ST Tianlong , which has suspended trading since November 3, disclosed the private placement plan today. The company plans to issue additional 55.147 million shares to the five targets at 6.80 yuan/share, raising 375 million yuan to repay the company's overdue debt and replenishing liquidity. Funding and investment in TFT-LCD (LED) optical film projects.
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The price is nearly 20% discount to the closing price of 8.47 yuan on the previous trading day. Among them, Xinan Investment, the holding subsidiary of the company's major shareholder Jinzheng Digital, subscribed for 25 million shares, and Qingdao Baihuasheng subscribed 22.5 million shares. Natural person Wang Weiqing Bao Guoxi and Fang Haiping subscribed 5.882 million shares, 1.029 million shares and 735,000 shares respectively. After the completion of the issuance, Jinzheng Digital and Xinan Investment held a total of 26.15% of the company's shares.
Due to the heavy debt burden and the weak profitability of the company's main business, ST Tianlong continued to lose money in 2007 and 2008. In 2009, ST Tianlong turned losses into profits through debt restructuring, achieving a net profit of 44,494,400 yuan. However, as of September 30, 2010, the total liabilities of the company's consolidated statements were 535 million yuan, and the asset-liability ratio was 154.95%. Therefore, the company will use the 252 million yuan of the raised funds to repay overdue bank loans and other arrears, 10 million yuan to replenish liquidity, and another 100 million yuan to invest in TFT-LCD (LED) optical film projects.
On November 8, ST Tianlong has signed a “Joint Venture Contract†with NANO SYSTEM, and plans to set up a project company to implement the TFT-LCD (LED) optical film project.
According to the company, TFT-LCD (LED) optical film is an important raw material for liquid crystal display panels and an important part of the flat panel display industry. After the completion of the project, it will make up for the blank of domestic enterprises in the field of TFT-LCD (LED) optical film production, breaking the monopoly of the United States, Japan, South Korea, Taiwan and other enterprises on the market, the company's profitability will be significantly improved.
At the same time, on November 8, the company signed a debt restructuring agreement with three creditors. As of June 30, 2010, the amount of debt owed by the company to Longli Bio was 192.56 million yuan, of which the debt principal was 120.7 million yuan and the interest was 71.86 million yuan. As of September 20, 2010, the company owed Bank Shennan Branch of 81.37 million yuan, of which 55.29 million yuan loan principal, interest on borrowing 25 million yuan, 1.08 million yuan cost of litigation. As of September 20, 2010, the company owed two debts to the Huaxia Taiyuan Branch, amounting to 6.4 million yuan and 4.96 million yuan respectively, of which the first debt principal was 6.4 million yuan, not including interest; the second debt Gold is 3.4 million yuan and interest is 1.56 million yuan.
The three creditors agreed to deduct the above debts of the company from the date when all the preconditions agreed in the Debt Restructuring Agreement were satisfied. Among them, the debt amount of Longli Bio-Reduction was 11.65 million yuan; the debt amount of the Bank of China Shennanzhong Sub-branch was RMB 56.37 million; the debt of Huaxia Taiyuan Branch was RMB 9.8 million.
This also means that through this debt restructuring, ST Tianlong exempted 10.26 million yuan of debt.
It is worth noting that before the suspension, the market seemed to be a foresight. In the previous three trading days, the company's stocks rose by 4.76%, 5.06% and 4.70% respectively. 