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?Different from HSBC, which suffered serious losses and write-downs of assets during the Southeast Asian financial turmoil in 1997.
Atlantic Business Machines has a good quality. In the five fiscal quarters from 1997 to 1998, it has cleared and repaid more than half of the loans worth more than 20 billion U.S. dollars, showing strong profitability.
The report for the third fiscal quarter of 1998 showed that only 3.86 billion US dollars of loans remained outstanding.
The low ratio of this debt ratio is simply jaw-dropping.
What's more, all investors are waiting for the privatization process to start, and the Royal Family Fund must provide generous redemption conditions to meet investors' expectations.
If the money is not in place, everyone will not relax with their bargaining chips. At worst, they will be delisted together.
For these guys who took advantage of the fire to rob, Wang Yaocheng had no other way but to use money to solve it.
? According to similar cases in history, through precise mathematical models, psychological analysis, and market research, the Royal Family Fund has repeatedly postponed the privatization process and repeatedly balanced the relationship between all parties, which shows a high degree of prudence.
Finally, based on the average stock price of the previous ten days, the transaction price of 43% higher than the redemption was confirmed.
At the same time, Atlantic Business Machines Corporation suspended trading on the Nasdaq market and registered its shares.
Today is the last day of equity registration day
The latest report shows;
Royal Family Fund's shareholding has reached 93.22%, perfectly completing the agreed privatization and delisting plan.
There will be some growth in the final number, but there is not much room left.
Except for the 3% option pool of senior employees of Atlantic Business Machines, and the 1% stock option that separately motivates Mr. Chambers, there are not many remaining shareholders, with a ratio of a little more than 2%.
Most of these people are the heads of death, either they are loyal supporters of the company, or they are unshakable zombie stocks, so they can only go by him.
Calculate it like this;
According to the 43% increase in Atlantic Business Machines' market value premium of US$255.6 billion, it is necessary to pay as much as US$46.074 billion for the registered 18.02% equity redemption.
? Redemption at a high premium is a market practice. This is to eliminate as many small and medium shareholders as possible, so as to facilitate the management of the company after privatization, and avoid making troubles.
A privatized company still has hundreds of thousands of small and medium-sized shareholders. It is not conducive to the company to improve administrative efficiency.
In addition, another 2 billion US dollars needs to be prepared to acquire the remaining few shares.
Does the royal family fund have so much money?
of course not.
Throughout 1998, a series of large-scale mergers and acquisitions took place.
?Excluding the privatization of HSBC Bank, the purchase of HSBC Bank's non-performing asset package, the acquisition of Samsung's asset package, and the 4.5% stake in Samsung Electronics, the expenditures amounted to 11 billion US dollars.
also
? In the financial showdown on the Hong Kong Stock Exchange in August, Royal Family Fund entered the market and consumed more than 8 billion US dollars, totaling a total of 62 billion Hong Kong dollars.
Successfully assisted the Hong Kong government to overcome the biggest crisis, repelled the financial predators headed by Soros, and defended Hong Kong's economic development achievements, which was highly praised by the mainland and Hong Kong governments.
This is a large expenditure, and there is a large income.
The large amount of income is that Mr. Murdoch of News Corporation invested 6.72 billion US dollars in Cisco, and the group's income in the third fiscal quarter was 5.45 billion US dollars. The large expenditure and income offset the net expenditure of more than 7 billion US dollars.
? As of the end of November
The amount of cash held by the royal family fund is about 8 billion U.S. dollars. Therefore, most of the huge funds paid to start the privatization process need to be supported by bank loans, totaling almost 40 billion U.S. dollars.
Half of them, provided by HSBC, are mostly long-term loans of more than three years.
Others are provided by large banks such as Lloyds Bank, Royal Bank of Scotland, Deutsche Bank, Mitsubishi Bank, Citibank, Bank of America, etc., mostly short-term loans of one to three years.
Atlantic Business Machines itself is the best loan collateral, and the major banks are scrambling to contribute capital to participate, and the competition for shares is immeasurable.
The biggest cake, of course, must be reserved exclusively for the core bank of the consortium - HSBC.
As soon as the debt burden was unloaded, Atlantic Business Machines immediately took on a huge loan of 50 billion U.S. dollars, and the bank interest alone had to repay more than 2 billion U.S. dollars every year.
theFortunately, the debt ratio is only 13 of the total assets, which is completely affordable.
In the study
There is silence, only the rustling sound of the pen tip across the paper
After a while
Wang Yaocheng raised his head tiredly, screwed on the gold pen, rubbed his sore wrist and let out a long breath.
The heavy desk work is finally done, and the important documents from the various companies of the consortium need to be instructed one by one. The collection is a huge workload, and it is not easy to deal with it.
He stood up and twisted his waist and hips to relax the stiff muscles, and walked around the spacious office a few times to move around a little.
He stopped in his tracks, looking thoughtfully at a report from HSBC.
This issue¡¡
Wang Yaocheng walked to the desk with ease, and pressed the beeper;
"Miss Guo, let Director Du Bo come over, I have something to arrange for him."
"Okay, let me know right away."
a moment later
Du Bo came in with a folder and said with a serious expression; "Chairman, I'm just going to report to you that this is Nokia's dividends for the first three fiscal quarters, a total of 262 million U.S. dollars, and the investment return is not good. ideal.
In addition, the Red Hat Venture Capital Fund, which Director Tian is in charge of, needs to supplement capital, and the tentative size is 2 billion US dollars. This is an application document that needs to be reviewed by you personally. "
?Since 1995
Nokia firmly occupies the top position in the world's mobile phone sales list, but the product profit is not satisfactory. Excluding the high labor costs in Northern Europe, the profit margin is generally 5.5% to 6%, and the annual profit is more than 3 billion US dollars.
In contrast, Motorola of the United States occupies the high-end market, and its profit margin can reach more than 30%.
?Nokia, which came out of Northern Europe, aims at consolidating and expanding the market at this stage. Mobile phone products start from the low-end and mid-end, and gradually climb to the high-end.
Occupy the market first, then increase value.
From Xiaobenzi, Han Bangzi to Vikings, all follow this market law.
This is also the reason why Wang Yaocheng is not in a hurry to launch a mobile phone project;
In the era of feature phones, there is not much profit to be seen, but the market valuation of Atlantic Business Machines will soar a lot.
Here we are preparing for the privatization and delisting process, and we have to pay a lot of money, which is tantamount to making trouble for ourselves, why bother?
"Oh, what is the market value of Nokia now? What about our rights and interests?"
"As of now, the market value is 93.7 billion US dollars, and we occupy 6% of the equity, which is about 5.5 billion US dollars."
Wang Yaocheng thought about it for a while and said:
"Throw out 4% of the equity in exchange for cash flow. Tianyuan's venture capital fund needs to supplement the capital, and this money must be prepared for him. Nokia maintains a board position, and it is enough to keep a symbolic 2% equity! "
"OK."
Wang Yaocheng walked to the sofa and pointed; "Sit down, let's sit down and talk."
After finishing speaking, he sat down first, picked up the cigar and cut off the coffee cap, Du Bo immediately set it on fire, and Wang Yaocheng lit the cigar on fire.
A strong cigar smell filled the air, with a touch of tobacco fragrance. (Remember the site URL: www.hlnovel.com - Didn't finish reading? Add this book to your favoritesI'm a member and bookmarked this chapterCopy the address of this book and recommend it to your friends for pointsChapter error? Click here to report
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