【333体育官方网址】Lex专栏:盈德气体不光彩的内斗

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.这些天，香港上市的盈德气体(Yingde Gases)的一些老板是看不到的，就像该公司的产品一样。去年11月，现任盈德董事会主席赵项题炒掉了当时掌理该公司的孙忠国和特雷弗?雷蒙德?斯特拉特(Trevor Raymond Strutt)。尽管二人仍然兼任高管，但他们依然是董事，并且竭尽全力驱赶赵项题。

为了平息风波，盈德董事会必须全面配对。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.此次内斗体现出有股东对过去五年盈德大大积累的外币债务的反感。

股价因此暴跌近70%。赵项题以及与之结交的股东，掌控着约17%的股份。而被驱赶的二人掌控着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.去年年底赵项题想通过发售新股来溶解孙忠国和斯特拉特所所持股份，被香港证监会(SFC)取消。赵项题勇于这么做到的一个原因是，作为这家内地公司海外董事的孙忠国和斯特拉特，对公司的公章没合法控制权。

所有财务交易都必须公章。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.气体的压力和体积是成反比的。

一家上市公司董事会的凝聚力和面临被并购的脆弱性某种程度也是此消彼长的关系。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，美国空气产品公司(Air Products)报价每股5.5港元并购盈德，远高于盈德此前每股2.87港元的股价。

不过空气产品公司声称盈德延期了尽责调查。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.昨天这场风波再起波澜：另类资产管理公司太盟亚洲资本(PAG Capital)报价每股6港元并购盈德。这一次这场闹剧中的敌对双方皆公开发表表示同意了太盟亚洲资本的契约。

谁又介意其中原因呢。这场白热化内斗引起了人们对涉及董事（无论他们持有人多少股份）否能干的批评。

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.股东咨询服务公司“机构股东服务公司”(ISS)回应回应赞成。它建议独立国家股东在将要来临的年会上投票驱赶这两派。盈德必须更加强劲、更加独立国家的董事会。

至于并购报价，少数股东应当等候更高的报价经常出现。

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