See feature article below: China Metro-Rural Holdings Limited (NYSE-MKT: CNR)
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Report For: China Metro-Rural Holdings Limited (NYSE-MKT: CNR)
On May 20th, 2016 CNR announced it was taking its shares private and told investors to expect a payment of $1.03 per share. Today CNR shares are up 70% at $1.70 per share. CNR shares are normally thinly traded at an average of 2,868 shares per day, but today have traded 5.2 million shares. No news has been reported from the company since that announcement.
According to data reported on Yahoo Finance CNR has a book value of $2.42 per share. The estimated Enterprise value is $224 million and with 75 million shares outstanding that equates to $2.98 per share. The company’s balance sheet reflects a cash position of $1.10 per share. Given these simple valuation metrics, the company’s proposed payment of $1.03 per share may not be enough.
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NEW YORK, NY–(Marketwired – May 20, 2016) – China Metro-Rural Holdings Limited ( NYSE MKT : CNR ) (the “Company”) is pleased to announce its plan for going-private or privatization (“Privatization”).
“We believe there are many benefits to taking CNR private, which support the strategic goals and vision that we have for the future,” said CNR’s Chairman and Chief Executive Officer Sam Sio. “We have determined, after several years of trading in the U.S. capital markets, that the capital markets are not ideal for smaller Chinese companies, like ourselves, with lower trading volumes. Privatization continues to allow CNR to maintain the characteristics of a rural-urban migration redevelopment and agricultural logistics company. Further, as a private company, we can better focus on our long-term initiatives and growth in our Chinese markets without pressure from the investment community on focusing on short-term results. We understand there are both pros and cons for Privatization, but the pros outweigh the cons.”
“Further, we believe gaining administrative efficiencies and reducing expenses from not being a public company may help increase the value of our Company. As a private company, we may be in a better position to execute our strategic plan and strengthen our presence in China,” said Sam.
The Company intends to effectuate the Privatization through a merger with an indirect wholly-owned subsidiary. Holders of the Company’s ordinary shares — other than certain specified affiliates, other holders, and holders who properly perfect applicable dissenters’ rights — should expect to receive US$1.03 in cash, without interest.
Details concerning the Privatization will be provided in filings, including a Transaction Statement on Schedule 13E-3, to be made with the U.S. Securities and Exchange Commission.
ABOUT CHINA METRO-RURAL HOLDINGS LIMITED
China Metro-Rural Holdings Limited is a leading agricultural logistics platform development and rural-urban migration redevelopment company in China.
Source – Company Press Release
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