The company publishes a revised report on major asset restructuring
The company intends to issue shares from major shareholder International Electric Power and pay cash to buy 100% of each of its 12 wholly-owned subsidiaries, and 45% of its stake in Linfen Mining from Xingrun Coal Coke issue shares; at the same time, it intends to raise supporting funds from no more than 10 specific investors in non-public offerings, with the total amount of supporting funds raised not exceeding 25% of the total amount of the transaction and no more than 3 billion yuan. The transaction price of the assets to be purchased is 10.841 billion yuan. The A-share issue price of the assets purchased by this non-public offering is 6.59 yuan per share. This time, it issued 1.375 billion shares to International Electric Power, paid 1.5 billion yuan in cash, and issued 427 million shares to Xingrun Coal Coke. In the part of raising matching funds, if calculated at the reserve price of 6.59 yuan per share, the number of shares to be issued is 455 million shares.
The main profits of the underlying assets come from the coal mining business.
The underlying assets mainly engaged in coal mining business are Sanyuan Coal Industry (82.6% equity), Wangzhuang Coal Industry (66.126% equity) and Marburg Coal Industry (57% equity), and Shengping Coal Industry (80% equity) under Linfen Jusheng. And the company plans to buy for 808 million yuan the coal marketing group Yangquan Co., Ltd. owns 24%, 20%, 20% equity of the three coal companies, namely, Yan Shou Coal, Shangshe Coal and Shangshe Erjing. Most of the rest of the coal trading assets are at a loss. The estimated net profit during the partial profit compensation period of the underlying assets of the issuance of shares and the cash purchase of assets in the mining rights assets of International Electric Power is 843.7 million yuan in 2014, 843.6 million yuan in 2015 and 843.6 million yuan in 2016, respectively. The three coal companies acquired by cash involve four coal mines. According to the performance commitment letter on Yanshou Coal, Shangshe Coal and Erjing Coal signed by Yangquan Co., Ltd., the company and the transferor of the equity of the above three coal enterprises, the total net profits attributable to Tongbao Energy from 2014 to 2016 were 81.0136 million yuan, 88.7776 million yuan and 88.9576 million yuan, respectively.
Coal mining is injected into only a small part of the planned production capacity of the group, and there are still plans for continuous injection in the future.
According to the 12th five-year Plan of the Coal Marketing Group, the output of its subordinate coal mining enterprises will reach 100 million tons in 2015, accounting for more than 10% of the output of Shanxi Province. According to the positioning of Jinneng Company, Coal Marketing Group and International Electric Power to Tongbao Energy, the above mines will enter listed companies in the future according to the way of "mature injection". The mature production capacity now has the conditions for injection, and the coal production capacity that may be injected in the future is as high as nearly 100 million tons.
After the additional offering, the performance still thickens slightly, focusing on the trading opportunities brought by the premium offering.
After the company's major asset restructuring is completed, more than 80% of its revenue will come from the coal business. According to the company's total share capital of 3.019 billion shares after the rights issue, taking into account the cash acquisition of the three coal mine shares, the total EPS in 2013 will be 0.38 yuan, the corresponding valuation of 13 times, the diluted equity performance is still slightly thicker. The price of the rights issue is 6.59 yuan, a premium of up to 30% over the current price of 5.06 yuan. It is recommended to pay attention to the trading opportunities brought by the company's premium offering.