GOME Board increases I Huang guangyu Chen reconciled Bachelor Festival

From August 4 to capture letters for rescission Chen, official to Ding directorships, exactly 100 days to today.

On the eve of the arrival of the hundred days, Chen Huang both sides finally reach a settlement, signed with the legal effect of a memorandum of understanding (MOU) to capture aspects of two representatives of Zou xiaochun, huangyan Rainbow will enter the Board, GOME stores non-listing not split.

The two sides of reconciliation, regardless of whether it is a temporary compromise, at least that is split on the edge of the United States back to the relative stability of the State.

As the United States in the notice, the parties will cooperate in all areas, creating a stronger and more profitable company. Whereas in the past 100 days, Chen, and Huang guangyu family control around the United States have a classic business specifics.

FUSE: Huang guangyu sent a letter requesting revocation tool functions

Huang guangyu and Chen's clean break begins 2010 August 4.

On that day, Huang guangyu Shinning Crown corporation wholly owned by the company to the GOME sent a letter requesting a meeting of the shareholders ' and cancellation Chen, official to Ding. Letter to the five requirements, this is the next September 28 shareholders general meeting of 5 to capture motion, including the revocation of the authorization of the Board of Directors, the revocation of the issuance of Chen, Director of the official to Ding, nominated Zou xiaochun, huangyan Rainbow to the Board.

Chen, responding quickly to the next day to submit action in the High Court of Hong Kong S.A.R., formally charged Huang guangyu, recovery in January and February 2008 and after the breach.

This also means that a tool as the representative of the GOME Board and shareholder of Huang guangyu formally break.

Agencies battle: both sides tried to seek agency support

Ask for Huang guangyu general meeting of shareholders convened the special requirements of the Board of Directors determines the United States on 28 September.

"9 · battle of 28", Chen Huang to hold a series of war preparations. In addition, through the media and accuse each other of the war of words, for holding GOME stock agencies support has become the focus of the two sides prepare for war.

Chen, for access to institutional support, and full of confidence was expressed on the media, access to all the institutions.

While Huang guangyu family is sent as the representative of the Zou xiaochun canvassing in Hong Kong. On the eve of the general meeting of shareholders, the CSA has also been accused of "buy tickets". There are media reports that Huang guangyu sister, Eagle Investment Board Chairman WONG soo Rainbow had authorized an ethnic Chinese women responsible for communication with institutional investors, if the other side to help the CSA obtain 10% to 15% of the vote, will pay $ 2600, but later because the lack of full implementation of the agreement.

From shareholders vote, Chen won the support of more organizations.

"9 · 28" shareholders ' voting rates up to 80%, the largest shareholder of Huang guangyu but his own 35.7% vote, only get 6% of the votes of other support.

Equity holdings in warfare: Huang guangyu direct debt stock holdings of Bain

Chen Huang parties seeking other shareholder support while struggling to seek to increase its equity ratio to obtain in the shareholders ' meeting on the larger right of speech.

The practice is to capture, through secondary market holdings nearly 2% (2% ceiling for holdings). According to the subsequent disclosure of the message, Huang guangyu holdings stock and preparedness for performing aspect will suddenly increased 40% stake in the hands of the financial company funding pledge $ 5 billion.

But Chen and Bain Capital strategy is, on the eve of the general meeting of shareholders by Bain for debts.

After debt, Bain holding 9.98%, becoming the second largest shareholder of GOME, Huang guangyu stock is diluted to 32.47%. Bain's wise, rational use of rules, the conversion of debts into shares; the choice of a point in time that guarantees the debt to equity can be completed before the general meeting of shareholders, to obtain the corresponding voting rights, but not to the left at the general meeting of shareholders to capture before buying opportunity: September 15, Bain public notice after debt, according to the relevant provisions of the stock exchange of Hong Kong, Huang guangyu aspects can increase by 2%, but due to the stock exchange "T + 5", Bain's debts to the 22 September to complete, but to capture only the Bain of debts into shares is completed, you can obtain further increase of 2% chance, but because the HKEx T + 2 delivery requirements of the CSA even in 22 holdings, also have to wait until 24, delivery, has missed out on September 22, equity registration deadline. This means that Bain debts into shares diluted Huang guangyu equity also makes the CSA cannot increase through the holdings of voting rights of shareholders.

In this round of vs, Huang guangyu holdings should Bain adopted after debt is diluted shares, however, Bain in equity point-in-time to win a chip on the resulting capture aspects in the general meeting of shareholders increased holdings cannot be renewed before the voting results from the final, huangjia is not 4 motion, distance is passed only difference of 3%.

From the results of the vote, Bain's final, huangjia shielding the win opportunities that may arise.

General meeting of shareholders: Chen will remain in place to ensure that the shareholder to capture

The general meeting of shareholders of institutions before the war, the equity holdings of the war, "9 · 28" shareholders ' meetings as scheduled.

As a result, Chen will remain, but the Board of Directors of the additional authorization is cancelled. This means that you no longer have to capture equity dilution risk, ensure that the shareholder position, but the revocation Chen, official duties and let the Huang Ting, on behalf of the Zou xiaochun, huangyan Rainbow to the Board's motion was denied.

For this outcome, Chen is of the opinion that the victory, but Huang guangyu party indicates that at least has not failed because ensuring shareholder status.

However, the aspirations of the expulsion of Xiao Huang guangyu was not implemented, this also means that the war has not ended. Shareholders general meeting in the evening, Huang guangyu has said that the United States in November, the "separation" non-listed shop for independent operators, and this is after negotiations buried foreshadow.

After "9 · 28" era: Wong Ka to non-listed stores put pressure on Chen

Shortly after the general meeting of shareholders, Bain Capital represented and Huang guangyu family negotiations, avoid GOME towards split.

ChenXiao has also changed the requirements capture to recover non-listed stores that want to negotiate. Which is to capture family of non-listed shop for chips and packages, continued Government attempted to achieve in tool "9 · 28" shareholders general meeting is not implemented. Specific talks included, will inject non-listed companies, but the store requires Chen outgoing, the increase in the Board of Directors of its representatives.

However, with regard to the attitude of the Board of Directors of the United and resolute support Chen will remain in Office.

Once caught in difficult negotiations. 1 November, the two sides agreed previously Chen Huang's split window may come, the sides did not reach an agreement, but negotiations are not cracked, participation in negotiations of the parties to continue the game.

Reconciliation: Wong Ka two representatives to the Board both temporary compromise

November 10, evening, Huang guangyu, Chen officially break is about to enter the 100 days of Eve, the two sides managed to reach a settlement.

Zou xiaochun, huangyan Rainbow will enter the United States with regard to the statement of the Board of Directors, Huang guangyu stated that non-listed stores no splitting of necessary.

However, the way to reconciliation between the two parties, Huang guangyu purposes has not been fully met, "9 · 28", Huang guangyu aspects in an attempt to inject non-listed companies, listed on the store in exchange for departure and increased tool has party representatives.

However, Chen or stay, and by the Board of Directors to increase the CSA spokesperson, stabilize the Huang guangyu family, successfully avoids GOME "separation". From this perspective, Huang guangyu to non-listed shop on Chen pressure did not achieve the best results. But the most recent capture stance is also interesting, although no split the necessity of non-market stores, but non-listed stores as personal assets to capture, retain the right to split as the largest shareholder, has once again convene shareholders ' rights.

Character strong Huang guangyu experienced and Chen up to nearly 100 days of control for interest at the rate of soldiers after the war, and eventually, but this temporary compromise will last? as professional managers of Chen is leaving the United States, he would choose how leave? the previously has been supporting the infatuated with the country's second largest shareholder of Bain Capital and how will this all as still full of? the suspense.