Three 149 million yuan backdoor Tianyi S*ST main face

Once S*ST day Yi mountains multiply and streams double back (600703.SH) after restructuring, dense willow trees and bright flowers. In June 2008 27, S*ST Tianyi related sources, companies and agencies in accordance with the requirements of the SSE letter of inquiry, further provide supplementary information has been submitted, estimated from early to mid July, will resume trading.

On the same day, Tianyi S*ST announced that the board of directors of a wholly owned subsidiary of Xiamen Sanan Optoelectronics Technology Co., Ltd. (hereinafter referred to as an optoelectronic technology) to increase 10 million yuan, and 345 million yuan by Sanan Optoelectronics Technology capitalreservesconversionintocapitalstock motion. Previously, S*ST Tianyi has decided renamed three Au Optronics Co (hereinafter referred to as Sanan Optoelectronics), and will issue shares to buy the Xiamen Sanan Electronics Co. Ltd. (hereinafter referred to as 3-an electronic) involving the production, sales of LED wafer and chip are closely related to the transfer of assets, all Sanan Optoelectronics Technology. This shows that, for 3 consecutive years of losses, in May 25th last year was listed on the S*ST Tianyi, its main business is oil industry tradition, transformed into a high-tech LED industry production base from Hubei Jingzhou into Xiamen.

Backdoor cost 149 million yuan

Data show that three Group invested backdoor restructuring S*ST Tianyi funds 149 million 781 thousand yuan, of which, for the purchase of S*ST Tianyi bankruptcy reorganization disposal of assets of 100 million yuan, the acquisition of equity funds 16 million 781 thousand yuan, 33 million yuan for the repayment of debt.

In October 20, 2007, three group through the judicial auction to obtain a 45.43% stake, becoming the controlling shareholder S*ST Tianyi potential. In November 1, 2007, S*ST Tianyi, its main assets in order to assess the value of 4 million 655 thousand and 880 yuan higher than the transfer to the three group, and make a decision on January 17, 2008, a major reorganization of assets and the implementation of the reform.

The backdoor restructuring, Dy S*ST days before the 20 trading days the stock transaction price of 100% of the price is 4.33 yuan per share, issued 114 million 945 thousand and 392 shares to buy three electronics, 3-an electronic appraised net asset value of 500 million 456 thousand and 626 yuan in all LED operating assets.

The determination of the number of shares issued, the total net assets corresponding to the purchase of assets of 497 million 713 thousand and 547 yuan, in order to ensure the integrity of the placement of S*ST north-teny assets, 3-an electronic agreed to the assessed all LED wafer and chip sale to S*ST Tianyi, which exceeded 2 million 743 thousand and 78 yuan of assets directly to S*ST tianyi.

At the same time, Sanan group promised after the reorganization, S*ST Tianyi 2008 -2010 net profit after non recurring net profit of not less than 8 million yuan, 121 million 814 thousand and 700 yuan and 150 million yuan, if less than the number of commitments, will use the cash to make up the difference. Prior to this restructuring, S*ST days after bankruptcy reorganization, the original assets, liabilities have been disposed of, has become a zero asset, zero liability company.

After this issue, three group and 3-an electronic S*ST Tianyi total holdings of 169 million 242 thousand and 392 shares, accounting for 72.19% of the total share capital, and an electronic actual controlling shareholder of Sanan group.

The sources said, Sanan group originally planned to seek listing in the SME board last July 3-an electronic assets as funded the establishment of the Xiamen three Au Optronics Co, shell S*ST Tianyi but found after only 3 months will be set up in the end of October when the three optical dissolution by 3-an electronic merger.

Interestingly, after successful backdoor reorganization of Sanan group, S*ST Tianyi was renamed Sanan optoelectronics, and the establishment of a wholly owned subsidiary of Sanan Optoelectronics Technology in Xiamen through S*ST Tianyi, LED class operating assets all receive S*ST Tianyi to buy Electronic three.

Source: twenty-first Century Economic Report