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Fung 針對您的文章股息殖利率法--2002.tw vs VALE.us留下新意 

請問Allan
VALE
有普通股和特VALE.P ,
我查一下特股是投票上的力比, 
股反而比便宜呢 ?
如果純領股息是不是應該買股比划算
 




HI FUNG:
謝謝你的分享
你的問題非常有趣.我昨天也用力的想了一下.也查公司的
正如你所 VALE.P 這個股真的有投票權,跟我一般想的不一樣 (附錄二)
但是因他在外面的籌碼,我猜可能要收股票比 (因為特別股有優先配息的權利..所以在市面上交易量比較少) 2013-7-26 VALE.P 交易量 4.256M SHARES VS VALE =10.796M SHARES

至於你說的投票權利比較大,公司的網站資料顯示,普通股要收集百分之十五VOTING CAPITAL.特別股要收集百分之十 TOTAL SHARE CAPITAL,可以提名董事,因為在外面的籌碼流動不一樣,相對特別股要收集百分之十比較困難(因為特別股交易量較小) VALE.P要收集2,108.579M X10%=210.8579M,, 佔 ADR 636.8M =33.11%...所以,你不能高價買這些股票,否則到時賣出,因成交量不大,可能會吃虧..反觀,VALE在外流通39.6% 我猜測 VOTING CAPITAL 比較小 ... FROM = WWW.VALE.COM



以上這些,是我的猜測.我也把我的問題問 TDA 的客服中心,他的回答如下,(我發現它有回答等於沒有回答) (附錄一)

另外用收股息的觀點來看. VALE.P特別股好像比較划算.但是問題是,普通股 AND 特別股都存在一個價差,你買的時候比較便宜,當你要賣出的時候,也是比較便宜中間的利弊得失,我還在思考 (2013-7-27 我今天又想了一下, 目前 股息殖利率 vale.p >vale ...  長期持有vale.p 應該比較划算.. 我有空會下單 vale.p, 謝謝 Fung)



以上提供您做參考,謝謝你


(附錄一) 
RE:VALE VS VALE.P

From: Message Center Client Services|
Date: 07/26/13
 
 Allan Lin:
  Thank you for contacting TD Ameritrade.  Because these are different securities, they have different prices and also different perks depending on which one you choose.   
 If there is anything else I can do for you, please reply to this e-mail. Your business is appreciated and I want to make sure I address all of your questions and concerns.  
 
Sincerely,   Shannon Hiz

 Apex Client Services, TD Ameritrade Division of TD Ameritrade, Inc.    


As stated in Vale By-Laws, each common share entitles the holder thereof to one vote at shareholders meetings. Holders of common shares are not entitled to any preference relating to dividends or other distributions made by Vale.
Holders of preferred class A shares and the golden shares are generally entitled to the same voting rights as holders of common shares, except with respect to the election of members of the Board of Directors, and are entitled to a minimum annual non-cumulative preferential dividend of (i) at least 3% of the book value per share, calculated in accordance with the financial statements, which serve as reference for the payment of dividends, or (ii) 6% of their pro rata share of our paid-in capital, whichever is higher. Non-controlling shareholders holding common of our shares representing at least 15% of our voting capital, and preferred class A shares representing at least 10% total share capital, have the right to appoint each one member and an alternate to our Board of Directors. If no group of common or preferred class A shareholders meets the thresholds described above, shareholders holding our total share capital are entitled to combine their preferred class A or common shares representing at least 10% of holdings to appoint one member and an alternate to our Board of Directors. Holders of preferred class A shares and the golden shares may elect one member of the permanent fiscal council and the respective alternate. Noncontrolling holders of common shares comprising at least 10% of the common shares outstanding may also elect one member of the fiscal council and an alternate.

你可以同時參考


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