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June 25, 2008

Gome to withdraw from the triple reorganization huff

Filed under: news, industry news - Administrator @ 7:51 am

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Third stake in the auction Liupai hard to operate only in the shell

Yesterday, the triple Corp. 9.02% stake (a total of 2276 more than 10,000 shares) declared the third time the auction Liupai. The Sanlian Group since his self-directed drama has angered the United States Code, according to informed sources, the Gome will take measures to withdraw the nomination of directors, to triple to issue a "protest." Analysts believe that if the U.S. army’s withdrawal, it means that its withdrawal from the reorganization.

Three Liupai

Yesterday, Golden Harvest International Auction Co. Ltd. in Shandong in Jinan media said the auction notice, the Intermediate People’s Court of Jinan City Committee, will be at 10:00 on July 9 public auction held by the Sanlian Group Corporation 2276 more than triple the sale of restricted shares Tradable shares, the reference price at 2.48 yuan / share, the bond auction and also the same as last time, at 20 million yuan.

June 17, triple the Jinan to trading company shares in the third auction, Shachu of Jinan City Commercial Bank in the final 7.2 yuan / Unit competing in this part of the shares. According to the auction rules, pay the auction yesterday, the final deadline, if the bid failed in the same day contributions are considered Liupai. However, the Jinan City Intermediate People’s Court in Weizhi when the deadline again commissioned by the auction of such shares, means that the auction has been found to be invalid.

This is part of the shares of the Corporation triple third Liupai. The previous two auctions, the first commissioned by the triple shadow companies, and their own hand, took two high-priced shares, but in the end did not result in contributions Liupai.

However, with the two previous Liupai for different reasons, presided over the auction of Shandong, chairman of Golden Harvest International Auction Co., Ltd. XIA Gang Chai said that because of the Jinan City Commercial Bank, "there are problems in the qualification." It is learnt that the "Law on Commercial Banks" operating rules of Article 43 provides: commercial banks in China shall not engage in trust investment and securities business, are not allowed to own non-real estate investment or to non-bank financial institutions and corporate investment, but the state as otherwise provided The exception.

In addition, an informed source, Jinan firms this fight is purely temporary, or even 20 million bonds were not paid. It is learnt that in the auction on the 17th day, the firms in Jinan last Bidders enter the auction venue, this auction will also be postponed. At that time, it also caused another bid to the Beijing Association of the U.S. war on behalf of the company’s investment in question.

Therefore, a person close to the internal analysis of the Sanlian Group, Jinan firms and the Sanlian Group there are inextricably linked, the shots are not true auction, but only to prevent the stake was Jianmai two other countries the United States Buyers.

Retreated from a huff

According to the original schedule, this month on the 27th Triple Corp. upcoming annual shareholder meeting, the United States has also been nominated seven people on the board list, to prepare for the reorganization triple. However, the repeated delays of an auction farce, apparently damaged the interests of the country’ll no longer the United States. The day before yesterday evening, a source call to reporters, said the United States will take measures to withdraw the nomination of directors in protest.

The insider, the Gome believes that because of triple Corporation for 9.02 percent stake in the auction null and void, leading to the delay in the first major shareholders commence reorganization, the board makes the convening of a number of uncertain factors. The first major shareholders can not afford to triple the trading company management responsibilities, especially small and medium-sized can not afford and maintain the interests of the shareholders, listed companies and the assets and business incomplete, enterprises can not maintain normal operations. Therefore, the first major shareholder of the possibility of revocation of non-independent directors nominated, and other measures.

It is learnt that the Gome to withdraw its seventh Triple Corporation board of directors non-independent directors candidate Chen Xiao, Wang Junzhou, Zhou Yafei, director of the independent and often-candidate-days-sum, HE Zhen, Jie Deng, the seventh and Supervisors at the board of supervisors candidates Weiqiu Li, Jun-Tao Li’s nomination. In addition, the United States may also urged related departments to triple Corporation highly concerned about the reorganization, the Sanlian Group and instructed to take immediate measures on the listed company’s assets and business to be incomplete independence of the remedial and corrective to require triple Corporation to promptly resolve the controlling shareholder For the interests of listed companies, such as occupation of the problems left over from.

Analysts believe that after the latest triple Corporation Board candidate list, in addition to the US-nominated seven candidates, triple and five were nominated by the Group of 100, the two will co-director for seven seats. And if the U.S. army’s withdrawal, means that its withdrawal from the reorganization.

For the attitude of the Gome, the Sanlian Group responsible yesterday said: "The Group should present a statement, but the research must be introduced to inform the outside world."

Intended to put pressure on

Liupai three triple Corp., the biggest damage was apparently the first major shareholders of the Gome.

February of this year, the Gome and Israel share price of 19.9 yuan, spent 537 million yuan to take over 2,700 million shares triple Corporation. However, since market factors involved in the triple Corporation and repeated shoot repeated yellow, the stock fell all the way, the day before yesterday’s suspension has dropped to 10.97 yuan per share. This also means that the present alone, the Gome and the carrying amount of the loss has reached 240 million yuan.

In fact, the Gome is not only the loss of 240 million. According to industry sources, the Gome and the acquisition of huge amounts of money, the biggest mistake is only possible to buy a "shell." It is learnt that the Sanlian Group in the reorganization "Zhengbaiwen" (triple Corporation predecessor), will not be allowed to exist independently of the triple store assets into listed companies, while brand resources, franchise business, information platform, after-sales service, household appliances under the Rural, EC purchase distribution, modern logistics, and other listed companies for independent operation and development of the support system of listed companies on the outside, resulting in triple Corporation assets is not complete, not independent operators, the operation and management of listed companies have to rely heavily on the Sanlian Group. Even news that the Gome and 537 million yuan to purchase only the actual trading company is triple the existing 10 Direct stores, and the remaining more than 100 stores are in the hands of the Sanlian Group.

In response, China Merchants Securities analyst Yang Li that, in the face of huge losses, the U.S. clearly will not easily give up on triple the trading company the right to speak, its true purpose only hope that through the position, making Jian Guanceng more attention to the Sanlian Group Violation, and urges its rectification as soon as possible. The reporter learned from the industry, the film repeatedly repeat of the farce flow has drawn regulatory attention.

Yesterday, the Gome in the position that the United States of the above measures will have a written materials distributed to triple Corporation. Li Yang believes that this will make the June 27 shareholders meeting Dousheng variables, triple Corporation will also face the reorganization Miwuzhongchong.

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