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投服中心四问新宏泰:重组是否构成借壳上市

2017-08-28 20:46:14   中国经济网

三是本次配募或后续增减持是否导致控制权的变更?草案中尚未披露吴佩芳是否参与本次募集配套资金的认购,同时也未分别披露赵汉新、赵敏海以及吴佩芳以及一致行动人未来36个月后减持、增持计划。若如前所述,久太方合、释加才让、陈卿以及段仚与吴佩芳构成一致行动人,吴佩芳及其一致行动人的持股比例将达到23.13%,与赵汉新、赵敏海合计26.93%非常接近,一旦吴佩芳及其一致行动人参与本次配套资金认购,重组后存在增持安排,或赵汉新、赵敏海存在减持计划,上市公司的控制权将发生变更。

四是即使上市公司第一大股东不变,重组后上市公司也可能由吴佩芳控制,控制权发生变更。根据草案,交易完成后,上市公司主营业务由断路器关键部件、低压断路器及刀熔开关的研发、生产与销售变更为断路器关键零部件行业和轨道交通车辆制动闸片(含闸瓦)行业并行。本次交易完成后,轨道交通车辆制动闸片业务将占到上市公司2016年、2017年1-4月业务总额的56.34%以及66.56%。 同时,标的资产2016年营业收入、净利润分别为4.71亿元、1.96亿元,分别占上市公司同期收入124.99%、241%。按照标的资产方业绩承诺情况,2017至2019年标的资产实现净利润不低于2.28亿元、2.63亿元、3.03亿元,由此可以看出,轨道交通车辆制动闸片(含闸瓦)行业将成为上市公司的主要利润来源。另一方面,标的资产的资产总额、资产净额(与交易金额孰高)是上市公司的4.6倍以及5.3倍,标的资产将成为上市公司的核心资产。根据重组草案,上市公司承诺交易完成后将不会改选标的公司董事会和监事会,亦不会解聘高级管理人员和核心技术人员,吴佩芳也承诺将在标的公司服务不少于5年。由此可见,标的资产将成为上市公司的主要利润来源和核心资产,而标的资产可能被吴佩芳等管理层实际控制,上市公司控制权将发生实质上的转移。

上述问题使本次重组存在重大的不确定,事关广大中小投资者的切身利益。请进一步说明交易完成后上市公司是否变为由吴佩芳控制?在目前监管普遍趋紧的形势下,如果重组失败,公司管理层是否有进一步的措施应对这样的风险?

标的资产是否合规?

一是标的资产权属是否清晰?草案披露,2017年5月31日赵敏海向吴佩芳提供不超过2.4亿元借款,吴佩芳将其所持标的资产12%的股份质押给赵敏海,用于担保前述借款。截止至2017年8月2日董事会就本次交易决议公告日,标的资产前述股权尚处于质押状态并未解除。根据《上市公司重大资产重组管理办法》(《重组管理办法》)第11条以及《关于规范上市公司重大资产重组若干问题的规定》第4条的规定,重大资产重组所涉及的资产权属应清晰,资产过户或转移不存在法律障碍。在本次交易的首次董事会决议公告前,资产出售方必须已经合法拥有标的资产的完整权利,不存在限制或禁止转让的情形。本次交易是否因不符合前述规定而无法通过重组?公司是否有相应的解决措施?

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