亞洲果業 - Good or bad 配股交易?

亞洲果業（０００７３）９５０９萬股配股交易（其中有６８００萬股以先舊後新方式出售，另配售２７００萬股現有股份），每股造５﹒７元 (47.82p)，集資淨額３﹒７７億 (£31m)

將配售予不少於６名之專業機構及其他投資者，佔已發行股本１２﹒１１％或佔擴大後股本１１﹒１５％，配售價較最後收市價６﹒３８元折讓１０﹒７％。　　

集團指，認購事項主要擬用作收購位於中國佔地約一萬畝且擁有約１１０萬棵柑橘類果樹及配套設施的柑橘類水果種植園(State Owned)。其位於中國廣西壯族自治區富川縣，佔地約１萬畝

並致力不遲於２０１１年１月３１日達成並簽署最終的正式協議。由於目標項目已正在營運中，故可帶來即時收入與盈利

The Good

The money will allow them to progress with the planned purchase which could see them increase turnover by near 50% (an estimation using the Hepu plantation which is of a similar size),

The free float will be larger which should help liquidity and thus make the stock more attractive to investors

The top two shareholders which at current have a combined shareholding of approx 63% (Markets Ahead Investment 34.58%, Huge Investments 28.24%) will see their combined holdings fall to less than 55% appeasing fears over their influence on the company.

The bad

The one bad thing about this deal is the actual placing price is at a 10% discount to the current Hong Kong price, and if you take into consideration that the Hong Kong price has never been below HK$6’s, then the placing price of HK$5.70 does seem a little cheap.

Obviously the approaching dilution is not great, but then again it is only a small amount.

Conclusion

In reality and 10% is not really that bad. the benefits that this share sale and rights issue are likely to bring appear to well outweigh the slight downside. Plus if you look at the downside again it is not really that bad as Huge Markets are actually selling their own shares at the placing price so they are not benefitting at shareholders expense from the deal. Also the dilution is only small at less that 10% and what investors are likely to get for this dilution should create more value then it takes.

So to conclude this deal looks a smart move by the management (something that by the reaction of the share price - i.e. of not falling to the rights issue price which is normally the case when there is a discounted rights issue - the markets agree) and has the potential to instantly boost income and hopefully profits with little dilution, and no debt which has to be good for shareholders.