Webb 哥: 明日系揭祕
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GS(14)@2012-03-05 23:10:01http://webb-site.com/articles/muck2012p3.asp
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GS(14)@2012-03-05 23:10:21講晒499、8162同8202的關係
Hycomm and Codebank
In another marvellous deal, on 4-Mar-2000 Hycomm agreed to buy and subscribe 18% of Codebank Ltd (Codebank) for HK$171m satisfied by 68.4m shares (6.53%) of Hycomm @$2.50. We've resurrected the circular, which contains another valuation from Mr Shadbolt valuing Codebank at HK$1,001m. A month earlier, on 3-Feb-2000, Hycomm signed an "Agency Agreement" with Land First Holdings Limited (Land First) and agreed to pay it HK$7.5m as an "introduction fee" for the deal, satisfied with 3m shares @$2.50 upon completion of the acquisition.
Now guess who owned Land First? Hycomm didn't say, but the Inno-Tech IPO prospectus reveals (p2) that when Inno-Tech group was established and until 31-Jul-2000, it shared an office with Land First, and that Land First was 100%-owned by YY Wong, the Inno-Tech co-founder. So at the same time as founding one start-up in which Hycomm invested (Inno-Tech), YY Wong was the agent for the investment in another (Codebank).
The acquisition was delayed and on 15-May-2000 the price was reduced to $153.25m (what a bargain) satisfied by 61.3m shares @$2.50. Hycomm also loaned Codebank $2m which was capitalised into shares on 19-Jul-2001, and when Codebank later listed, Hycomm's $155.25m investment became 60,584,726 shares (10.1% post-IPO) with an average cost of $2.56 per share. Codebank went public on 21-Dec-2001 after an IPO at $0.50, 80.5% less then Hycomm paid for it. But their loss was not over. Codebank (prospectus here) still holds the record for the youngest infant mortality on GEM after a chunk of its IPO proceeds went missing. It last traded on 13-May-02, just 143 days old, before its listing was cancelled. Hycomm wrote off its entire investment in 2001 and 2002.
So there's the disastrous history of Hycomm. In Part 4, we'll take you through a set of horrible transactions involving Inno-Tech, amongst others.
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GS(14)@2012-03-05 23:18:42http://www.hkexnews.hk/listedco/ ... TN20050408158_C.pdf
陳光賢and 陳光男