Mai Rui photoelectric performance of the commitment to the goal, "Miss" Furi electronic compensation

Furi Electronics two successive performance compensation issued this letter, Mai Rui photoelectric finally respond on compensation matters.

In May 17th, Furi Electronics announced that a subsidiary of Mai Rui photoelectric actual earnings in the year 2015 is lower than the performance commitment, prior to the acquisition in accordance with the company's performance commitment agreement, Mai Rui photoelectric chairman Chen Zebo and other related parties should be compensated 23 million 241 thousand and 500 yuan in cash.

However, in a series of two to Furi Electronics Mai Rui photoelectric performance compensation issued this letter, Chen Zebo and other party replied: for personal reasons, unable to pay the performance promised compensation, but promised to continue to fulfill the commitment to performance, and puts forward the following commitments plan.

According to the investigation, Mai Rui photoelectric engaged in LED display and other related businesses. On its industry, Wu Yulin, President of the FSL Lighting Association, said: now the biggest problem is overcapacity, which appeared two or three years ago, in 2015 it seems more prominent. "

After 3 and a half months to pay compensation

According to Mai Rui photoelectric Furi Electronics with the previous agreement, formally after the acquisition, Mai Rui photoelectric performance goal commitment:

1.2013, 2014, and in the year of the year of 2015, the consolidated net profit attributable to the owners of the parent company (excluding non recurring gains and losses) was not less than $30 million, $35 million and $39 million, respectively.

2.2013, 2014, and in the year of the year of three, the consolidated statements attributable to the parent company's net profit (excluding non recurring gains and losses) of the total number of not less than $120 million ().

However, according to the issued by Fujian Huaxing certified public accountants performance commitments to achieve special audit report, 2013, 2014, Mai Rui photoelectric 2015 annual performance commitment implementation, 33 million 880 thousand yuan, 36 million 373 thousand and 100 yuan, 26 million 505 thousand and 400 yuan. Mai Rui photoelectric unrealized performance commitments in 2015, which in 2015 amounted to -1249.46 million.

April 22, 2016, May 12th, to Chen Zebo Furi Electronics and other related parties has issued a "letter to inform" performance compensation "two letter", continued to urge its within the stipulated time performance compensation commitments.

According to the "after the two sides performance commitments and compensation agreement", Mai Rui photoelectric 30 days after tenth working days within the audit report issued in the year 2015 of the day, to make up the cash three year total number of actual earnings and three year total commitment balance between performance, namely in May 14, 2016 before the performance promised 23 million 241 thousand and 500 yuan compensation payment to the bank account designated by the Furi electronics. Chen Zebo and other related parties in the day before the reply: for personal reasons, unable to pay the performance promised compensation, made in August 31, 2016, the performance promised compensation one-time payment to designated account, and pay the corresponding interest.

Reporters on the matter to contact Rui Rui customer service and the front desk, the other can not be transferred to Chen Zebo phone, do not know the appropriate grounds, hang up the phone.

LED industry overcapacity?

According to public information, Mai Rui photoelectric acquisition Furi Electronics Company LED aims to promote the integration of industrial chain, enhance the company's competitiveness, and improve the financial situation, increase profit growth point.

Furi Electronics said, plans to a subsidiary of Furi Furi photoelectric lighting, based on the development of the LED industry, formed a complete industrial chain, but the yield is smaller in the LED display, the technology is relatively weak. Mai Rui photoelectric focus on LED display product development, production and sales.

At the same time, Furi Electronics in 2013 "non-public offering plan (Amendment)" mentioned in the long term, Mai Rui photoelectric display production and sales, the company can effectively complement the weak link in the chain of LED, the synergies of the acquisition is more prominent, can effectively promote the company's business structure adjustment and sustained profitability to improve.

The "non-public offering plan (Amendment)" also shows that Furi Electronics intends to price 6.41 yuan / share, the non-public offering of shares of not more than 50 million shares, raising funds totaling 320 million yuan for the acquisition of Mai Rui photoelectric 92.8% equity and loan repayment. Among them, the cost of the acquisition of Mai Rui photoelectric 194 million yuan, in order to gain the calculation of the law, the book value of the net assets of Mai Rui photoelectric was $53 million 871 thousand and 400, the value added rate of nearly 300%.

But now it seems, at that time already lost the abacus Furi Electronics, in this regard, the reporter repeatedly call the deputy general manager Xu Furi Electronics and Securities Department Wu Zhifei asked the government how to deal with the matter, but the phone has been in a state of no answer.

For Mai Rui photoelectric performance, Wu Yulin analysis, apart from their own factors, now LED industry "is actually the biggest, excess capacity, inventory is too large, the market with an annual increase rate of thirty percent, but the factory is two or three times the rate of increase, this is the biggest problem. There must be a large part of the enterprise will be eliminated, the way out is the transformation. "

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