GMG Media Group Limited
Raking muck, Part 6
Concluding our hexalogy, we look at a recent deal by COMG (0254). Existing shareholders were diluted to 2.54% in an acquisition valued at HK$1242m for a business which would need capital of HK$3.6m. We estimate that the vendor has already cashed in about $1812m by selling convertible bonds and shares. We also look at what comes next for COMG, and some unfinished business for the authorities. (11-Mar-2012)
Concluding our hexalogy, we look at a recent deal by COMG (0254). Existing shareholders were diluted to 2.54% in an acquisition valued at HK$1242m for a business which would need capital of HK$3.6m. We estimate that the vendor has already cashed in about $1812m by selling convertible bonds and shares. We also look at what comes next for COMG, and some unfinished business for the authorities. (11-Mar-2012)
China Outdoor Media buys GMG Media Group Ltd from Jiang Qi Hang for HK$1242m
| Circular
Company announcement, 28-Dec-2009
Of which HK$13m in 100m shares @$0.13 (34.3% discount) and HK$1229m in 0% convertible bonds convertible @$0.13. The target had net liabilities of $9,000 at 31-Dec-2009. The PRC Company was set up on 11-Apr-2008 and had net assets of HK$1.93m at 31-Dec-2009 and 1 employee. Neither has commenced business.
Company announcement, 28-Dec-2009
Of which HK$13m in 100m shares @$0.13 (34.3% discount) and HK$1229m in 0% convertible bonds convertible @$0.13. The target had net liabilities of $9,000 at 31-Dec-2009. The PRC Company was set up on 11-Apr-2008 and had net assets of HK$1.93m at 31-Dec-2009 and 1 employee. Neither has commenced business.
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