American International Group Inc. shares tumbled Wednesday after shareholders approved a 1-for-20 reverse-stock split to prop up the share price of the insurer as it continues shedding assets and spinning off some subsidiaries in an effort to repay the government and return to profitability.
Wednesday was the second day in a row that the company's shares tumbled. On Tuesday, the stock fell nearly 13 percent after AIG disclosed in a regulatory filing that it could face additional losses on credit-default swaps remaining on its books.
Taking the split into account, shares of AIG fell $4.98, or 21 percent, to $18.22 in Wednesday afternoon trading. Before the split, AIG's shares had closed Tuesday at $1.16 per share.
At AIG's annual meeting on Tuesday, shareholders overwhelmingly approved the New York-based company's proposal to lift the share price by shrinking the number of outstanding shares at a ratio of 1 for 20. When the proxy proposal was disclosed in May, CEO Edward Liddy said a split would protect the company's listing on the New York Stock Exchange.
The U.S. government now has an 80 percent stake in AIG. Its shareholders have nearly been wiped out since the government provided the company with a lifeline in September at the height of the financial crisis. AIG hurt itself by underwriting risky financial derivative contracts, not because of its traditional insurance operations. AIG to date has received a total of $182.5 billion in loans from the government.
Liddy has told shareholders the government may never give up its stake. "I can give you no assurances that it will ever change," Liddy said responding to a shareholder's question.
Shareholders voted to overhaul the company's board, but they failed to approve a proposal authorizing AIG to increase the number of common shares from 5 billion to more than 9.2 billion.
As of March 31, AIG had about $192.6 billion outstanding of the swaps, which were primarily written for European financial institutions. In a regulatory filing Monday, AIG said that continued declines in the value of the contracts could hurt its financial results.
Credit-default swaps are essentially insurance contracts protecting an investor against default on an underlying investment, such as mortgage-backed securities. Underwriting of the risky contacts were at the heart of AIG's near- collapse last fall when it took an initial $85 billion bailout from the government to remain in business.
Last week, AIG announced plans to spin off two life insurance subsidiaries.
AIG's shares traded over $100 earlier in the decade and were near $70 when the financial crisis began in late 2007. Its stock had fallen about 89 percent, however, since the government first bailed the company out.
easyzone wrote:
算算進價當初是2.78美元...(恕刪)
前波從最低點0.2幾反彈到高點2.幾，好像也沒看到2.78這個價位，你應該是買在更早之前。
從0.2幾的低點反彈時，我是買在0.8漲到2的時候沒賣，最後反而賣在1.2，誰知道後來又漲回2.多，現在又跌破1，AIG幾乎都處在大漲大跌的狀態中，顯示：很不穩定的財務狀態或財務操作。
估計，這次減資的「大漲誤會」，等上班後，目前有在買賣美股的同事一定也會出現同樣「懊悔」的疑問：「到底發生什麼事, AIG怎麼漲這麼多？當初怎會沒買？早知道當初就買AIG？」---我還正在考慮要怎麼開他們玩笑？想不到網路就已經有網友貼問題在問了---其實這都是減資的誤會。
之前有網友在問 reverse-split(減資)時就有人解釋過了，在台灣股市reverse-split的意思就是「減資」，但有些地方的股市則是翻成「合併股票」：
羅網>>財金商業科技辭典>>
在美國，合併股票（reverse stock split）通常是股價重挫時，企業所採取的一種自保措施。在10比1的合股中，原來是100股每股3美元的股票，會變成每股30美元的10股股票。
Dear All
本公司接獲上手美股分割(類似台灣減資)通知如下：
股票代號：AIG
分割日：2009/7/1
分割比例：20比1(20股變1股),若減資後客戶股數不滿1股之部分,將不會於顯示庫存
EX:客戶原持有1010股(舊股),減資後,帳戶餘額顯示之股數為50股(新股)
分割後客戶持有畸零股之部分,將待主管機關回覆處理方式後通知通路!
煩請分公司營業員通知持有該庫存客戶。
國際市場部 交易室
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如果你手上有這檔股票，還要注意，零股的部份，他們應該要退錢。所以這封信有另外講到：「分割後客戶持有畸零股之部分,將待主管機關回覆處理方式後通知通路!煩請分公司營業員通知持有該庫存客戶。」
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