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EAGLE Hosp Reit US$ @$0.780 cents
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m2d4pc
Senior |
04-Nov-2019 15:20
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scary news......the real value of QM ??
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prophetjul
Master |
04-Nov-2019 14:56
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https://investor.eagleht.com/newsroom/20191102_015017_LIW_VBFZHFZ9JVQLTJMT.1.pdf RESPONSE TO THE SGX-ST&rsquo S QUERIES Eagle Hospitality REIT Management Pte. Ltd., as manager of Eagle Hospitality Real Estate Investment Trust (&ldquo EH-REIT&rdquo , and the manager of EH-REIT, the &ldquo REIT Manager&rdquo ), and Eagle Hospitality Business Trust Management Pte. Ltd., as trustee-manager of Eagle Hospitality Business Trust (&ldquo EH-BT&rdquo , and the trusteemanager of EH-BT, the &ldquo Trustee-Manager&rdquo , and collectively with the REIT Manager, the &ldquo Managers&rdquo ), wish to announce the following in response to queries raised by Singapore Exchange Securities Trading Limited (the &ldquo SGX-ST&rdquo ) on 1 November 2019: Queries from the SGX-ST: We refer to the Business Times article with the headlines &ldquo EHT says no requirement to disclose sponsor&rsquo s links to its largest investor&rdquo and &ldquo Frank Yuan' s firm sold six hotels to the sponsor' s founders, who then injected them into the 18-hotel portfolio that forms the IPO&rdquo . Please provide clarification on the following matters: a. When did the Sponsor acquire the six hotels from ASAP Holdings (&ldquo ASAP&rdquo ) and when were these injected into Eagle Hospitality Trust (&ldquo EHT&rdquo or the &ldquo Trust&rdquo ). Please disclose the dates. Answer: The Sponsor entered into the purchase agreements to acquire the six hotels from the Third Party ASAP6 Portfolio Vendors (as defined in the prospectus of EHT dated 16 May 2019 (the &ldquo Prospectus&rdquo )), i.e. ASAP, on 12 March 2019 and they were acquired by EHT from the Sponsor on 24 May 2019, being the listing date of EHT (&ldquo Listing Date&rdquo ). 2 As stated at page 276 of the Prospectus: &ldquo Prior to the Listing Date, the ASAP6 Portfolio Vendors have acquired the ASAP6 Portfolio from the Third Party ASAP6 Portfolio Vendors...&rdquo The definitions of the defined terms are set out in the Prospectus. b. What was the reason for the above arrangement as opposed to a direct sale of the hotels to the Trust? Was the payment to ASAP fully received in cash at the point of sale? Were the two transactions made at the same price and if not, were there any reasons for the differences in the consideration for the six hotels? Answer: ASAP is independent from the Sponsor and the Managers. ASAP sold the ASAP6 Portfolio to the Sponsor prior to the IPO in order to gain transaction certainty independent of the IPO process. As disclosed at page 276 of the Prospectus: &ldquo Prior to the Listing Date, the ASAP6 Portfolio Vendors have acquired the ASAP6 Portfolio from the Third Party ASAP6 Portfolio Vendors in consideration for, among others, promissory notes issued by Cayman Corp 2 and repayment of the existing debt relating to the ASAP6 Portfolio (save for the ASAP Mortgage Loans), which will be fully settled on the Listing Date with part of the proceeds from the Offering and the issuance of the Cornerstone Stapled Securities.&rdquo The purchase consideration for the Sponsor&rsquo s acquisition from ASAP and for EHT&rsquo s acquisition from the Sponsor was different as the Sponsor would put in place master lease arrangements and incurred other additional costs. As disclosed at page 276 of the Prospectus: &ldquo The purchase consideration paid by the ASAP6 Portfolio Vendors to the Third Party ASAP6 Portfolio Vendors does not include primarily the following: (i) the value of the Master Lease Agreements provided by the Master Lessees to EH-REIT (ii) the prepayment penalties for the prepayment of certain existing indebtedness and the Interest Differential Amount set aside in the Interest Reserve Account in view of the higher interest cost of the ASAP Mortgage Loans vis-à -vis the New Term Loan Facilities (iii) the capital expenditure to be completed post-listing for Crowne Plaza Dallas near Galleria-Addison, Sheraton Denver Tech Center, Hilton Houston Galleria Area and Doubletree Salt Lake City Airport and (iv) the payment to the relevant Hotel Franchisors to effect a change in control of the ASAP6 Portfolio.&rdquo c. Who are the beneficial shareholders and directors of ASAP? Do they have any relationships with the Sponsor, the Trust and their respective directors, substantial shareholders and key management? Please disclose specific information on these relationships, if any and how were they known to the Sponsor. Answer: The REIT Manager understands that ASAP is run by Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan, among others. ASAP is a California-based acquisition advisory and asset management firm specialising in hotel assets, which has had known business dealings with the Sponsor in the past. As stated at page 130 of the prospectus: &ldquo The Third Party ASAP6 Portfolio Vendors are unrelated to the Sponsor.&rdquo In addition, ASAP is not related to EHT, the Managers and the Managers&rsquo respective directors, key management and other substantial stapled securityholders of EHT (&ldquo Stapled Securityholders&rdquo ). d. Please advise if there are any relationships between Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan of ASAP. Please advise the aggregate shareholding interest they and their family hold in the Trust, if any. 3 Answer: Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan have a family relationship. The respective interests of Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan was disclosed in the Rule 240 announcement issued on 24 May 2019 (&ldquo Rule 240 Announcement&rdquo ) prior to the listing of EHT as summarised in the table below: Direct Stapled Securityholder Shareholder and ultimate beneficial owner Allocation of stapled securities of EHT (&ldquo Stapled Securities&rdquo ) Claydon Hill Investments Ltd Mr Frank Yuan 141,440,000 Stapled Securities Compass Cove Assets Limited Mr Norbert Yuan 120,000,000 Stapled Securities Bounty Green Assets Limited Mr Jerome Yuan 28,300,000 Stapled Securities While a total of 289,740,000 Stapled Securities comprising 33.4% of the total number of Stapled Securities in issue on the Listing Date was allocated to Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan, based on the substantial stapled securityholding notifications filed by the relevant parties, each of them is not deemed to be interested in the stapled securityholdings of the other two parties (i.e. Mr Frank Yuan is not deemed to be interested in the stapled securityholdings of Mr Norbert Yuan and Mr Jerome Yuan, and so on). e. Please advise why Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan (the &ldquo Yuans&rdquo ) did not invest in the Trust prior to IPO but only took up the placement units at IPO. Were they independently identified by the placement agent(s) or introduced by the Sponsor? Please disclose the circumstances how the placements to them were determined. Answer: Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan were introduced by the Sponsor to the placement agents during the bookbuilding process for the IPO and subscribed for Stapled Securities in the placement tranche at the IPO price of US$0.78 per Stapled Security as part of a bookbuilding process by the placement agents. f. Please disclose whether, at any time, the relationships between the Yuans, ASAP, the six hotel assets held by the Trust and the aggregate percentage IPO placement to the Yuans were disclosed. If so, please provide details. Answer: It was disclosed in the Prospectus that EHT acquired the ASAP6 Portfolio directly from the Sponsor which had acquired the ASAP6 Portfolio from ASAP prior to the Listing Date. In any event, as mentioned above, ASAP is not related to the Sponsor, EHT, the Managers and their respective directors, key management and other substantial Stapled Securityholders. Each of Mr Frank Yuan&rsquo s, Mr Norbert Yuan&rsquo s and Mr Jerome Yuan&rsquo s respective stapled securityholding interest was subsequently disclosed in the Rule 240 Announcement prior to listing as stated above. Given that ASAP is unrelated to the Sponsor and the Managers and that EHT acquired the ASAP6 Portfolio from the Sponsor (not ASAP), there was no requirement to disclose the Yuans&rsquo relationship to the ASAP6 Portfolio. 4 For and on behalf of the Board Salvatore G. Takoushian Chief Executive Officer Eagle Hospitality REIT Management Pte. Ltd. (Company Registration No.: 201829789W) as manager of Eagle Hospitality Real Estate Investment Trust Eagle Hospitality Business Trust Management Pte. Ltd. (Company Registration No.: 201829816K) as trustee-manager of Eagle Hospitality Business Trust 2 November 2019 |
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danger
Supreme |
04-Nov-2019 14:44
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It is like saying i managed to buy keppel corp at $4 low in 2009 and sell at $11.50 high .. the rest is history ..no need elaborate already | ||||
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danger
Supreme |
04-Nov-2019 14:40
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I took a quick look atTuan sing like all the rest of stocks were crashing down from high of about 35c and then slided all the way to about 9c Add nobody could have accurately predicted a low of around 9c ... the most people had boughtand some at 30c .. buy some at 23c .. buy some at 18c and 13c etc etc .. but average price still very high and like the rest of the stocks ... it rebounded from mar 2009 over the years since 2009.. tuan sing fluctuated from around 25c to 35c ... only hitting a high near 50c in 2018 and came all the way down too And nobody will be able to hit that low and high with that precision ... so have to take alot of salt and pepper to digest : ) |
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laksaman57
Supreme |
04-Nov-2019 14:14
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Such disappointment 😢
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Goldfinger
Supreme |
04-Nov-2019 14:08
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No, not pretending - at some price, there will always be an incentive to buy. Depends on your firepower, financial status etc. Wait for that moment. I bought Tuan Sing at 5 cents like 10 years ago, like hundreds of thousands back then. So cheap. The fear was rights issues and heavy debts. Rose up to almost 50 cents. You get the picture.
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teeth53
Supreme |
04-Nov-2019 14:06
Yells: "don't learn through life, learn to grow with life " |
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Don sound so good or else BBs will quietly collect more.
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CheeryVGoh
Supreme |
04-Nov-2019 14:03
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Recap Yahoo Finance article : SINGAPORE (Apr 2): Singapore could soon see the listing of its very first US hospitality pure-play real estate investment trust (REIT). Eagle Hospitality Trust is preparing to lodge its prospectus with the Singapore Exchange (SGX), according to FinanceAsia. Pre-marketing for the listing, valued at US$550 million ($745 million), including greenshoe option, has recently been completed. The REIT&rsquo s hospitality portfolio is valued at US$1.27 billion and comprises 20 hotels under the Marriot, Hilton and InterContinental brands. Lead manager DBS has assigned the group a fair value of US$750 million to US$800 million. This is based on a range of 0.9 to 1.0 times price to 2019 book. The REIT is projecting a fair value dividend yield 7% to 7.5% for 2019 and 7.3% to 7.9% for 2020. Eagle Hospitality Trust hopes to ride on Singapore REIT sector&rsquo s outperformance. Year to date, the FTSE ST REIT Index is up 10.8%, compared with a 4.7% rise in the Straits Times Index (STI). The REIT was listed on the New York Stock Exchange until early 2007 when it was take private at the peak of the subprime debt bubble. However the portfolio of 13 hotels --mainly Marriot and Hilton -- skirted foreclosure before ending up in the hands of one of their creditors, Blackstone, according to FinanceAsia. The private equity group then sold most of them on to current Los Angeles-based owner Urban Commons which has spent the past few years adding to the hospitality portfolio it is now listing. In its pre-marketing materials, Eagle Hospitality is projecting a 8% uptick in RevPar in 2019 followed by a 2.0% rise in 2020. This will be achieved through US$189 million of Asset Enhancement Initiatives (AEIs) spent on its 5.420 hotel rooms. The group&rsquo s overall projection of 4.15% distribution growth for 2019 should also be supported by its acquisition of a further six hotels. Current gearing stands at 36% of which 75% of debt is fixed, with an average cost of 4.2%. The successful listing of Eagle Hospitality Trust would bring the number of Singapore-listed US Reits to three including Manulife US REIT and Keppel-KBS REIT. Joint bookrunners for the IPO are Bank of America Merrill Lynch, DBS and UBS. UNQQ |
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danger
Supreme |
04-Nov-2019 14:03
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even laksamna , one of the top early buyers ..dream price 48c came ... but no money liao | ||||
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mchong23
Member |
04-Nov-2019 14:03
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Feels like SSHs getting more desperate to offload as buy queue starts to dwindle... soon there will be no more buyer.. | ||||
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mrwise
Supreme |
04-Nov-2019 14:02
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once tonight release sellers, tomorrow will be another big slump down!! jailat! |
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danger
Supreme |
04-Nov-2019 14:01
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many people average all the way down from 78c today some pretend waiting at 39c etc .. might as well 30c |
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Secret_Squirrel
Elite |
04-Nov-2019 14:01
Yells: "Stay curious but skeptical" |
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3rd quarter results will be out on 13 November 2019. | ||||
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mrwise
Supreme |
04-Nov-2019 14:00
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Maybe wait until $0.35! | ||||
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teeth53
Supreme |
04-Nov-2019 13:59
Yells: "don't learn through life, learn to grow with life " |
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So to see the announcement to noight..I thought, nomally SGX will take@least on the 3rd trading day to announce....
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CheeryVGoh
Supreme |
04-Nov-2019 13:57
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If reach 0.40 I will buy small small .... maybe.
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teeth53
Supreme |
04-Nov-2019 13:55
Yells: "don't learn through life, learn to grow with life " |
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Those big subtiantial share owner. Have they finishing their selling?. Till dust is settle.
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Secret_Squirrel
Elite |
04-Nov-2019 13:53
Yells: "Stay curious but skeptical" |
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Volume more 15 million. Tonite must see SGX website to see which big investor are selling and how much they are selling
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danger
Supreme |
04-Nov-2019 13:53
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If never suspend .. but stagnant ... then longists hold dont know how many years for dividend to recoup cost invested | ||||
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danger
Supreme |
04-Nov-2019 13:48
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THis could end up like buying BIG/SMALL Open BIG .. you can smile and take your 10% Yield Open Small .. you can prepare lose all if suspended
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