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laksaman57 Supreme	22-Dec-2019 11:53        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	"Vibrant owns 12 per cent of Sabana Reit and indirectly controls 51 per cent of the Reit manager." Sound familiar ? https://www.straitstimes.com/business/lessons-from-the-sabana-reit-saga JoeJordan      ( Date: 22-Dec-2019 11:22) Posted: Minor unit holders of AGT now have to depend on the Independent directors to fight for them. The rest of the board are there just to wayang wayang esp. MBK-controlled AGC... Offers like these is a bloody waste of time and should have been  thrown into rubbish bin... .No sincerity but just out to corner the unit holders into getting a raw deal..... If the golf courses are put on the market for sale openly by tender, it would extract a much better price like what blogger AK suggested. Definitely a much better option... laksaman57      ( Date: 22-Dec-2019 10:37) Posted: Sabana reit former mgr pay high price for lousy properties AGT mgr going to sell cheap good quality golf courses Both can't be stop by sgx
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JoeJordan Member	22-Dec-2019 11:30        JoeJordan About Contact  Quote this Post!
x 0   x 0  Alert Admin	Time again and again we minor shareholders are screwed big-time by these predatory big boys...always found ways to circumvent Rules to screw us legitimately....sigh JoeJordan      ( Date: 22-Dec-2019 11:22) Posted: Minor unit holders of AGT now have to depend on the Independent directors to fight for them. The rest of the board are there just to wayang wayang esp. MBK-controlled AGC... Offers like these is a bloody waste of time and should have been  thrown into rubbish bin... .No sincerity but just out to corner the unit holders into getting a raw deal..... If the golf courses are put on the market for sale openly by tender, it would extract a much better price like what blogger AK suggested. Definitely a much better option... laksaman57      ( Date: 22-Dec-2019 10:37) Posted: Sabana reit former mgr pay high price for lousy properties AGT mgr going to sell cheap good quality golf courses Both can't be stop by sgx
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laksaman57 Supreme	22-Dec-2019 11:24        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Angrily vested yet knowing nothing can be done by sgx. Goldfinger      ( Date: 22-Dec-2019 10:51) Posted: Are you vested or trying to Buy cheaper too, hahahah. laksaman57      ( Date: 22-Dec-2019 10:37) Posted: Sabana reit former mgr pay high price for lousy properties AGT mgr going to sell cheap good quality golf courses Both can't be stop by sgx
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JoeJordan Member	22-Dec-2019 11:22        JoeJordan About Contact  Quote this Post!
x 0   x 0  Alert Admin	Minor unit holders of AGT now have to depend on the Independent directors to fight for them. The rest of the board are there just to wayang wayang esp. MBK-controlled AGC... Offers like these is a bloody waste of time and should have been  thrown into rubbish bin... .No sincerity but just out to corner the unit holders into getting a raw deal..... If the golf courses are put on the market for sale openly by tender, it would extract a much better price like what blogger AK suggested. Definitely a much better option... laksaman57      ( Date: 22-Dec-2019 10:37) Posted: Sabana reit former mgr pay high price for lousy properties AGT mgr going to sell cheap good quality golf courses Both can't be stop by sgx
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Goldfinger Supreme	22-Dec-2019 10:51        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Are you vested or trying to Buy cheaper too, hahahah. laksaman57      ( Date: 22-Dec-2019 10:37) Posted: Sabana reit former mgr pay high price for lousy properties AGT mgr going to sell cheap good quality golf courses Both can't be stop by sgx
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laksaman57 Supreme	22-Dec-2019 10:37        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Sabana reit former mgr pay high price for lousy properties AGT mgr going to sell cheap good quality golf courses Both can't be stop by sgx
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Goldfinger Supreme	22-Dec-2019 10:19        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	If this falls under the SGX listing rules for a fair and reasonable offer to apply in spirit and substance - it could be a way around it. AGT Manager is deeply conflicted. They would need a very good explanation why they should allow this route. But SGX can only stop a delisting - they cannot block an acquisition like this - ir can they?
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laksaman57 Supreme	22-Dec-2019 10:13        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	One for all All for one No amount of sgx queries can stop them liao laksaman57      ( Date: 21-Dec-2019 10:09) Posted: MBK = AGC = AGT mgr
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Goldfinger Supreme	22-Dec-2019 07:22        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	I really do hope that sgx queried them on these. If it plunges, some longs could be forced sold.
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limahping Senior	22-Dec-2019 06:57        limahping About Contact  Quote this Post!
x 0   x 0  Alert Admin	That's how I read in English. Next question is what is the amount of debt they are assuming. All debt or just the debt accordia golf gives the trust? Out of the debt the trust has, a small 500 million yen is from accordia golf. Also the cash of the trust is not subjected to the buy offer, so that is another "upside" for the trust holders. But yes, very confusing. Goldfinger      ( Date: 21-Dec-2019 23:07) Posted: SO, if the debt is high, then the offer is rather attractive?  Really should clarify these before they lift the trading halt. Else, people will be trading blind. limahping      ( Date: 21-Dec-2019 21:02) Posted: No lah. It reads ".... Accordia Golf Co pay 63.2 billion yen (S$783.1 million) for Accordia Golf Trust' s interests in all its golf courses and the debt of the holding company...." means they take over the debt too. But how much is the debt they take over, not clear.
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laksaman57 Supreme	22-Dec-2019 00:47        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	.... loan-to-value of 30.4% laksaman57      ( Date: 21-Dec-2019 10:01) Posted: "BORROWINGS During the fiscal year, AGT entered into a new financing arrangement with two Japanese lenders to secure debt facilities of up to JPY44,925 million for a period of five years. As at 31 March 2019, AGT?s gross borrowings stood at JPY43,925 million, equating to a loan-to-value ratio of 30.4%" JoeJordan      ( Date: 21-Dec-2019 08:20) Posted: By buying just all the golf courses but not  AGT, isn' t AGC aka MBK trying to circumvent Takeover and Listing SGX Rules and Regulations? After all, what is AGT without all the golf courses after the buy out? The appraisal value of the 89 golf courses  is 144.7 billion Yen (S$1.91 billion) but yet AGC aka MBK is only offering S$783 mil plus debt, so my question is how much is the debt? AGC aka MBK is making a super low ball offer to buy up all the golf courses and is not acting in the interest of all unit holders of AGT. Besides, AGC aka MBK own 28.85% of AGT units and 49% of the Trustee-Manager. Shouldnt SIAS or SGX be  look into this?
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Goldfinger Supreme	21-Dec-2019 23:07        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	SO, if the debt is high, then the offer is rather attractive?  Really should clarify these before they lift the trading halt. Else, people will be trading blind. limahping      ( Date: 21-Dec-2019 21:02) Posted: No lah. It reads ".... Accordia Golf Co pay 63.2 billion yen (S$783.1 million) for Accordia Golf Trust' s interests in all its golf courses and the debt of the holding company...." means they take over the debt too. But how much is the debt they take over, not clear. fruitty      ( Date: 21-Dec-2019 20:26) Posted: Offer $63,167 million yen including debt and debt is $43,466 million yen?? how is that possible that less than $20,000 mil yen is up to take over 1 billion shares?
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limahping Senior	21-Dec-2019 23:05        limahping About Contact  Quote this Post!
x 0   x 0  Alert Admin	That's why it's so confusing. Don't know the debt they are assuming and cannot work out the per unit worth for the offering. Monday will be a mess? Starship      ( Date: 21-Dec-2019 21:41) Posted: According to it' s latest financial report: Borrowings fm Financial Institutions JPY42.996b. And they have Cash and Bank Balances JPY 7.981b http://accordiagolftrust.listedcompany.com/financials.html limahping      ( Date: 21-Dec-2019 21:02) Posted: No lah. It reads ".... Accordia Golf Co pay 63.2 billion yen (S$783.1 million) for Accordia Golf Trust' s interests in all its golf courses and the debt of the holding company...." means they take over the debt too. But how much is the debt they take over, not clear.
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mrwise Supreme	21-Dec-2019 22:11        mrwise About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Abstracted from report "76% of our golf courses (by area) are on freehold land. The remaining 24% are leased from various individual owners for a lease term between 10 and 20 years." So the value should be high....
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Starship Supreme	21-Dec-2019 21:41        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	According to it' s latest financial report: Borrowings fm Financial Institutions JPY42.996b. And they have Cash and Bank Balances JPY 7.981b http://accordiagolftrust.listedcompany.com/financials.html limahping      ( Date: 21-Dec-2019 21:02) Posted: No lah. It reads ".... Accordia Golf Co pay 63.2 billion yen (S$783.1 million) for Accordia Golf Trust' s interests in all its golf courses and the debt of the holding company...." means they take over the debt too. But how much is the debt they take over, not clear. fruitty      ( Date: 21-Dec-2019 20:26) Posted: Offer $63,167 million yen including debt and debt is $43,466 million yen?? how is that possible that less than $20,000 mil yen is up to take over 1 billion shares?
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limahping Senior	21-Dec-2019 21:02        limahping About Contact  Quote this Post!
x 0   x 0  Alert Admin	No lah. It reads ".... Accordia Golf Co pay 63.2 billion yen (S$783.1 million) for Accordia Golf Trust' s interests in all its golf courses and the debt of the holding company...." means they take over the debt too. But how much is the debt they take over, not clear. fruitty      ( Date: 21-Dec-2019 20:26) Posted: Offer $63,167 million yen including debt and debt is $43,466 million yen?? how is that possible that less than $20,000 mil yen is up to take over 1 billion shares?
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fruitty Senior	21-Dec-2019 20:26        fruitty About Contact  Quote this Post!
x 0   x 0  Alert Admin	Offer $63,167 million yen including debt and debt is $43,466 million yen?? how is that possible that less than $20,000 mil yen is up to take over 1 billion shares?
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Goldfinger Supreme	21-Dec-2019 19:13        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	No lah - hahah. AK would faint. limahping      ( Date: 21-Dec-2019 19:06) Posted: Drop to 50c Goldfinger      ( Date: 21-Dec-2019 15:10) Posted: Monday could see a free fall to 63 cents?
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limahping Senior	21-Dec-2019 19:06        limahping About Contact  Quote this Post!
x 0   x 0  Alert Admin	Drop to 50c Goldfinger      ( Date: 21-Dec-2019 15:10) Posted: Monday could see a free fall to 63 cents?
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Goldfinger Supreme	21-Dec-2019 15:10        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Monday could see a free fall to 63 cents?
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