Monday, June 03, 2013

鞍鋼股東發招

天氣炎熱,大家小心中暑,特別是明晚坐在維園的朋友,記緊多喝水。祝福大家平安。

不過,對部分上市公司管理層而言可能要抹一把汗,因為在股東大會上,要過關已非如以往般容易,當中最值得關注的,就是授權董事會有權自行配發股份和回購股份的決議案,上周多間公司均出現股東用股票投票反對的情況。

雖然部分公司股東的威力欠奉,但像信義玻璃(868)竟有逾5.4億股反對,佔投票股份的19.8%便要留意了。

至於忙於清存貨的李寧(2331)也可能要多做股東溝通工作,因就准許董事可決定發行兩成新股方面,逾1.73億股舉腳反對,佔投票股份的26.8%,而佔已發行股份比重更達13.98%,可見並非散戶出手,而是大型機構投資者表態。

過氣藍籌裕元(551)也不好過,其授權董事回購股份的反對票數目經已連升兩年,而在今年股東會上,反對股份數目比前一年大增2,000萬股,至4.95億股,所佔投票股份比重亦進一步提升至33.04%,若果股東齊心,分分鐘成功否決該議案。

鞍鋼股份(347)的高層管理層則可能要頭痛了。雖然有96名A及H股股東出席,共持50.9億股,佔70.44%股權,但計及1名H股股東持1.7億股H股外,多達89名A股股東僅持逾4,964萬股A股,意味餘下6名A股股東共持約48.7億股A股,為議案通過與否的關鍵因素。

在該集團與母公司就未來一年原材料及服務的關連交易決議案,已有逾1.1億股反對,竟佔投票股份比重達48.41%,可謂僅僅過關,因贊成票僅多673萬股而已。

但對於與母公司的金融服務協議的關連交易,即使贊成票逾1.05億股,但反對票逾1.21億股,即以53.31%反對,否決該決議案,相信管理層始料不及。

望望該議案,其實是向母公司旗下鞍鋼集團財務公司訂立服務協議,去年度委託貸款上限為80億元(人民幣,下同),但實際總額為46.5億元,即使用率約為58.1%,而委託貸款利息為1.9億元,粗略計即年息4.15厘。所謂委託貸款,就是企業將資金向指定貸款對象發放。

至於存款結餘上限為70億元,實際只存了54.18億元,而利息共700萬元,反映年息0.12厘。

有趣的是,該集團同期貸款金額49億元,惟利息要3.14億元,貸款年息6.4厘,若使用有關存款而不作該筆貸款的話,豈不是省回不少貸款利息?當然,今日企業談資金運用,花款之多令人眼花繚亂,禤中怡的婆仔數,怎也不及那些學歷超班的財技大師。相信該集團管理層自有化解這個關連交易問題的妙招。

(6月3日刊於《am730》)

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