Lex專(zhuān)欄：盈德氣體不光彩的內(nèi)斗

Like the stuff it makes, some bosses at Hong Kong-listed Yingde Gases are invisible these days. In November, chairman Zhao Xiangti fired Zhongguo Sun and Trevor Raymond Strutt, who had run the company. Despite disappearing as executives, they remained directors, doing their best to oust the chairman. A full clean-out of the board is necessary to clear the air.

這些天，香港上市的盈德氣體(Yingde Gases)的一些老板是看不見(jiàn)的，就像該公司的產(chǎn)品一樣。去年11月，現(xiàn)任盈德董事會(huì)主席趙項(xiàng)題炒掉了當(dāng)時(shí)掌管該公司的孫忠國(guó)和特雷弗•雷蒙德•斯特拉特(Trevor Raymond Strutt)。盡管二人不再擔(dān)任高管，但他們?nèi)匀皇嵌?，并且竭盡全力驅(qū)逐趙項(xiàng)題。為了平息風(fēng)波，盈德董事會(huì)需要全面洗牌。

This dust-up reflected unhappiness about swelling foreign currency debt over the past five years. The share price accordingly tanked roughly 70 per cent. Chairman Zhao, with friendly shareholders, controls about 17 per cent. The ousted pair have 29 per cent.

此次內(nèi)訌反映出股東對(duì)過(guò)去五年盈德不斷累積的外幣債務(wù)的不滿(mǎn)。股價(jià)因此下跌近70%。趙項(xiàng)題以及與之交好的股東，控制著約17%的股份。而被驅(qū)逐的二人控制著29%的股份。

An attempt late last year by the chairman to dilute Messrs Zhongguo and Strutt by issuing new equity was blocked by Hong Kong’s Securities and Futures Commission. One reason for his bravado was that Messrs Zhongguo and Strutt, as offshore directors to this mainland company, do not have legal control over the company’s official seals. These are required for all financial transactions.

去年年底趙項(xiàng)題想要通過(guò)發(fā)行新股來(lái)稀釋孫忠國(guó)和斯特拉特所持股份，被香港證監(jiān)會(huì)(SFC)叫停。趙項(xiàng)題敢于這么做的一個(gè)原因是，作為這家內(nèi)地公司海外董事的孫忠國(guó)和斯特拉特，對(duì)公司的公章沒(méi)有合法控制權(quán)。所有財(cái)務(wù)交易都需要公章。

The pressure and volume of a gas are inversely proportional. A board’s cohesion and vulnerability to takeovers of a listed company are related in the same way.

氣體的壓力和體積是成反比的。一家上市公司董事會(huì)的凝聚力和面對(duì)被收購(gòu)的脆弱性同樣也是此消彼長(zhǎng)的關(guān)系。

Air Products of the US, offered HK$5.50 for Yingde in January, far above the $2.87 level where Yingde had last traded. Yet Air Products claims Yingde delayed due diligence.

1月，美國(guó)空氣產(chǎn)品公司(Air Products)報(bào)價(jià)每股5.5港元收購(gòu)盈德，遠(yuǎn)高于盈德此前每股2.87港元的股價(jià)。不過(guò)空氣產(chǎn)品公司聲稱(chēng)盈德推遲了盡職調(diào)查。

Yesterday brought a new gust to roil the dust: alternative asset manager PAG Capital has offered HK$6 for Yingde. This time the opposed parties in this sad saga publicly agreed to the PAG proposal. Who cares why. The fury of the row raises questions over the suitability of all directors involved, no matter how many shares they own.

昨天這場(chǎng)風(fēng)波再起波瀾：另類(lèi)資產(chǎn)管理公司太盟亞洲資本(PAG Capital)報(bào)價(jià)每股6港元收購(gòu)盈德。這一次這場(chǎng)鬧劇中的敵對(duì)雙方均公開(kāi)同意了太盟亞洲資本的要約。誰(shuí)又在乎其中原因呢。這場(chǎng)激烈內(nèi)斗引發(fā)了人們對(duì)相關(guān)董事(無(wú)論他們持有多少股份)是否稱(chēng)職的質(zhì)疑。

Shareholder consultancy ISS agrees. It proposes that independent shareholders vote out both board factions at the upcoming annual meeting. Yingde needs a stronger, more independent board. As for the bid, minorities should wait for a higher one to materialise.

股東咨詢(xún)服務(wù)公司“機(jī)構(gòu)股東服務(wù)公司”(ISS)對(duì)此表示贊同。它建議獨(dú)立股東在即將到來(lái)的年會(huì)上投票驅(qū)逐這兩派。盈德需要更強(qiáng)大、更獨(dú)立的董事會(huì)。至于收購(gòu)報(bào)價(jià)，少數(shù)股東應(yīng)該等待更高的報(bào)價(jià)出現(xiàn)。