加国黑莓卖身难成事 股价猛挫 店铺不卖黑莓机

[Fisher2004]

加国黑莓卖身难成事 股价猛挫 店铺不卖黑莓机
2013-09-26 10:25 来源: 明报 作者:


Fairfax收购料难成事 黑莓再挫6% 目标价7美元



BlackBerry塬本视Fairfax周一提出的收购建议为救生圈，但有报道指Fairfax尚未找到合作投资者，银行融资也未有落，其股价昨再挫6%。　(加新社)

加国智能手机生产商BlackBerry(黑莓，代号BBRY/BB)纽约股价昨天跌逾6%，并且距离Fairfax Financial所提出的每股9美元收购价愈来愈远，反映有更多投资者同意分析员的意见，即Fairfax的收购建议难以成事。



BlackBerry昨天在纽约收市跌0.53美元或6.15%，报8.01美元，较Fairfax的建议收购价9美元少一成。BlackBerry在多市收报8.26加元，跌0.52加元或5.92%。

收市价低收购价一成 反映市场没信心



通常上市公司获收购建议后，股价如高于收购价，反映投资者相信有更高收购价出现，较正常是稍低于收购价，意味投资者预料以此价格完成收购，但如今BlackBerry股价较收购价低一成，反映投资者没信心该公司能以此价格成功卖盘。

BlackBerry股价下挫，最新触发点是Bernstein Research分析员Pierre Ferragu的悲观评论。他在给予客户的短评指这项交易「不大可能」完成，因为Fairfax未能找到其他机构投资者一起收购BlackBerry，而且也未找到银行融资。

Fairfax遭怀疑藉机挽救所持股权



Ferragu说：「鑑于身为BlackBerry最大股东的Fairfax不愿投入更多股权，我们相信不大可能有足够其他投资者愿加入收购，而且(这项收购)看来似是挽救Fairfax所佔股权的最后机会。」

他补充说，金融机构也不愿意支持这项交易。

Ferragu认为，这项交易成功的唯一途径，是「找一个对BBM(BlackBerry Messenger信息服务)有兴趣的业内公司参与」，而这业内公司愿意在有利税务框架下，以海外资金支持这交易。

他给予BlackBerry的投资评级是「沽售」，目标价是7美元。



Ferragu发表悲观评论，主要是鑑于昨天《环球邮报》报道，Fairfax已接触美加两国多间机构投资者，希望它们注资共10亿美元，加入他的收购BlackBerry计划;但至今只有安省教师煺休金计划表示有兴趣。



Fairfax是在周一公布，正率领一个财团提出以每股9美元的价格，全面收购BlackBerry，好让它在私有化后能在公众目光之外进行必要的整顿去扭转颓势，但没有公布透露财团其他成员的身分以及他们共出资多少。



报道指Fairfax计划找银行融资30亿美元，加上其他机构投资者入股10亿美元，以及它本身持有的一成股权，共47亿美元收购BlackBerry。



T-Mobile不直接卖黑莓机



美国第四大无线电讯商T-Mobile US Inc.(代号TMUS)执行副主席David Carey周叁表示，公司计划停止在零售店舖库存黑莓智能手机，转而将手机直接付运予买机客户。



BlackBerry数天前刚宣布，计划不再向一般消费者推销智能电话，塬因是销售剧减。



Carey指，「在零售分销系统内保持存货是没有效率的」，因为消费者对BlackBerry的需求不大。他说，BlackBerry智能电话客户大部分都是企业用家，这些买家都不是在零售店内作购物决定的。该公司将仍在店内陈列样品，供有意购买的一般消费者参考选购。

T-Mobile股价周叁收报26.08美元，升0.64美元，或2.52%。

 

[lifeisfun]

This news is from: Fisher2004@blackberry.com

 

[ccc]

店铺不卖ThinkPad。So?

 

[lifeisfun]

店铺不卖Dell, so?

 

[顶顶先]

Months before Fairfax Financial Holdings Inc bid $4.7 billion for BlackBerry Ltd, Fairfax boss Prem Watsa played a role in securing a golden parachute worth as much as $55 million for the smartphone maker's chief executive, according to company filings.

Watsa, Fairfax's chief executive, joined BlackBerry's board in January 2012 and was one of three directors charged in March with reviewing the compensation of the Canadian company's chief executive, Thorsten Heins.

The three directors - Watsa, BlackBerry Chairwoman Barbara Stymiest and long-time board member John Wetmore - decided to boost Heins' basic salary and incentive bonus, as well as sharply increase the size of the equity awards that he would receive if he loses his job in the event of a takeover.

The new contract that Heins signed in May tripled his compensation to an estimated $55.6 million if there is a change of control at BlackBerry, up from $18.9 million previously, according to a securities filing on May 21.

To be sure, the $55.6 million figure is based in part on BlackBerry's share price in early March, and the stock has fallen by more than a third since then, which may mean that Heins' parachute would be worth less.

Still, Watsa's role in deciding Heins' compensation is drawing scrutiny from some pay experts after BlackBerry on Monday accepted a conditional buyout bid from a consortium led by Fairfax, a property and casualty insurer that owns almost 10 percent of the smartphone maker.

"(Watsa) was part of the committee that was negotiating this agreement. Did he anticipate that he would make some sort of offer to buy the company? I feel like that's unlikely, but it's impossible to know," said Joe Sorrentino, managing director at executive pay advisors Steven Hall & Partners in New York.

Sorrentino added, "The only concern I would have is since they structured his compensation equity award so that it all is granted at the beginning ... it is all getting captured in a change of control golden parachute, as opposed to if they did a more typical process" of granting equity awards annually.

When asked for comment on Thursday, a Fairfax spokesman said Heins' compensation was reviewed and approved by the entire BlackBerry board.

Watsa stepped down from the board in August, citing a potential conflict of interest after BlackBerry announced a strategic review and sought a buyer. The Fairfax-led consortium aims to take BlackBerry private and give it time to rebuild away from Wall Street's gaze.

A spokeswoman for BlackBerry said the company had no comment on Watsa's role or Heins' compensation, and Heins himself did not respond to a direct request for comment.

Towers Watson, the human resources consultancy firm that worked with BlackBerry's board on the compensation package, also declined to comment on Thursday.

BlackBerry is not the first company in the spotlight for large payments for outgoing executives. Nokia's departing chief executive, Stephen Elop, stands to pocket 18.8 million euros ($25 million) if shareholders agree to sell Nokia's handset business to Microsoft Corp. Elop is set to rejoin Microsoft, his former employer.

STOCK DOWN MORE THAN 50 PCT

Heins was appointed BlackBerry CEO in early 2012, taking over from former co-CEOs Mike Lazaridis and Jim Balsillie. In the months before they stepped down, Lazaridis and Balsillie had cut their base salary to $1, a symbolic gesture that they would not draw fat checks while the company was obviously suffering.

Heins' compensation has increased from $1.9 million in fiscal 2011, when he was chief operating officer, to $10.3 million in fiscal 2012 when he was appointed CEO, before slipping back slightly to $9.1 million in fiscal 2013, which ended on March 2 this year.

Since Heins took over, BlackBerry shares have fallen more than 50 percent as the company delayed the release of its first BlackBerry 10 devices and they then failed to excite sales.

In May, Heins signed a new contract that raised his base salary to $1.5 million from $1 million; bumped his maximum incentive bonus to 150 percent of salary from 125 percent and granted him more than $34 million in front-loaded equity awards that vest over three years.

It is those equity awards that provide the bulk of the enlarged payout if BlackBerry is taken over - the shares would vest immediately instead of over a three-year period.

According to company filings, if Heins is terminated due to a change of ownership of BlackBerry, he'll receive $3 million to reflect his base salary, annual incentives worth about $4.5 million, and equity awards of $48 million.

The board said the higher payouts were justified to retain Heins and ensure his interests are aligned with those of shareholders, and to reward the executive for leading BlackBerry through a period of massive upheaval.

"The necessary speed and scope of this transformation, as well as its critical importance to the future success of the company, demand leadership of exceptional skill, agility and vision," BlackBerry said ahead of its July annual general meeting, when shareholders approved the changes.

The filings show that BlackBerry's board also gave Heins a "special achievement bonus" of $3 million for launching the BlackBerry 10 platform used for its latest smartphones, and for maintaining cash and liquidity above $1.5 billion.

Last week, the company said it would book almost $1 billion in writedowns, mostly on unsold BlackBerry 10 devices, when it reports second-quarter results on Friday.