东电B股开B转A先河 换股溢价41.12%【证券时报】
东电(dian)(dian)B股(gu)(gu)(gu)（900949）重(zhong)大资(zi)产重(zhong)组方案今日(ri)出炉，公司(si)将开“B转A”先河。根据披(pi)露，公司(si)第一(yi)大股(gu)(gu)(gu)东浙能(neng)电(dian)(dian)力股(gu)(gu)(gu)份有(you)限公司(si)拟(ni)向(xiang)东电(dian)(dian)B股(gu)(gu)(gu)其他全(quan)体(ti)股(gu)(gu)(gu)东发行A股(gu)(gu)(gu)用以(yi)交换东电(dian)(dian)B股(gu)(gu)(gu)股(gu)(gu)(gu)份，以(yi)实现(xian)换股(gu)(gu)(gu)吸收(shou)合(he)并东电(dian)(dian)B股(gu)(gu)(gu)，从而实现(xian)浙能(neng)集团电(dian)(dian)力主(zhu)业整体(ti)上市。东电(dian)(dian)B股(gu)(gu)(gu)于今日(ri)开市起复牌(pai)。
本次换股(gu)吸收(shou)合(he)并不构成借壳上市(shi)，亦不安(an)排配(pei)套融资，吸收(shou)合(he)并后，东电B股(gu)注销退市(shi)。已停牌(pai)3个(ge)月的东电B股(gu)此次B转A股(gu)方案的出炉，开创了(le)沪市(shi)纯(chun)B股(gu)改(gai)革(ge)新的模式，也开创了(le)B股(gu)转换的新途径，为解决资本市(shi)场B股(gu)问(wen)题再注一(yi)剂强心(xin)针。停牌(pai)前(qian)一(yi)交易日，东电B股(gu)报(bao)收(shou)0.574美元。
公告显示，浙(zhe)(zhe)能(neng)电(dian)力持有的东(dong)(dong)电(dian)B股(gu)(gu)(gu)39.8%的股(gu)(gu)(gu)份不(bu)(bu)参与本次(ci)换股(gu)(gu)(gu)，也不(bu)(bu)行(xing)使现金选(xuan)择权，并(bing)将(jiang)于本次(ci)吸(xi)收(shou)合(he)并(bing)后(hou)予(yu)以注销。东(dong)(dong)电(dian)B股(gu)(gu)(gu)本次(ci)换股(gu)(gu)(gu)价(jia)格(ge)(ge)为0.779美元(yuan)/股(gu)(gu)(gu)，折合(he)人民币4.9元(yuan)/股(gu)(gu)(gu)，在定价(jia)基准日(ri)前(qian)二十个交易日(ri)的均价(jia)0.552美元(yuan)/股(gu)(gu)(gu)基础上溢价(jia)41.12%。本次(ci)吸(xi)收(shou)合(he)并(bing)的换股(gu)(gu)(gu)比(bi)例数值将(jiang)待(dai)浙(zhe)(zhe)能(neng)电(dian)力最终(zhong)确定其A股(gu)(gu)(gu)的发行(xing)价(jia)格(ge)(ge)后(hou)敲定。据悉，浙(zhe)(zhe)能(neng)电(dian)力发行(xing)价(jia)格(ge)(ge)将(jiang)综合(he)考虑定价(jia)时的资本市场情(qing)况、浙(zhe)(zhe)能(neng)电(dian)力合(he)并(bing)东(dong)(dong)电(dian)B股(gu)(gu)(gu)后(hou)的盈(ying)利情(qing)况以及火力发电(dian)行(xing)业A股(gu)(gu)(gu)可(ke)比(bi)公司估值水平等因素来确定，预计发行(xing)价(jia)格(ge)(ge)区间为5.71元(yuan)/股(gu)(gu)(gu)至6.63元(yuan)/股(gu)(gu)(gu)。
根据公告，本次换股吸(xi)收(shou)合并(bing)将由浙能集团和该项目财(cai)务顾问中国国际金融有(you)(you)限公司担任现(xian)金选择(ze)权(quan)提供方(fang)。行使现(xian)金选择(ze)权(quan)的(de)(de)股东可以就(jiu)其所持(chi)有(you)(you)的(de)(de)东电B股股票按照0.58美元/股的(de)(de)价格全部或部分申报行使现(xian)金选择(ze)权(quan)。现(xian)金选择(ze)权(quan)条款的(de)(de)设置，将保证投资(zi)者最低收(shou)益(yi)5%。
作为重大无先例事(shi)项，方案对(dui)(dui)于(yu)浙(zhe)(zhe)能电(dian)(dian)力(li)发行价格确定方式(shi)、东(dong)(dong)(dong)电(dian)(dian)B股(gu)(gu)换股(gu)(gu)价格以及东(dong)(dong)(dong)电(dian)(dian)B股(gu)(gu)股(gu)(gu)东(dong)(dong)(dong)现金选(xuan)择(ze)(ze)权、浙(zhe)(zhe)能电(dian)(dian)力(li)异议(yi)股(gu)(gu)东(dong)(dong)(dong)退(tui)出请求(qiu)权、债权人的(de)(de)(de)(de)保护等均作出了明(ming)确界定，尤其方案所遵循(xun)的(de)(de)(de)(de)原(yuan)则中(zhong)，明(ming)确包括(kuo)“保护东(dong)(dong)(dong)电(dian)(dian)B股(gu)(gu)和浙(zhe)(zhe)能电(dian)(dian)力(li)全(quan)体股(gu)(gu)东(dong)(dong)(dong)、债权人的(de)(de)(de)(de)合(he)法权益，特别是中(zhong)小股(gu)(gu)东(dong)(dong)(dong)利(li)益的(de)(de)(de)(de)原(yuan)则”以及“平等协商、自(zi)愿选(xuan)择(ze)(ze)、自(zi)愿合(he)并的(de)(de)(de)(de)原(yuan)则”。出于(yu)对(dui)(dui)投(tou)资(zi)者利(li)益保护的(de)(de)(de)(de)初(chu)衷，对(dui)(dui)换股(gu)(gu)合(he)并事(shi)宜，东(dong)(dong)(dong)电(dian)(dian)B股(gu)(gu)决定实施分类(lei)表决的(de)(de)(de)(de)方式(shi)。
有市(shi)场(chang)人士表示，参考以往资(zi)本市(shi)场(chang)换(huan)股(gu)吸收合(he)并的案例中换(huan)股(gu)溢(yi)价，大(da)致为较停牌前(qian)20个(ge)交易日溢(yi)价7.04%至31.32%，均值为21.95%。此次溢(yi)价幅度按(an)照(zhao)高于(yu)市(shi)场(chang)平均溢(yi)价一倍(bei)左右(you)给(ji)予，也体现了对(dui)于(yu)投资(zi)者利益的充分维护。
浙(zhe)(zhe)能(neng)电(dian)力(li)成立于(yu)(yu)1992年(nian)3月，目前注册资(zi)(zi)本80.33亿元(yuan)(yuan)。浙(zhe)(zhe)能(neng)电(dian)力(li)目前主要股东为浙(zhe)(zhe)江省(sheng)能(neng)源集团(tuan)(tuan)有限公(gong)司、河北港口集团(tuan)(tuan)有限公(gong)司、北京航(hang)天产(chan)业投资(zi)(zi)基(ji)金(jin)和中国信达资(zi)(zi)产(chan)管理股份有限公(gong)司。浙(zhe)(zhe)能(neng)电(dian)力(li)的控股股东浙(zhe)(zhe)能(neng)集团(tuan)(tuan)系隶属于(yu)(yu)浙(zhe)(zhe)江省(sheng)国资(zi)(zi)委的国有独资(zi)(zi)公(gong)司，注册资(zi)(zi)本100亿元(yuan)(yuan)，浙(zhe)(zhe)能(neng)电(dian)力(li)是(shi)浙(zhe)(zhe)能(neng)集团(tuan)(tuan)运营电(dian)力(li)板(ban)块业务的主要业务平台(tai)。
2010年度(du)、2011年度(du)，浙能电力分别(bie)实现营业收入363.35亿(yi)元(yuan)(yuan)、436.53亿(yi)元(yuan)(yuan)；实现净利润24.9亿(yi)元(yuan)(yuan)、21.98亿(yi)元(yuan)(yuan)。2012年，浙能电力净利润预计(ji)增长超过50%，将(jiang)超过34亿(yi)元(yuan)(yuan)。
业内分析人士指出(chu)，对比浙能电(dian)(dian)(dian)力(li)(li)和东电(dian)(dian)(dian)B股(gu)的(de)火(huo)(huo)力(li)(li)发电(dian)(dian)(dian)机(ji)组(zu)和盈利(li)状况(kuang)，浙能电(dian)(dian)(dian)力(li)(li)的(de)资产(chan)盈利(li)能力(li)(li)显(xian)著优于东电(dian)(dian)(dian)B股(gu)，以火(huo)(huo)电(dian)(dian)(dian)发电(dian)(dian)(dian)机(ji)组(zu)的(de)装(zhuang)机(ji)容量(liang)为例，浙能电(dian)(dian)(dian)力(li)(li)60万千(qian)瓦级(ji)及以上(shang)机(ji)组(zu)共17台，占浙能电(dian)(dian)(dian)力(li)(li)控(kong)股(gu)机(ji)组(zu)装(zhuang)机(ji)容量(liang)的(de)57.51%，而东电(dian)(dian)(dian)B股(gu)均为30万千(qian)瓦级(ji)及以下火(huo)(huo)力(li)(li)发电(dian)(dian)(dian)机(ji)组(zu)。
公开资料显示，截至目前，东电B股(gu)总股(gu)本20.1亿(yi)(yi)股(gu)，已流通股(gu)份6.9亿(yi)(yi)股(gu)，占比34.33%，已流通股(gu)份全部为B股(gu)。