Today, the great wall group (us$300089 at an ex-discount price of us$13. 02) has issued a reorganization plan whereby it intends to purchase 75 per cent of the shares of ixiang city goldfish ceramic co. Ltd. (hereinafter referred to as goldfish ceramic) and 100 per cent of the shares of guangzhou deep sea software development co. Ltd. (hereinafter referred to as deep sea games) by issuing shares and paying cash; and to raise funds not exceeding us$322 million in support of the payment of the cash against the price of the transaction。
225 million plus code ceramics
The plan for the restructuring of the great wall group shows that the company intends to purchase 75 per cent of its combined shares of goldfish ceramics in yishing city in the form of shares and cash payments from zigang and others, and 100 per cent of its combined holdings in deep-sea games in the form of shares and cash payments from liao-fah and zhang mei-hyun; and to raise a pool of shares of up to five other selected investors for up to $322 million for the payment of the cash-to-prices of the transaction。
The great wall group will hold 85 per cent of goldfish ceramics and 100 per cent of deep-sea games upon completion of the deal。
According to the data, goldfish ceramics are mainly produced and sold with a net asset of $8,28,616 million, but this time they are estimated at $300 million, which is a premium of 26. 05 per cent. The transaction price corresponding to the 75 per cent share in goldfish ceramics was $225 million, after deducting the trade-off value of $9. 9 million paid in cash, and at the issuing price of $12. 64/equity, the company will issue 1,060. 92 million shares to goldfish ceramic shareholders。
For such a heavy-pound deal, the trading party has also made performance commitments: goldfish ceramics were not less than $33. 5 million, $42 million, $48 million and $50 million, respectively, in 2014-2017。
The daily economic news reporter noted that the great wall group had acquired part of its goldfish ceramic shares earlier in january this year, and that this continued acquisition was an added business。
The premium is 27 times the value of hand-travel companies
Another target deep-sea game is based on the development and operation of mobile games. Its performance has been underpinned by rapid growth in the two main existing games, the fairy of war and the wonder of the sword。
The daily economic news reporter noted that 100 per cent of the net book assets of deep-sea games were only $26,486. 5 million, but that the pre-valued value was $740 million, with a premium of 2694. 25 per cent. In response to this high premium, the company indicated that the mobile game market had already exceeded 10 billion in 2013 and that the mobile network game market would continue to grow at a high rate in the future. The book value of deep-sea games does not reflect the added-value opportunities of future market growth. In addition, the mere book value of assets does not reflect the size of the enterprise's overall profitability。
The trading programme shows that after deduction of $296 million in cash payments, the great wall group will distribute 35,1266 shares to deep-sea game shareholders at a price of $12. 64 million/equity to pay the trade-off。
The shareholders of the deep-sea game promised that the net profit of the deep-sea game would be 42 million yuan, 72 million yuan, 88. 4 million yuan and 113 million yuan, respectively, from 2014 to 2017. In 2013 and in the first half of the year, the company achieved net profits of $4,265. 6 million and $12. 209 million, respectively, under considerable performance pressure。
Responsible editor: zhang dei
[whispering information cellular client downloading]
