢再用作發展,昨日收市跌4.1%至4.41元,成交逾2.7億元。

過億元的抽水行動還有高陽科技(818)發行4億股新股,每股0.75元,籌3億元,作為開發中國3G流動增值服務如手機遊戲,以及美國電子支付市場的營運服務所需。股價昨日即逆市做上0.94元,升3.2%,可惜成交只有470萬元。

隻首長科技(521)就揀發行1.16億元的零息可換股債券,避免大發新股而產生攤薄效應,而認購這批債券的並非善男信女,而是大名鼎鼎的鄧普頓基金旗下的Templeton Strategic Emerging Markets Fund III, LDC,換股價為0.6元,較該股之前收市價0.5元溢價20%。所謂零息,就是期內發行債券的首長科技不會提供利息予認購一方,那麼鄧普頓為何仍願意損失機會成本,即把認購債券的資金,改為投資其他回報較高的項目呢?條款列明,首長科技有權提早贖回,但需支付按複合年息8.5厘的溢價,而若股價真的造好,也有行使換股權的機會,最重要股價於去年9月才從0.6元開始回落,如能重回金融海嘯前水平,鄧普頓便有賺了。

能夠輕鬆配股其實也不易,像利豐(494)昨日開股東大會,例牌要求股東批准授權董事發行不多於20%新股,估不到有關動議竟然有逾12.8億股投反對票,幸好投贊成票的有17.8億股,即佔投票總數逾58%的過半數比重,總算過關,否則一間藍籌股竟然被人綁手綁腳,限制做「批盪」活動,認真失禮。不過,該股在8個月間做兩次批股,你估股東不知甚麼叫攤薄效應的嗎?日後業績公布時,即使賺多多,每股盈利也難免受影響,就算派息率不變,股息金額也會有下降可能,難怪股東不想讓董事會有此權力,否則再做第三次批股的話,豈不是又少一截?

晶門科技(2878)股東就成功用股票推翻准許董事會有權隨時發行20%新股的動議,因為反對票逾3.17億股,贊成票只有2.4億股而已,輸了7,689萬股,日後想配股,就要先尋求股東批准方可進行,或許管理層除了埋首科技外,也要同股東多加溝通了。

(5月14日刊於《am730》)

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