S*ST Tianyi private placement of 115 million shares to buy assets in Xiamen LED

S*ST Tianyi asset restructuring plan has restore justice. Tianyi S*ST today announced that the company intends to take the potential controlling shareholder of Fujian Sanan Group Co., a subsidiary of Xiamen Sanan Electronics Co., Ltd. issued shares to buy its own LED (light emitting diode) wafer and chip class operating assets to achieve major asset restructuring, while the completion of reform of non tradable shares.

Announcements, the issue price of the issue price of 4.33 yuan / share, the number of shares issued for the stock of 115 million, corresponding to the total assets of the purchase of assets of $498 million. To ensure the integrity of the injection of assets reorganization, 3-an electronic agreed to sell the corresponding net assets of 500 million yuan by the evaluation of all the LED wafer and chip assets to S*ST Tianyi, which exceeded 2 million 740 thousand yuan of assets, the issuance of shares amount directly to Tianyi S*ST.

S*ST Tian Yi said that the issue of shares to buy assets of the company's equity division reform of the price of the part of the arrangement, and the company split share structure reform conditions, simultaneous implementation. If the company's share reform program fails to implement, then the issue of shares to buy assets will no longer be implemented.

It is reported that this major asset restructuring as S*ST Tianyi share reform on the price plan, including S*ST Tianyi potential controlling shareholders Sanan Group intends to control LED wafer and chip operating subsidiary of three electronic assets through the issuance of shares to buy assets means inject dy S*ST days, the net assets of S*ST the day already rose from 0 yuan to 500 million yuan. Three group also make a commitment to performance, ensure that after the reorganization, Tianyi 2008 annual net profit of S*ST are realized in the days after the month of delivery of assets attributable to ordinary shareholders of listed companies is not less than 8 million yuan, achieved a net profit in 2009 attributable to ordinary shareholders of listed companies is not less than 120 million yuan, achieved a net profit in 2010 attributable to ordinary shareholders of listed companies is not less than 150 million yuan. If after the completion of the restructuring, net profit in 2008, 2009, Tianyi Science and technology in 2010 to achieve an annual attributable to ordinary shareholders of listed companies is lower than the number of commitments, Fujian Sanan Group Co., the company will use the cash to make up the difference Tianyi technology. Fujian Sanan Group Co. Ltd. as a potential controlling shareholder S*ST Tianyi, Tianyi S*ST holds 45.43% of the shares. After the reorganization of assets, Fujian Sanan Group Co Ltd and its subsidiary of Xiamen Sanan Electronics Co., total holdings of S*ST shares will be increased to 72.19% days of yi.

Source: Shanghai Securities News