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Minfengtezhi private placement program adopted by the Board voted down by the local SASAC. Minfengtezhi received additional was stopped in its recovery, the company decided to cancel the Board of Directors held an emergency meeting scheduled for August 27, 2009, 2009, held the first meeting of shareholders. In this regard, Minfengtezhi two against three independent directors, one abstained. Minfengtezhi mystery behind the issuance of mortality? Have informed people that stop Minfengtezhi Jiaxing City's issuance of the SASAC, the controlling shareholder may be Minfengtezhi shareholders Freeman views the parties did not reach unity due to, or SASAC, Jiaxing City, and another note plan. Minfengtezhi July 18 this year, announced private placement program, intends to not more than 10 specific targets no more than 6,000 million shares issued, the issue price of not less than 5.54 yuan / share, raising funds not more than 300 million yuan, mainly used to repay bank loans and 20 technical innovation production machine harm reduction Reducing Tar Cigarette Paper Projects, among which the funds used to repay bank loans to 218 million yuan. It is understood that the additional, Minfengtezhi management of high passion, that now is a better time to refinance, raise money help the company reduce the financial burden of the economic recovery period in the development of better opportunities. In accordance with normal procedures, because the actual control of man-made Minfengtezhi Jiaxing SASAC, Minfengtezhi the issuance of the SAC should communicate in advance with local, agreed in principle to obtain the SASAC, and then after the passage of the board of directors, reported to the local SASAC to obtain written approval. The announcement from the Minfengtezhi view, there is no information on the company's board of directors prior knowledge of the local SASAC decided to stop acts of the company's private placement, as the company board of directors held an emergency meeting to discuss the cancellation of scheduled in August general meeting of shareholders held on the 27th. An analyst to see Minfengtezhi additional mortality in the case, said the local SASAC stake held indirectly Minfengtezhi see no need to worry about equity dilution local SASAC, the current SAC Holdings Jiaxing Min Fung Holdings Limited holds Minfengtezhi 53.22% of the equity shares of 1.4 billion shares, the issuance will not have a controlling stake in the local impact of the SAC, while the use of terms from the funds raised to repay bank for loans and technical transformation of the Minfengtezhi are good, the local SASAC is no need to reject the additional program. It is understood that the approval of the SASAC, Jiaxing City, does not explain the decision to terminate this reason non-public offering, rather than Minfengtezhi board do not want to open. For the issuance by SAC forced to stop the issue, some analysts have pointed out that this may Minfengtezhi existing controlling shareholder's equity structure of the Group of Freeman, Freeman Group is not currently a wholly-owned sub-Jiaxing SAC company. Statistics show that the SASAC, Jiaxing City, only 40% of shares held by Freeman Group, the remaining 60% stake in the hands of private enterprises scattered in many. Jiaxing SASAC stop Minfengtezhi the additional fear that the parties did not reach Freeman Group, unified views of the shareholders due to, or SASAC shows Jiaxing other plans. It is noteworthy that Minfengtezhi published in the July 18 non-public offering plan, the company's board of directors, a director of the program have voted against, but Minfengtezhi not disclosed the identity of the director and the reasons for objection. I am an expert from menleatherbriefcase.com , while we provides the quality product, such as China briefcases laptop bags , leather business briefcase, leather briefcases,and more.
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