民生教育(01569.HK):賣方與民生職業教育正在按照股份購買協議約定的方式解決爭議
格隆匯12月21日丨民生教育(01569.HK)公吿,民生職業教育已收到賣方日期為2021年10月15日的函件,聲稱以人民幣21.81億元行使所謂的認沽期權。民生職業教育已回覆賣方,主要內容是:
• 根據股份購買協議的相關條款約定,自股份購買協議生效日期起第四週年當日起至第五週年當日止期間,民生職業教育將向賣方授予認沽期權。於民生職業教育向賣方授出認沽期權後,賣方將有權向民生職業教育出售賣方所持有的勵德集團股份("剩餘股份");
• 民生職業教育並未向賣方授予認沽期權;及
• 因此,賣方聲稱根據該函件行使的權利並不存在,而民生職業教育目前並無任何義務購買剩餘股份。
賣方隨後表示不同意民生職業教育的上述觀點。賣方與民生職業教育正在按照股份購買協議約定的方式解決爭議。
誠如在公吿及通函的披露,認沽期權的行使價將在其授予後按行使時的下列公式計算後釐定:
行使認沽期權日期前三個月公司經參考平均市盈率後的估值的85%(無論如何都不超過25倍市盈率)×在行使之日的勵德集團上一個財政年度的經審核賬目內扣除非經常性損益後的税後淨利潤×49%
假設行使價(按上述公式計算後釐定)低於人民幣9.815億元,行使價應為人民幣9.815億元。由於尚未授出認沽期權,故無法根據股份購買協議的條款釐定認沽期權的行使價。
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