Xinxin Shakes Up the Market: Share Exchange Ratio Boosts Xin Kong Gold to 0.672 Shares of Sankei
2024/9/11 20:08
(Updated at 9/11 21:38)
Taishin Gold and Shin Kong Gold Announce Share Exchange Structure
Taishin Gold and Shin Kong Gold held extraordinary board meetings this evening to discuss a share exchange structure. The proposed structure involves exchanging 0.672 Taishin Gold ordinary shares for 0.175 Xinzhong special shares and 1 Shin Kong Gold common share.
The Xinzhong special shares have a par value of NT$10 per share, with an annual interest rate of 1.665%. The shares will be fully restored to the issue price after three years.
Based on Taishin Gold’s closing price of 18.5 yuan per share today and the nominal value of each share of Shin Kong Special Shares, the adjusted conversion price includes a conversion price of Shin Kong Gold of 14.18 yuan per share, an increase of 25%. Today’s closing price is 13.5 yuan per share, a premium of about 5% compared to the original price and 25% original price.
Taishin Gold will still issue Gang Special Shares as originally planned in exchange for existing Special Shares issued by Shin Kong Gold.
Taishin Gold and Shin Kong Gold are working to win shareholder support in a competitive situation where Taishin Gold and CITIC Gold vie for Ssangyong Pearl. Taishin Gold General Manager Lin Weijun and Xin Kong Gold General Manager Chen Nguang held a press conference at the stock exchange at 8 p.m.