Had hoped after the IPO into realizable million ordinary shares, instant dividends have shrunk into a thousand pieces. 100 shares in Shenzhen Development Bank (000001) IPO of the Year Plan recently received the court verdict, the convertible was denied.
IPO expected to replace the original realizable million ordinary shares, instant dividends have shrunk into a thousand pieces. 100 shares in Shenzhen Development Bank (000001) IPO of the Year Plan recently received the court verdict. Shenzhen Luohu District People's Court held the plaintiff Year Plan issued in 1988, Shenzhen Development numbered 000,272 Preferred Shares illegal, but the court rejected the plaintiff sought to convert preferred shares into common shares of the request, the only defendant was ordered to be distributed to the plaintiff SDB the year 1992 (excluding 1992) before the dividend. Verdict against the plaintiff Year Plan, said the Shenzhen Intermediate People's Court today will file an appeal.
authenticity of IPO shares authorized
case involving the Department of Shenzhen Development Bank shares issued in 1988, the time span of more than 20 years ago, give evidence, cross examination brought difficult. Shenzhen Luohu District People's Court in August 2009 and October after the two started the trial, before making a decision until recently.
plaintiff Year Plan put forward a complaint in the first instance the three major claims, first, the plaintiff requested the court to order the defendant held in 1988, the number of issued preference shares to 000,272 shares legal, valid; the second is that the Defendant shares in accordance with the principle of the right to the plaintiff with the dividend, dividend, bonus shares and convertible into common shares; third is to identify the plaintiff as the defendant's legitimate shareholders.
Court confirmed the verdict in the plaintiff Year Plan held by the defendant, the number of Shenzhen Development issued 000,272 shares of preferred legitimacy of the development of deep sentence the defendant entered into force in this decision within ten days after the payment to the plaintiff before the year 1992 ( excluding 1992) of the dividend. One year 1988 dividend yield of the end of April until the individual one-year deposit interest rate of HK at the end of each month to increase the average per annum over the 3 PCT (3%), 1989 dividend of HK 1225 yuan, 1990 Annual, 1991 annual dividend rate for individual one-year Hong Kong dollar deposit interest rates mean the end of the year on top of the monthly increase of 4 per cent per annum.
As to whether the defendant, the plaintiff shareholders of the company's legal, the court held that the plaintiff in the defendant before the Board decided to redeem the preferred shares to preferred shareholders of the defendant company; in April 1995 the defendant issued a notice to redeem all the remaining decisions preference shares, the plaintiff is no longer a defendant shareholders.
convertible was rejected
concern for the plaintiff's claim will be converted into ordinary shares of preferred stock, the court held that the plaintiff did not notice requirements of the accused at the appointed time for conversion, shall be self-responsibility, not attributable to the accused, so the plaintiff is required to hold preferred shares into common stock no basis, only the defendant to redeem its preferred stock holdings.
data show that SDB board of directors in 1991 and the special shareholders meeting adopted the As of June 16, 1993, there were 158 shares of Exchange Preferred Stock is not converted into ordinary shares. Shenzhen Development Board resolution in 1994 decided to 2.35 times the nominal value per preferred share price of HK redemption of the remaining 235 158 shares of preferred stock. As of now only 23 shares of outstanding preferred shares of HK.
court held that the defendant Shenzhen Development Board decided to redeem the preference shares, net of preferred stock that no longer receive the remaining converted into ordinary shares. But lawyers for the plaintiffs law firm in Guangdong Guoxin Wang Changchun, Li believes that preferred stock redemption plan to determine the board resolution itself is invalid, not binding.
one can not overlook the details that have yet to convert the foreign exchange of 23 shares of preferred stock, not including the corresponding names of stockholders Year Plan.
(This article Source: Securities Times Online on: Tang Yao-Hua)
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