BERICHT OP DE SITE VAN NAVINFO d.d. 10-06-15
NavInfo confirmed that it’s planning to bid over HERE map service and issue 2.05 billion RMB of corporate bonds.
2015-6-10
At night of June the 1st, NavInfo publicized a series of announcement involving corporate bond issuing, restricted ballot incentive schemes, shareholders’ dividend repay planning in the coming three years and competitive tender suspension.
NavInfo’s announcement of competitive tender suspension verified the report from many media including 3sNews that it willparticipate the bid of Nokia HERE map service. According to the company, NavInfo held the eleventh meeting of third board of directors, which approved and passed the bill of authorizing NavInfo to participate in NOKIA HERE acquisition bidding. The board agreed to grant the management level to evaluate the business and relevant conditions about HERE may service, and to make decision on the share acquisition bidding. Due to the large sum of money involved, there’s a huge uncertainty of bidding. Therefore, NavInfo applied for continued suspension of new shares and it will issue an announcement and resume trading until the bidding outcome is confirmed.
According to earlier reports, the consortium of Tencent, NavInfo and EQT Partners AB would participate in the bid over HERE map service and make an offer of 4 billion dollars. Corporate bond issuing scheme, which was released at the same time of competitive tender suspension, indicated that NavInfoplanned to issue corporation bonds for qualified investors in order to supplement its floating capital. The denomination of the bond is 100 RMB and the issuing scale won’t exceed 1.05 billion RMB(including 1.05 billion RMB). Besides, Navlnfo also planned to issue no more than 1 billion RMB(1 billion RMB included) corporate bonds in the way of non-public corporate bonds. The denomination of the non-public corporate bond is also 100 RMB and the bonds will be issued at par or at the price of face value. All of this means that NavInfo will raise no more than 2.05 billion RMB(about 331 million US dollars) in ways of issuing public and non-public bonds.
As is introduced, NavInfo’s bond period this time won’t exceed 5 years(including 5 years) and its varieties can be single-period varieties and multiple-period varieties. As for the non-public bonds, there can be secured bonds, unsecured bonds, or the mixed varieties of secured and unsecured bonds. The specific varieties and period constitution need to be submitted to and verified by the authorized board of directors or authorized individuals of stockholders’ meeting according to relevant stipulations, situation of capital demand and the then market situation.
NavInfo also released restricted ballot incentive schemes(revised draft) and planed to give restricted ballot incentive to the incumbent senior executives, and 513 key staff in corporate core management, technologies and business operation. The amount of the restricted ballot will be 20.74million shares, around 2.70% of the total capital stock. The reserved 2.051million shares occupy about 9.89% of the authorized total equity. The price of the authorized restricted ballot involved in the scheme is 11.33 RMB per share. The object stock lock-up period will be the 12 months after the grant date. There will be three times of de-blocking after the lock-up period expires. And the performance requirement of de-blocking is with the net profit in 2014 as the base, the net profit growth rates from 2015 to 2017 are respectively no less than 15%, 30%, and 60%, and the net profit return rates are respectively no less than 3.6%, 3.8%, and 4.0%.
Currently, there’s no updated news about NOKIA’s selling HERE map service. The bidder are still Tencent, Navlnfo, EQT Partners AB, Baidu, Uber and Apax Partners, the three German vehicle giants, three American private equity firms and the minor holdings Microsoft put forward in acquiring HERE map service. Among the potential buyers, Navlnfo is the only one to participate in the bid in the official way. Although this may seem impossible, active participation with Tencent and EQT Partners AB as partners is somehow a good thing.