Lining Let Shares Affect The Company'S Management Level Slightly.
September 8th,
Lining
The pfer of shares to Mr.
Happy energy saving
。
The company announced that it was pleased to save energy (8032 HK) in August 31, 2010 and entered into a memorandum of understanding with Victory Mind Assets, Dragon City and Alpha Talent (the majority of these three companies are held by the Lining family). It is recommended to purchase 325181850 shares of these three companies altogether.
Shares
Lining (2331 HK) was 30.9% of all issued equity on the date of the announcement.
The cost of the takeover will be determined according to the average closing price of the last 30 trading days of Lining's shares before August 26, 2010.
The purchase price will be paid by the stock and convertible share.
The main business of pleasure is Chinese herbal products trade, manufacturing and marketing of Western medicines, and new energy air-conditioning manufacturing and trade. The company also intends to diversify other businesses at the same time, including sports related events such as sports events, brokers and sports community establishment (except sportswear, footwear and equipment business).
Mr. Lining, the company's director and controlling shareholder, indirectly holds about 63.2% of the listed shares.
When the acquisition is completed, Lining (2331 HK) and pleasure may enter into the following continuous related pactions: express to Lining (2331HK) to provide relevant brand or product endorsement and sponsorship services; and express to Lining (2331HK) to provide related activities management related services.
The amount of related pactions was 21 million 500 thousand, 100 million and 100 million respectively from 2010 to 2012.
Company
Management
The effect is slight.
Mr. Lining has pferred all the shares of Lining (2331 HK) to express his pleasure, and is committed to making it into a platform of listed companies, including sports events, brokers and sports community establishment and other sports related businesses (sportswear, footwear and equipment business).
It will not affect Lining's (2331 HK) company structure, business and governance.
Lining (2331 HK) 09 years of publicity and promotion cost is 1 billion 290 million yuan, and Lining will be happy to provide relevant brand or product endorsement and sponsorship or event management services to the small amount of money, the financial impact is not big. (2331HK)
Maintain a neutral rating and target price of HK $27.1.
Our forecast of earnings per share for 10-12 years is 1.084 yuan, 1.212 yuan and 1.404 yuan respectively.
Maintain "neutral" rating and target price of HK $27.1.
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