Thursday, September 17, 2009

無米粥愈煮愈奇

這邊你有你推新股,實行趁旺市集資,而那邊廂已上市的大公司如和黃(013)發債獲234億元後,恒基地產(012)見到勢頭不錯,自然加入發債,竟在短短12個小時內,完成整個發債程序,拿了5億美元(約39億港元)袋袋平安。更重要的是,恒地批10年期債券定價比美國國庫券高210點子,較和黃同年期債券定價比美國國庫券高235點子更優勝。

雖然錢太多,但美國併購市場卻未見好轉,特別是直至8月底,據Dealogic初步數字顯示,今年美國這些大交易總值才4,483億美元(約3.49萬億港元),較去年同期倒退高達48%之多,而交易宗數也減少了22%。若果看6至8月這個淡季,去年該段時間已跌20%至2,707宗,怎料今年就更淡靜,僅1,696宗,再大挫37%。

亞洲市場亦不見得特別優勝,不計日本,直至本月11日止,已公布的交易宗數只有5,609宗,只等於去年全年的56%而已,而交易金額更只有2,636億美元,相等於去年全年的54%,惟有靠最後4個月急起直追。

不過,有時企業做併購的策略真的令人想不通,見到隻太益控股(686)自07年完成賣枱後,新管理層開始做大交易,可惜次次不是碰釘,就是泡湯,總之股東等轉型,卻始終原地踏步。

該集團前身叫GAY GIANO,於07年11月話,用3.6億元發展礦業,跟隨資源熱潮,當時話要改名,豈知08年4月話交易終止,原因之一,就是發改委指,於07年12月1日起,外資禁止投資開採錫這種礦物業務。

該股隨即於08年4月訂框架協議,想買四條高速公路,然後於5月27日簽買賣協議,作價4.6億元,想變身做基建股,隨手於8月批新股拿了2,400萬元,每股作價0.8元,之後股價再炒上1元。以為今次有米落鑊,可惜交易公布僅約4個月後,即08年9月26日卻終止買賣協議,今次落空的原因,竟然未獲足夠資料進行盡職審查!

該集團卻未有放棄,改為在未來一段時間內,有權行使投資選擇權,但只會買其中兩條高速公路,同時又話要改名做太益。大家當然有期待,但直至今年7月底,選擇權已屆滿,該集團卻無動於衷,理由是發現該兩條高速公路之建設進度有延遲而決定放棄投資。

怎知還有手尾跟,就是之前所支付作選擇權之按金共2,820萬元,無法如期收回,管理層的解釋是,交易方已將該筆按金用作建設原來想買的兩條高速公路,故改為將筆按金借給對方,為期6個月,年息5厘。

禤中怡不明白,將筆錢交由律師看管,相信被對方挪用機會較低,現在差不多將配股集資所得,供他人作投資之用,真的令人失望,而管理層這煲無米粥卻愈煮愈新奇,不知何時才有投資落實,而唯一已經「煮好」的,就是公司成功改名吧!

(9月17日刊於《am730》)

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