February 1, China Fund reported exclusive 'Exclusive! 775 billion major case just passed, Pudong Development was again pit: LeTV employees by 250 million holdings, only 160 million, can not afford!' After a week Finally, there are certain results.LeTV network tonight announcement, the early termination of the music network employee stock ownership plan to provide priority funding, the trust plan property distribution to the beneficiary - Shanghai Pudong Development Bank Shenzhen Branch.
At this point, LeTV is not the previous seven lower limit, has become 11 lower limit, 2.55 billion loan holdings after the market value has dropped to 106 million.
Yesterday evening, LeTV released an early termination of the first phase of the employee stock ownership plan announcement said that based on the current form of trust in the form of trust assets are not sufficient in accordance with the agreement to assign the trust beneficiaries beneficiary, and music as the controlling shareholder fails to fulfill the obligation to make up , China Resources Shenzhen Investment announced the employee stock ownership plan, and the "letter of advice" in the form of the original trust plan assets assigned to the beneficiaries.
Touched the warning line did not cover positions
Music Watch more than a year after the implementation of employee stock ownership plan trigger the warning line, the company failed to fulfill the obligation to make up the difference 'abortion'.
LeTV announcement announced that the company received on February 6, 2018 the first phase of employee stock ownership plan manager China Resources Shenzhen Investment Trust on "'CR Trust · Runze No. 143 Settlement Fund Trust Plan' early termination and written distribution notice Letter ", CSIC announced early termination of this trust plan, and the original trust plan assets assigned to beneficiary agents preferred beneficiary Shanghai Pudong Development Bank Co., Ltd. Shenzhen Branch.
LeTV also announced in detail in the announcement of the termination of the employee stock ownership plan and the reasons for the early termination.
On January 25, 2018, CRSL sent a "Supplemental Capital Notice" to LeTV Holdings (Beijing) Co., Ltd.: As the employee stock ownership plan has triggered an early warning and overdue mechanism, LeTV Holdings, as the balance of the first shareholding scheme of listed companies, Complement obligor, should perform the additional funding obligations, to the deadline for additional funds, the company did not know the music as the controlling shareholder to perform additional financial obligations, the company confirmed with China Resources Shenzhen Investment, China Resources Shenzhen Investment has been written in accordance with the instructions of the client shares Planned non-cash assets for processing.
On February 6, 2018, the Company received a "Notice" from CSMC: Based on the significant changes in the fundamentals of listed companies, according to the previous agreement, CSMC announced that the employee's share should be terminated prematurely; based on the current cash In the form of trust plans, there is not enough trust plan assets to allocate the trust benefits to the priority beneficiaries according to the agreement, and Lottery Holdings fails to fulfill the obligation of making up the difference. CRIC allocates the trust plan assets to the beneficiaries as "Notice".
1: 1 loan 255 million holdings
Music Watch notice also details the previous situation.
On September 8, 2016, the 28th meeting of the third board of directors of the Company examined and approved the plan of first-phase employee stock ownership plan with 1: 1 priority share and inferiority share, and the upper limit of share was 510 million. After the establishment of the Employee Stock Ownership Plan, CSRC was commissioned as the manager. The Company organized more than 28 senior management personnel and key personnel to pay subscription fees.
As of September 20, 2016, the first phase employee stock ownership plan of the Company purchased 10,955,441 shares of the Company through the secondary market bidding transaction with the transaction value of RMB509, 998 and 510.27 yuan, the average transaction price At a price of RMB46.61 and the number of shares bought accounted for about 0.55% of the total share capital of the Company at that time, and the lock-up period for the shares purchased from the program was from September 20, 2016 to September 19, 2017 (one year time).
On August 21, 2017, the Company implemented the 2016 Equity Distribution Plan, distributing cash bonus of RMB 0.28 for every 10 shares to all shareholders and capital stock of 10 shares for every 10 shares for all shareholders. After the distribution of interests, A total employee stock ownership plan held 2197 shares of the company.
Shanghai Pudong Development Bank how to deal with?
According to the LeTV announcement, this 'hot potato' has been handed over to priority beneficiaries - Shanghai Pudong Development Bank Co., Ltd. Shenzhen Branch and Shanghai Pudong Development Bank how to dispose of these assets has become another focus of the market.
Fund Jun previously reported after the release of the Shanghai Pudong Development Bank had wanted the media to respond: After the initial efforts, the relevant risk exposure has been significantly reduced.
The risk exposure mentioned here is substantially reduced when there is still 160 million value of equity in the music as the current share price of only 106 million yuan, if tomorrow music limit at the bottom, it is not worth 100 million yuan.
Guarantee the music side as the holding company is not willing to pay the additional funds to fulfill their obligations, Shanghai Pudong Development Bank how to recover the loan principal and interest?
In September 2016, the company borrowed 255 million yuan. Together with the principal and interest payments for these years, the corresponding repayment amount is expected to be around 290 million yuan. Currently, 21.97 million LeTV owned by the employee stock ownership plan is only worth about 100 million yuan, The remaining 190 million yuan, Shanghai Pudong Development Bank through what channels to solve? Fund Jun will continue to track reports.