24 coupons closure: Founder and employers staged Realm of Conscience? text / Zhao Nan do not want to wait to be capital of 24 coupons CEO Du Yinan deportation, is seeking more financing as a bargaining chip to the employers back to the negotiating table with its peer. On Friday, the domestic buy nets 24 coupons disclosed signed by representatives of all 13 departments of the collective statement, said it would suspend business paid way to deal with debt collection behavior from creditors, saying this difficult decision was made by a 24 coupons an oriental take away the company working capital due to the critical moment. In fact, 24 tickets also hope that through such a closure, the old shareholders, 'forcing' in order to force a dialogue with itself.
Du Yinan to the 'First Financial Daily' correspondent admits, the management team and shareholders 24 tickets from Malaysia intensify contradictions, the two sides were deadlocked. It is understood that the coming of the financing, but a stepping stone to the interests of both the layout, the amount is only about ten million yuan level. The financing is in the back, as well as a potential strategic acquisitions occur, it is said the two sides at loggerheads over the causes of equity arrangements. 'Palace Doo' Upgrading Du Yinan did not think, because the old shareholders do not wish to continue to invest in their personal and forth for months in a row, the result of hard financing, just waiting for their plot will be kicked out of the sidelines of the process. Du Yinan this process is described as a 'coup': in September this year, in the United States before the night of Du Yinan received several letters with similar content of the message, the message sent from several core 24 tickets Beijing office high tube. They invariably reveal their 24 coupons COO KK, we are plotting to set up a new company in addition to 24 tickets, and decided to execute before returning to complete the transfer of assets Du Yinan. After a few months, KK at 24 tickets on behalf of attachment to the consultant, served 24 coupons COO post is just a half months. It is reported that, KK Malaysian financial group had to work for a successful chairman of private friends. And one of the investors for 24 coupons CEO Vincent Tan of Berjaya individual company (B \u0026 amp; B company). 24 tickets for investment projects also happens to be responsible for the success of the Group chairman. Thus, in 24 coupons inside, KK is seen as an investment representative employers exists Vincent Tan area. After learning KK to separate the company's news, Du Yinan night with each telephone company executives stating that it 'As the founder of 24 coupons will never leave the company', in agreement with the number of executives by Mail dismissed KK. Since KK 24 coupons COO serving only half, yet follow the normal duties of the appointment process, so it is not approved by the board of directors was dismissed directly. However, after being dismissed position, September 13, KK represented a unilateral investment into $ 2.4 million would have been 24 coupons capital account within a two-pen has transferred to outside Du Yinan control of HSBC, As a move to deal with it. Just last week, one of the Chilean company's creditors 24 coupons apply to the court bailiff joint ticket office 24 times to forcibly demanded compensation, the two sides had intense negotiations. It is reported that 24 coupons owed to the Chilean company 1.69 million yuan. In KK represents 24 investors out of operating funds after the above coupon, 24 tickets have been unable to repay debts. Du Yinan by all the funds currently control only about 2 million yuan. Du Yinan told reporters that 24 tickets paid at the beginning of last week closed down for the protection of employee safety, and to put pressure on employers to consider KK represents. Du Yinan equity dispute that he knew contradiction and investors will come sooner or later, but I never thought would ever appear in this way. 3 months ago, since found a new round of investment intention, Du Yinan see hope will bring out the plight of 24 coupons. Earlier it was revealed KK, despite mounting losses narrowed close to break-even, but was still 24 tickets liabilities of about 60 million yuan.
Du Yinan financing the upcoming news and timely feedback to the KK on behalf of investors. Du Yinan told reporters, whenever talk shareholding issues, which would not be a positive response, and dragged on, which makes him very anxious. KK on behalf of investors informed that after a new financing, Du Yinan also contacted other strategic investors will enter in due course. KK on behalf of investors began to take the initiative and Du Yinan equity financing for cosplay tekken new entrants to negotiate distribution issues. 24 coupons had experienced a total of six rounds of financing, after the last round (E round) financing, the management of holding a total of 24 coupons of 24.8%. But 24.8 percent of managerial ownership are ordinary shares, not preferred shares. In the private placement, once financing more frequently, according to progressively dispensed from the preferred stock to common stock, common stock may be less than the number of points of interest. KK told us, for the introduction of a new round of financing, the investor is willing to Du Yinan 8% is allocated to the founder, the management team of 2% preferred stock. However, Du Yinan bottom line is their personal and management team required to obtain a total of 25% of the preferred shares, accounting for common stock can be reduced.
The two sides deadlocked on this. Du Yinan To do that in the most difficult time of 24 coupons, are all employees to make the company survived, for which employers have promised more incentives to the management team in the course of future financing; secondly, new financing his personal pull to the original shareholders in the process not to make contributions in accordance with industry practice, the reason for more preference shares. Some industry analysts believe that, from the current domestic buy industry situation, 24 tickets have been hard to come IPO insist that step, which makes it difficult to find common shares realizable arbitrage opportunities, while preferred shares through a private placement financing is possible or merger arbitrage, It is also 24 coupon management team and the root cause of the employers of the game lies. cosplay costumes for sale Du Yinan chain Bureau believes that the reason why many entrepreneurs let employers mercy, because in the hands of a lack of chips.
Therefore, it decided to take the initiative. So far, 24 tickets founder equity dispute with management upgrade. In September this year, out of 24 coupons operating accounts understand, Du Yinan in KK's eyes, from B \u0026 amp; B Company 24 tickets call overseas accounts, out cosplay xxxholic of about 2 million yuan go to a country of 24 coupons account. The domestic financial system accounts is 24 tickets in the core of a transit account. Du Yinan been to Malaysia online with B \u0026 amp; B company as a unified interest groups. B \u0026 amp; B company responsible for the investment project is 24 tickets Berjaya Group chairman, and success of the Group set up joint ventures with Malaysian companies online, but also the major shareholder of Malaysian online 24 voucher. In addition, employers Malaysia holds a total of 24 tickets for nearly 40% of the preferred stock, at 24 coupons five board seats occupied two seats, a greater impact on the decision-making of other shareholders.
In other words, through the redeployment of B \u0026 amp; B company funds, it seems Du Yinan has with many shareholders game chips. B \u0026 amp; B company indeed anxious, began a series of moves. In addition to plans to set up another company outside of 24 coupons, existing shareholders unilaterally transferred $ 2.4 million receivable, KK 24 tickets remaining aspects will most overseas accounts frozen. This situation has been confirmed by KK's. Currently, Du Yinan chips have 200 million yuan of funds and the threat of closure accounts transferred from overseas, and 24 tickets contradiction with creditors threw the original shareholders. The old shareholders will control a lot of money 24 voucher. But otherwise reliable sources, the two sides valued the equity interests that are not assigned single new financing, but for the larger strategic investor after this another merger, launched ahead of the interests of the layout. Du Yinan said that he and the new private investor and another acquirer very close, do not worry about the old shareholders will circumvent its negotiations with the new employer. He expressed full confidence in the negotiation of new investors. It also said that the Malaysian employers' representatives KK had leaked outside the company e-mail, and distribute the adverse information 24 coupon will only make future buyers purchase price lower. There are other deals industry are concerned, however, strategic acquisitions are to buy a domestic market pricing, 24 vouchers to buy equity dispute is depressing overall valuation. He expressed the hope that the founders and employers in the longer term interests to restart negotiations. (Via First Financial Daily)