FAW general meeting of shareholders overwhelmingly rejected the "deferred motion."

Posted on 6/28/2016 10:32:10 AM

June 27 afternoon, the FAW general meeting of shareholders held in Changchun. The general meeting of shareholders, the largest shareholder of FAW shares resolve intra-industry competition, the FAW Car, FAW Xiali overall market extended for a further 3-year commitment to change commitments, was not adopted. Previously, FAW Car said, as a result of stock market fluctuations and changes in the macroeconomic environment, FAW internal management also major changes in his commitment to the overall market FAW can not be completed within the deadline.
The "three-year extension to complete the commitment," the appeal did not go through, the commitment also means that the overall market FAW shares, constituted a material breach. Beijing News reporter Li Chunping Changchun reported
Participants shareholders refused "undertaking"
Yesterday 14:30 FAW Car 2015 annual shareholders' meeting convened to consider including annual reports, board of supervisors work report and other proposals.
This is a routine annual general meeting of shareholders, because June 3 announcement FAW large shareholders will change irrevocable commitment and concern. FAW shares in 2011 had promised to solve the FAW Car, FAW Xiali competition with the industry within five years, the overall market.
June 3, FAW Car sudden announcement that, due to changes in the macroeconomic environment and due to stock market volatility, FAW internal management also major changes, the commitment can not be completed within the deadline listed, ask the shareholders' meeting agreed to further delay the promised 3 as a transition period.
Request to change an irrevocable commitment to an announcement, FAW Car will lead to investor discontent. Part of the small shareholders call to veto the bill in general meeting.
Yesterday, FAW Car aspects "vigilant." Before the start of the shareholders' meeting, FAW in Changchun High-tech Zone is located in the mountain Wei factory convey indoor, two staff members responsible for the registration of participants shareholder information, and another four staff have been watching every shareholder register.
Before registering, each participant shareholders were asked to sign a letter of commitment. A sheet of A4 paper, FAW listed seven provisions requiring shareholders to sign it.
Analysis formed; during a general meeting, the company does not intentionally inquire undisclosed material information without permission and not to communicate with the designated person inquiry: the commitment to the book, FAW requirements, each participant shareholder commitment reports, press releases and other documents released at the time of use, two days in advance to inform FAW car.
"There is no regulatory requirements for shareholders to attend the General Assembly needs to sign an undertaking." Attorney participants to come to Yao Ming Investment, and FAW Car's lawyers argue with.
The last three weeks, private equity investment Yao Ming has six sound, and collected the 3,000 shares of minority shareholders to vote against the FAW change commitments. Yao Ming will be the investment has been held since 2014, FAW Car second quarter.
"This is a requirement of the company, shareholders must be signed by the participants to the participants." Staff FAW Car said. Says a shareholder dissatisfaction, "to participate in other family shareholders, we are not required to sign such an undertaking, and why the FAW to sign."
Scene stalemate, no shareholders to sign this undertaking. FAW Car's lawyers had to go out to consult the registry. A few minutes later, FAW Car aspects of compromise, "we can not sign the contract."
Against the proportion of 97%
Complete the registration of the shareholders, and not directly to the shareholders' general meeting site. Outside the Registry, a few Jianghuai commercial vehicle brand, will sent one minute shareholder meeting floor drive away. Meeting the entrance, there are four security, and six staff members wearing work cards waiting.
14:30, FAW director, general manager Tiecheng along with the remaining 11 executives to enter the venue, on the seat facing shareholders lined up.
Opening the meeting, the participants Tiecheng asked shareholders not to the meeting site information released.
Under field, 2 3 row seats shareholder sitting sparse in the field of 14 shareholder vote. Around the venue, it is 14 staff members.
After reading consideration of the matter, completed ballot into the shareholder question and answer session.
Yao Ming Investment First question, "FAW shares mentioned only postponed, but the specific content is not how to solve. How will urge the board to complete the major shareholder commitment?"
This issue has not been a positive response to the presence of FAW Car executives. FAW director, general manager Tiecheng responded that he did not get a specific response to this mandate, the views will be conveyed to the shareholders of the largest shareholder of FAW shares actively with the major shareholder feedback, and promote the next three years to fulfill its commitments.
The shareholders' meeting, a number of issues raised by shareholders, FAW Car executives are not authorized by no positive response.
Without obtaining valid responses, the FAW shares requires a commitment motion extension, only received 2,882,000 votes to 239,000,000 against, abstained 3.88 million. Against the proportion accounted for all shareholders to attend the meeting 97.2561% of the total voting shares. In the end, the bill was not adopted.
For a result, investment Yao Ming said that the future will continue to operate in accordance with laws and regulations, FAW Car fulfill previous commitments, but will also be in the form of dialogue to achieve this purpose.
Yesterday evening, FAW announcement, no reference to "the future will be how to do."
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"This victory belongs to minority shareholders."
FAW Car's shareholders, stock is 10 years of Li for the first time to participate in the listed company shareholders. To attend the shareholders' meeting, Li from his hometown in Henan, all the way to sit ten hours by train.
"Zhengzhou because when too late, can only make do with sleeping in the street a bit, six subway opened, and then take the subway to the train station, the train came to Changchun, a trip of more than 2,000 kilometers, can hope FAW Car see our minority shareholder demands. "Li said.
Because missed the time of registration of shareholders, to the scene to participate in the general meeting of shareholders of Li was blocked FAW staff, can not participate in a live vote. Yao Ming Investment attorney cited the participants under the provisions of the shareholders' meeting, Li admitted at the side of the conference room to see real-time broadcast of the general meeting of shareholders.
In hearing the FAW shares requires a commitment to postpone the motion was negative, Li said, he almost jumped with joy, "This victory belongs to minority shareholders."
Li said that in his back, a group of FAW shares requires an irrevocable commitment postponed discontent retail investors. "I'm not a person to attend the shareholders' meeting, on behalf of the more than 1,000 retail, when I promise postpone the motion was whether the message is sent in the group, everyone cheers." Li told the Beijing News reporter.
FAW Car of the future, Li hope the management will seriously consider the demands of minority shareholders, "I hope that after three years, I can come here to vote, the votes cast FAW overall listing of the shares."

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