Vol 5 Chapter 141: International Monetary Fund shot

Don't you have any compelling points in your heart.
William slandered himself inwardly.
Prior to 1987, Rolls-Royce was a 100% holding company of the British government.
It was not until Margaret Thatcher came to power to promote the privatization of private state-owned enterprises, the British government adopted the method of stock listing, and the total share capital of Rolls-Royce was 801 million per share. The price of the pound sterling is all sold, and only one gold share is retained, which is a special rights share.
never had.
This does not seem to meet the definition of the British free market.
With the value of Rolls-Royce, who doesn't want to completely control it, how can there be no actual controller.
But the word free is itself a false proposition.
Any country, whether in speech or behavior, is bound to be subject to certain restrictions.
Although the United Kingdom is an established capitalist country and is also known as a free market country, it still has a variety of protection policies in terms of trade and economy.
The Securities Commission of the United Kingdom stipulates that the equity of any individual or legal person must be announced to the public. If you hold more than 23% of the shares, you must bid to buy all the shares.
And a gold stock held by the British government can be understood as imprisonment.
Its meaning is to reserve special rights.
It is specifically embodied in: without government approval, Rolls-Royce cannot be merged by any other enterprise or amended its articles of association; foreign shareholders shall not hold more than 29.5% of the shares; the chairman of the board of directors, the chief deacon, 70% Five board members must be British citizens.
These points alone are enough to eliminate the possibility of any foreign capital controlling Rolls-Royce.
If this is not enough, Rolls-Royce has several multiple insurances in its management mechanism.
The Securities Commission requires that the holding of more than 23%, you must bid to buy all the shares, so that all companies in the UK have no absolute controlling shareholder.
Of course, this also includes Rolls-Royce. Even when Rolls-Royce acquired Bentley, he was forced to buy all the shares of Bentley.
According to the regulations of the Securities Commission, Luo Luo is as decentralized as other listed companies. The total number of shareholders exceeds 500,000, most of whom are small shareholders and a few are large shareholders. Among these few major shareholders, 15 public funds own more than 40% of Rolls-Royce's total shares, and the largest fund holds approximately 15% of the total shares.
Because the equity is fairly dispersed, the major shareholders are fund institutions that will not directly intervene in the management of the company. This leaves no major shareholder representatives on the company's board of directors, and no individual shareholder has control over the board.
In the United States, the chairman and president are often part-time by one person.
But it's different in the UK.
Luo Luo's highest management organization is the board of directors, which is composed of 13 people, including eight executive directors and five non-executive directors. Managing directors are full-time salaried operating managers in Rolls-Royce, including chairman, president and directors of various departments.
The five non-permanent directors are all external part-time staff, most of whom are senior managers of other companies, university experts and professors, and even retired politicians. They are responsible for supervising and evaluating the work of the chairman, president and other executive directors, deciding their remuneration and submitting a list of candidates for director re-election to the general meeting of shareholders.
It can only be similar to that of other countries' supervisory boards.
According to the articles of association of Rolls-Royce, the term of office of directors is three years, with one-third replacement each term and re-election.
How to control such a company?
There is no way to control it.
Shen Jiannan, a Chinese native, blocked all roads as far as foreign shareholders' holdings should not exceed 29.5%.
Even in the name of other shareholders and funds, the special power held by the British government has blocked the way.
What's more, there are constraints and constraints of the company's management.
Anyway, William thought about it for a long time, and didn't want to understand the meaning of buying Rolls-Royce stock. It's better to go to other companies to pull a wave of prices and cut some leeks.
There is absolutely no room to drill!
"Boss. I don't think it's meaningless for us to buy Rolls-Royce's stock. Apart from helping them get out of their troubles, we may not get any benefits. Do you want to eat their dividends? They had the highest profit margin last year. , It’s only five pence, this money-losing goods, I don’t think it drops very much anyway."
"William. Didn't I tell you that in the capital market, there has never been impossible, only everything is possible?"
When did you say it?
"We don't have superpowers to change these rules."
"Congratulations, you are right. We don't have superpowers, but we have the ability to make money."
"..."
Hanging up the phone, Shen Jiannan poked his cigar and walked to the office terrace.
In William's eyes, Rolls-Royce's management mechanism is naturally impeccable. In other words, for people of this age, it is impossible to find the control loopholes of Rolls-Royce.
But these are not pediatrics for a 30 years later.
In 30 years, the world's major companies have no idea how many capital and government battles have been performed, and how many hostile takeovers and annexations have been staged.
It is not that complicated at all to take control of Rollo.
What's more, even if you can't get the absolute control of Rolls-Royce, the depreciation of the British pound will soon stimulate the growth of the British economy, and Rolls-Royce's stock will rise at a geometric rate. .
But if it wins, it will be a great advantage.
Probably because of a rain, today’s weather looks exceptionally clear, with clear skies and blue sky and white clouds, with a breeze blowing, making people feel particularly comfortable. ,
Gently exhaling the smoke in his mouth, Shen Jiannan looked towards the southeast, with bursts of crystal clear colors in his dark eyes.
Who could have imagined that this era is a time when the ways of heaven are reversed and things change.
In this battle for national luck, who would have thought that from now on becoming a harmless rabbit, the eyes will become brighter and brighter.
The night gradually came.
As night approached, the dark sky gradually enveloped the entire city of London.
But it didn't become dark because of this. With various neon lights and street lights lit, it looked like a night pearl floating on the sea.
Upper London residential area, Mayfair Park Road.
The Grosvenor House Hotel is like a golden dragon. Under the golden light, the Georgian architecture makes you feel its elegance, luxury and style without walking in.
Under the bright lights, from the entrance of Hyde Park to the hotel entrance and the parking lot, police cars with flashing warning lights patrolled or parked nearby in twos and threes, and many police officers in uniform or plainclothes swept around vigilantly.
Even the Metropolitan Police Agency was unable to leave work on time as usual, and had to pay attention to the security situation near the Grosvenor House Hotel.
Because there will be a top party here tonight. There will be celebrities and multinational businessmen from many countries around the world. No one dares to let any accident happen here.
"Barty. Do you know who those are?"
"I need to ask? I knew it at first glance. It must be the personal bodyguards of the rich."
"These rich people are so afraid of death. They already have so many bodyguards here, and they actually want us to protect their safety. It's time for me to get off work, but I have to work overtime here."
"..."
Not far from the hotel entrance, two policemen sat in a police car and complained that they had to be sent to work overtime after work.
Unfortunately, their complaints were simply ignored.
For those who ask them to work overtime, the police’s overtime is not worth mentioning compared to the current economic situation.
During the week when the pound depreciated, the French franc was under tremendous pressure, and French Finance Minister Michel Sapin even publicly suggested that all the troubled currency speculators be sent to the guillotine.
Neighboring Belgium is the same. Foreign Minister Willie Kreis even stated that Britain condones currency speculators' reckless behavior and lets those financiers plot to divide Europe.
Of course, he would not admit that this was because the Belgian franc was attacked by international speculators during the day, although the price of Belgian franc was eventually protected by raising interest rates ~ EbookFREE.me~ Belgian banks still lost 3 billion francs.
The International Monetary Fund wrote about the resulting capital inflows into European exchange rate regime countries:
One of the important factors that promote capital inflows is that international investors increasingly believe that the member states of the European exchange rate mechanism are in the process of moving closer to the European currency unit. In this case, it is conducive to the high-yield European exchange rate mechanism currency. Differences in interest rates will increasingly overestimate the actual risks of exchange rate depreciation.
As a securities portfolio manager thinks: "Since we can obtain higher returns from peseta or lira government bonds without having to bear compensatory risks, why not stare at the income from SDM government bonds? ?"
However, another view on the assumption of fixed exchange rates believes that the risk of trading positions in currencies other than the European exchange rate mechanism is usually avoided through "alternative hedging."
For example, when obtaining lira securities, a hedge of the Deutsche Mark position against the US dollar will be done.
People's favor for convergent transactions is almost everywhere.
A securities portfolio manager claimed that it is equivalent to "government-funded hedging transactions" in people's eyes.
The European exchange rate mechanism has promoted a new class of money market mutual funds that have become popular at an alarming rate. This type of mutual funds specializes in trading short-term securities of foreign governments with high interest rates.
According to Morningstar estimates, these funds attracted more than US$20 billion from investors in 1989-1992.
The main securities investment behavior of these funds is convergent transactions.
As for the overall size of the market position, the International Monetary Fund reported: "It is roughly estimated that the total size of convergent transactions may reach 300 billion US dollars."