“債轉股”需獨立股東批准 睿見教育(6068.HK)具足夠資金還款
睿見教育(6068.HK)近日發佈公告,關於“根據特定授權可能發行新股份關連交易,建議召開股東特別大會尋求獨立股東批准”。對於有很多新聞指“貸款將轉為新股支付”,睿見教育今日表示,貸款最後會否轉換,需通過一些條件才能成立,包括召開股東會尋求獨立股東批准。公司強調,若此次轉換未能通過,公司具有足夠資金償還貸款。
睿見教育公告指出,目前未償還金額為5億元,及累計未還利息約1300萬元,將於7月16日到期,建議將其中2億元強制轉換為股份,每股作價按到期前連續90個交易日每天收市價的算術平均數折讓20%釐定,並可於酌情轉換期間將最多1億元轉換為股份,按轉換前連續90個交易日每天收市價的算術平均數折讓10%釐定,兩者均不設價格上下限。
公告中也提到, “倘轉換條件未能於到期日期前(就強制本金而言)或酌情轉換期間最後一日前(就酌情本金而言)達成,或轉換因任何轉換限制事件而沒有發生,公司有足夠財務資源償還貸款連同上述規定的退出費用。
另外,中銀國際認為,睿見教育的大部分少數股東將反對債轉股。該行研究報告指出,估計此次債轉股將導致總股權最多稀釋4.54%和2.07%。可換股債券發行日的股價為7.00港元,較目前交易價2.95港元高出137%。 這次可換股債券並不是常規性的設計操作,因為通常轉換價格都是固定價格,因此這次債轉股將帶來超出原先預期的股權稀釋影響。而且,債轉股包含認沽期權。若要轉換,睿見教育需要超過50%少數股東的批准,但是似乎大部分少數股東不支持債轉股,這將有利於睿見教育。
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