On the evening of January 3, the company announced that it intends to transfer the leasehold and undersea inventory of four sea areas in Guanglu Island, Changhai County, for a total price of $100.5 million.
For the deal, Swertia said it would speed up its \"skinny\" program, reduce its asset-liability ratio and further control the risk of farming. After the completion of the transaction, the company's business in guanglu island from the \"bottom sowing sea cucumber breeding\" model to \"integration of aquaculture resources\" of the \"aquaculture company\" light asset operation mode.
To put it bluntly, Swertia gave up its bottom sowing ginseng farming business and sold the sea contract and sea cucumbers for sale.
Among them, the four sea areas involved were contracted from the Dalian Guanglu Fishery Industry and Industry Corporation. According to the information disclosed by the Company to Guanglu Island, the sea area of 2.3 million mu of the Company's right of sea area is respectively located in Zizi Island, Xiaochang Shan Island, Ocean Island, Guanglu Island, Usnan Island and Shandong Long Island. Among them, Guanglu Island is located in the offshore sea area, which is mainly raised by near-shore floating raft, rather than the company's repeatedly problematic prawned prawned scallops.
On the evening of january 3, the company also disclosed the assessment report issued by liaoning yuanzheng assets assessment co., ltd. and the survey and assessment report issued by the national marine environment monitoring center for the sea-sea sea-sea sea-sea sea-sea sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea-sea
According to the assessment report, Swertia acquired the right to lease the sea area by way of a lease contract, and the four sea area leases involved will expire at the end of 2027 or March 31,2028. The four leases involved a sea area of hectares, with a book value of $10,000 and an assessment value of $10,000, of which sea cucumbers exceeded 400,000 kilograms and an assessment value of more than $100 million.
The direct impact of the deal, which started in 2020, on Swertia is to recoup $10.5 million of liquidity and increase net profit by about $71 million. This will have a positive effect on the company's cash flow and improve its financial position.
The death of the 2019 scallops almost made it difficult for Swertia to win the performance battle on the basis that it had already lost money in the first three quarters. According to the announcement, only scallop death caused by the cost of inventory write-off and inventory fall reserve amount of up to $100 million.
The light asset model may also be a measure that Swertia has to take. At the end of the third quarter of 2019, of the company's total assets of about 3.4 billion yuan, the net assets were only 100 million yuan, and the company's debt ratio exceeded 90%.
Actively invigorating assets is also the established strategy of Swertia. After scallop deaths were staged in 2019, Swertia proposed an accelerated landing \"skinny plan\" to speed up the disposal of assets with low correlations with the main industry and large capital use to give a stake in core industrial projects.
In addition, for the bottom sowing shrimp scallops that have repeatedly brought serious damage to the company, in 2020, the scale development stage was adjusted to the pilot-scale exploration stage, the pilot-scale shrimp scallops about 100,000 mu per year, basically closed the bottom sowing shrimp scallops to increase the risk of breeding; abandoned the relatively complex sea conditions about 1.5 million mu, estimated to save about 70 million yuan per year in sea cost.
But the company's director, mr. luo, objected to the move. The reason was that no formal report had been received on the impact of the sale of some of the rights to use the sea and the stock on the company's future operations, with doubts about the need to sell the rights to the sea and the stock at this point.
Luo Weixin was nominated as a director of the company in September 2016 and is a representative of Beijing Jirong Yuantong Asset Management Co., the company's second largest shareholder, with Jirong Yuantong holding a% stake in Swertia.
On the board of directors on April 26,2018, Luo Weixin abstained on the company's 2018 annual business plan and investment plan bill on the grounds that no information was received on the relevant investment inquiry. A negative vote has since been cast on a bill to provide loans to the equity-taking firm, Amur.
On the board on august 27,2019, mr luo voted against all 16 of the company's proposals for asset sales. The reason is that the specific material on the subject of the board of directors has not been received in advance, and the contents of the document are huge, and it is impossible to make a professional judgment to the board of directors to inquire deeply about the relevant matters, and to express opinions and suggestions on the accuracy, completeness and compliance of the contents of the meeting materials, especially doubts about the fairness of the pricing of the subject matter of the transaction and the necessity of trading at this time point.
The Shenzhen Stock Exchange requested Swertia to elaborate on the specific impact of the transaction on the company's future operations and the necessity of the transaction, and whether the company had provided the board members with the necessary materials including the above.
The letter of concern noted that the total value of the leasehold and undersea inventory assessment for the above-mentioned areas was $100 million, representing an increase of% over the book value. The company announcement also showed that the parties to the transaction were established after December 23,2019, with good performance and payment capacity and controllable risk of transaction money recovery. In response, the sse requested the company to provide additional information on the specific circumstances of the transaction's registered capital paid by the other party, the source of the funds for the transaction, the specific basis on which the company considers that its performance and payment capability is good, and that the risk of recovery is controllable, and whether there is a relationship between the other party and the company, dong jiangao.
The Shenzhen Stock Exchange also requires a description of the basis for confirmation of the book value of the sea sea sea sea sea sea sea, combined with the company's previous processing procedures, sales price, current price trend, the basis for evaluating the unit price of the submarine sea ginseng market, whether the gross profit rate of the inventory sold this time is different from the gross profit rate of the last three years and whether the transaction price is fair.
The assessment also shows that its assessment value includes the value of the sea contract rent and the use of gold in the sea area over the remaining period. Shenzhen Stock Exchange requires the company to explain the specific calculation process of the evaluation value in combination with the starting and ending date of the warrant, the period of the lease contract, the specific amount of the sea area contract and the use of the gold.