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Mapletree s China-focused REIT IPO nearly 30 times Post Reply Rate topic
bystander1965 Supreme	21-Mar-2022 10:01        bystander1965 About Contact  Quote this Post!   Mood: Yells: "What I say is just my assessment. DYODD"
x 0   x 0  Alert Admin	Am Tui! I also sold some earlier.   Starship      ( Date: 10-Mar-2022 16:48) Posted: Just sold my MNACT and used the proceeds to add Sasseur Reit. Very tired of all these lowball mergers that' s always destructive for the existing shareholders!!!
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bystander1965 Supreme	21-Mar-2022 09:54        bystander1965 About Contact  Quote this Post!   Mood: Yells: "What I say is just my assessment. DYODD"
x 0   x 0  Alert Admin	This is the reason lah. bystander1965      ( Date: 21-Mar-2022 07:44) Posted: https://links.sgx.com/1.0.0/corporate-announcements/A6OP0WJXB9VX7K26/6af6ef13d77d5ad937d17756663521b5de5c7fcb939a3b9052740525f8c9065b bystander1965      ( Date: 21-Mar-2022 07:43) Posted: Now there is an option 3. All cash consideration @ 1.1949 (this will be the default option). The original 2 options, scrip only and scrip+cash are still there. IMHO, MNACT is still short changed. MCT sh will surely disagree.
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moonsun Veteran	21-Mar-2022 09:51        moonsun About Contact  Quote this Post!
x 0   x 0  Alert Admin	Still below NTA.. think SGX Regco still quiet ?? Sigh
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ttworld Member	21-Mar-2022 09:15        ttworld About Contact  Quote this Post!
x 0   x 0  Alert Admin	wow, tdy shoot to 1.18 +5.35%!!! anyone can share what happen?
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bystander1965 Supreme	21-Mar-2022 07:44        bystander1965 About Contact  Quote this Post!   Mood: Yells: "What I say is just my assessment. DYODD"
x 0   x 0  Alert Admin	https://links.sgx.com/1.0.0/corporate-announcements/A6OP0WJXB9VX7K26/6af6ef13d77d5ad937d17756663521b5de5c7fcb939a3b9052740525f8c9065b bystander1965      ( Date: 21-Mar-2022 07:43) Posted: Now there is an option 3. All cash consideration @ 1.1949 (this will be the default option). The original 2 options, scrip only and scrip+cash are still there. IMHO, MNACT is still short changed. MCT sh will surely disagree.
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bystander1965 Supreme	21-Mar-2022 07:43        bystander1965 About Contact  Quote this Post!   Mood: Yells: "What I say is just my assessment. DYODD"
x 0   x 0  Alert Admin	Now there is an option 3. All cash consideration @ 1.1949 (this will be the default option). The original 2 options, scrip only and scrip+cash are still there. IMHO, MNACT is still short changed. MCT sh will surely disagree.
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johnwongzz Senior	18-Mar-2022 21:24        johnwongzz About Contact  Quote this Post!
x 0   x 0  Alert Admin	timely letter given HK is going to open up soon....and there will be dpu and share price recovery  Why the need to sell at such low price? pre covid price and dpu is much much much higher than takeover price  Quarz seeks MAS intervention says MNACT manager has fiduciary duty to seek better price https://www.businesstimes.com.sg/companies-markets/quarz-seeks-mas-intervention-says-mnact-manager-has-fiduciary-duty-to-seek-better ACTIVIST fund manager Quarz Capital Management has sent a letter to the Monetary Authority of Singapore (MAS), asking the latter to ensure that the manager of Mapletree North Asia Commercial Trust (MNACT)  Mapletree NAC Tr : RW0U 0%  fulfils its fiduciary duty to unitholders of the real estate investment trust (Reit). MNACT and sister Reit Mapletree Commercial Trust (MCT)  Mapletree Com Tr : N2IU +0.53%  had on Dec 31 proposed a merger of both Reits. The merger has been criticised by unitholders on both sides. Quarz has said it thinks the deal undervalues MNACT' s assets. In its letter, the activist asset manager called it " puzzling" that MNACT' s manager did not " conduct a robust and transparent sale process and (did) not seek or solicit offers from other parties to obtain the best possible price in line with its fiduciary duty to protect the interest of its unitholders" . Quarz also noted that both parties have the same sponsor in Mapletree Investments. " We respectfully and urgently seek MAS support to protect unitholders' interest by ensuring that the MNACT manager fulfils its fiduciary duty and negotiates a better offer with the MCT manager or conducts a robust and transparent process where all third parties can undertake due diligence and bid in a fair and unbiased process for MNACT assets," it added. The proposed trust scheme would see MNACT unitholders receive a scheme consideration of S$1.1949 for each MNACT unit held - either in the form of 0.5963 new MCT units at an issue price of S$2.0039 apiece, or a combination of 0.5009 consideration units and S$0.1912 in cash.   This implies a gross exchange ratio of 0.5963 times. With MCT trading at an average of S$1.83 per unit in the year to date, Quarz noted this implies that the offer price for MNACT is around S$1.10. Quarz questioned whether the manager of MNACT would have recommended to sell the Reit at the same value of S$1.10 per unit if the merger talks were not with related party MCT but with a third party. " The proposed offer price is at a substantial discount of about 11 per cent and 13 per cent to MNACT' s net asset value (NAV) of S$1.23 and S1.27 in October 2021 and March 2021," Quarz said. " Many MNACT unitholders are retirees and retail investors who have invested in MNACT pre-Covid-19 and at higher prices to the current inferior offer. They depend on this investment for their retirement income. The current value destructive offer will lock them at a permanent discount and loss in the enlarged entity with a substantial cut in (distributions) per unit," Quarz added. The manager of MNACT had said in an earlier bourse filing that it will not seek or solicit competing bids for the duration of the implementation agreement. It noted that the granting of exclusivity is common in precedent trust scheme transactions in Singapore. The manager said the proposed merger is the only offer that has been received for the entire portfolio to date. However, it added that it will consider any third party offer for the Reit or assets which it receives.
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Observers Elite	18-Mar 18:47        Observers About Contact  Quote this Post!
x 0   x 0  Alert Admin	Someone holding big short positions? HVRRVH      ( Date: 11-Feb-2022 16:47) Posted: Where are you Quarz when MNACT was trading below $1? It irked me that whenever there is an acquisition, certain vested party(ies) will start to make noise that acquisition below value lah, unfair lah, etc. Why? Why didn' t you buy more when the price, to you, is well well below its deserving price? Why when there is certainity, i.e., a buyover/merger, then you complain about the proposed transaction price as below value? Why didn' t you buy it up to the value you deem the stock is deserving prior to news of acquisition? As a shareholder myself, I would also like the stock price goes up and up. However, I have yet to see any acquistion that is being offered at last transacted   market price. Yes, market price, which mean the price that EVERYONE of us think how much the stock is worth. So all is fine with the market price but when there is an offer that is above MARKET price, then suddenly it is below value, it is unfair. This so called active investor can do better in my view. One simple way is to promote the stock and lead it by example by BUYING a lot of the stock when you think it is BELOW MARKET Price. Or else, don' t make noise when there is an offer ABOVE markte price on the card.
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bystander1965 Supreme	18-Mar-2022 17:00        bystander1965 About Contact  Quote this Post!   Mood: Yells: "What I say is just my assessment. DYODD"
x 0   x 0  Alert Admin	On zaobao https://www.zaobao.com.sg/realtime/singapore/story20220318-1253690 bystander1965      ( Date: 18-Mar-2022 16:59) Posted: Quarz & unitholders seek MAS' support to ensure Mapletree North Asia Commercial Trust upholds corporate governance in the inferior merger proposal with Mapletree Commercial Trust
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bystander1965 Supreme	18-Mar-2022 16:59        bystander1965 About Contact  Quote this Post!   Mood: Yells: "What I say is just my assessment. DYODD"
x 0   x 0  Alert Admin	Quarz & unitholders seek MAS' support to ensure Mapletree North Asia Commercial Trust upholds corporate governance in the inferior merger proposal with Mapletree Commercial Trust
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Starship Supreme	10-Mar-2022 16:48        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Just sold my MNACT and used the proceeds to add Sasseur Reit. Very tired of all these lowball mergers that' s always destructive for the existing shareholders!!!
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coco66 Member	18-Feb-2022 12:17        coco66 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yap. Unfortunately I suspect this one likely go through. Coz the deal is not super terrible considering status quo and current economics (as much as we like to go back to precovid). I personally would choose no with the prospects/future in mind that could potentially come. Starship      ( Date: 18-Feb-2022 11:56) Posted: johnwongzz      ( Date: 17-Feb-2022 19:51) Posted: These guys seems quite serious.... Dear fellow MNACT unitholders, Thank you for your overwhelming response to protect all our interests together! IT IS IN MNACT UNITHOLDERS&rsquo BEST INTEREST TO VOTE AGAINST THE CURRENT &lsquo LOWBALL&rsquo OFFER MNACT&rsquo s key catalysts such as the potential inclusion into key NAREIT indices as well as the bottoming and rebound in Festival Walk&rsquo s rental rate can potentially increase its DPU and unit price back to > S$1.20 from 2H2022. Additionally, unitholders also receive an attractive dividend yield of ~6.3%. s This potential sizeable return is far in excess of the current value destructive offer which will LOCK IN MNACT UNITS AT A PERMANENT DISCOUNTED PRICE in the enlarged entity. The current offer of ~S$1.09 (0.596 MCT units or 0.500 MCT units + $0.1912 cash for 1 MNACT unit) is at a substantial ~12% and ~14% discount to MNACT&rsquo s Oct 2021 and April 2021 NAV. MCT&rsquo s OFFER FOR MNACT IS THE WORST AND AT THE HIGHEST DISCOUNT TO NAV IN THE 20-YEAR SGX-REIT HISTORY The proposed merger will also sharply reduce DPU and NAV by ~9% and ~11% to MNACT unitholders Since the start of 2022, SGX-listed REITs with similar attributes to MCT, such as low dividend yield of < 5.2% and high premium to NAV have all corrected sharply without any related merger announcements. Parkway REIT and Keppel DC REIT which have the lowest yield of ~2.8% and ~4.1% have slumped by ~12% while Mapletree Logistic Trust, Fraser Logistic Trust and Mapletree Industrial Trust with yields of 4.6-5.2% have corrected by ~6-8% (all referenced to price as of 31st   Dec 2021, MCT-MNACT&rsquo s merger announcement date). MCT&rsquo s correction by ~9% to $1.82 is consistent and in line with its Singapore peers due to its low dividend yield. The unit price correction is attributed to the rapid transition of most major central banks led by the US FED into a rate hike environment. Upcoming rate hikes have the biggest impact on REITs with low dividend yields such as MCT due to the decrease in the low spread between their dividend yields and the increasing government bond rates. REITs with similar attributes to MNACT such as higher dividend yield have however held relatively well year-to-date. A sample benchmark index made up of REITs with dividend yields of ~7% (AAREIT, IREIT, CLCT, MUST, Prime) shows the sharp outperformance of high dividend REITs vs low dividend REITs which MCT belongs to. Given the rising interest rate environment and sizeable correction of low dividend SGX-REITs, it is obvious and logical that the fair reference price of MCT should be ~$1.82 This is also in-line with the approximate average trading price of MCT since the proposed merger announcement. The current high negative rental reversion at Festival Walk can be attributed to high base effect. As retail rental contracts in Hong Kong are usually ~3 years, the rental contracts which are being renewed are those contracted exactly right before the HK riots in 2019. Most of the rental contracts contracted pre-HK riots/COVID-19 have already been renewed in 2019 till date. We believe that FW&rsquo s rental reversions will bottom and rebound from 2H2022 driven by potential key catalysts such as the re-opening of HK-China border, government stimulus policies (e.g. consumption voucher) and the rebounding economy. China&rsquo s economic miracle was built on pragmatic and smart economic policies. With increasing evidence that the Omicron variant will inflict milder symptoms and effective therapeutics such as COVID-19 pills from Pfizer and Merck, it is evident that China will pursue a re-opening policy soon, especially with the northern hemisphere entering the hotter Spring and Summer months. Key data points such as the ~42% and ~28% YoY growth in domestic air and travel volumes during the Chinese New Year holidays despite the restrictions from the Winter Olympics have shown the clear shift in COVID-19 policies within China. We are reminded of the difficult Phase 2-Heighted Alert in July 2021 where dining-in and all services requiring the removal of masks (e.g. barber, gym etc) were ceased, work from home was the default and minimum 14-day quarantine was the norm to enter Singapore. In a short 6-month, VTL lanes have been launched and expanded, dine ins are allowed again, workers are returning to office and large events are now allowed. MNACT unitholders SHOULD NOT accept the &lsquo lowball&rsquo offer from MCT when we will see a potential sizeable recovery in unit price from 2H2022 MNACT is one of the best candidates for investors to benefit from the &lsquo re-opening trade&rsquo in China and Hong Kong. ~25% of the current MNACT portfolio were purchased near NAV from the sponsor and the market in the last 4 years. It is thus ridiculous that MNACT unitholders should now sell these assets far below NAV in the proposed merger. Given the value destructive offer, which is far below MNACT&rsquo s NAV, MNACT should conduct a fair and transparent process where all 3rd parties will be allowed to bid for all or part of MNACT&rsquo s assets at NAV Both Glass Lewis and ISS have raised the need for a robust sale process where alternatives are rigorously evaluated to ensure that unitholders&rsquo rights are protected   MNACT unitholders are in no hurry to divest their assets as it is far better to wait for the recovery and correct price instead of the current inferior and distressed pricing. Festival Walk can be sold later and at a higher price once the HK-China border is opened. Please invite all MNACT unitholders to register at WWW.MNACT.COM We intend to further step up our engagements to ensure that all MNACT unitholders are aware of the facts and VOTE AGAINST THE CURRENT INFERIOR MERGER OFFER Please direct all questions to [email protected]
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Starship Supreme	18-Feb-2022 11:56        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	johnwongzz      ( Date: 17-Feb-2022 19:51) Posted: These guys seems quite serious.... Dear fellow MNACT unitholders, Thank you for your overwhelming response to protect all our interests together! IT IS IN MNACT UNITHOLDERS&rsquo BEST INTEREST TO VOTE AGAINST THE CURRENT &lsquo LOWBALL&rsquo OFFER MNACT&rsquo s key catalysts such as the potential inclusion into key NAREIT indices as well as the bottoming and rebound in Festival Walk&rsquo s rental rate can potentially increase its DPU and unit price back to > S$1.20 from 2H2022. Additionally, unitholders also receive an attractive dividend yield of ~6.3%. s This potential sizeable return is far in excess of the current value destructive offer which will LOCK IN MNACT UNITS AT A PERMANENT DISCOUNTED PRICE in the enlarged entity. The current offer of ~S$1.09 (0.596 MCT units or 0.500 MCT units + $0.1912 cash for 1 MNACT unit) is at a substantial ~12% and ~14% discount to MNACT&rsquo s Oct 2021 and April 2021 NAV. MCT&rsquo s OFFER FOR MNACT IS THE WORST AND AT THE HIGHEST DISCOUNT TO NAV IN THE 20-YEAR SGX-REIT HISTORY The proposed merger will also sharply reduce DPU and NAV by ~9% and ~11% to MNACT unitholders Since the start of 2022, SGX-listed REITs with similar attributes to MCT, such as low dividend yield of < 5.2% and high premium to NAV have all corrected sharply without any related merger announcements. Parkway REIT and Keppel DC REIT which have the lowest yield of ~2.8% and ~4.1% have slumped by ~12% while Mapletree Logistic Trust, Fraser Logistic Trust and Mapletree Industrial Trust with yields of 4.6-5.2% have corrected by ~6-8% (all referenced to price as of 31st   Dec 2021, MCT-MNACT&rsquo s merger announcement date). MCT&rsquo s correction by ~9% to $1.82 is consistent and in line with its Singapore peers due to its low dividend yield. The unit price correction is attributed to the rapid transition of most major central banks led by the US FED into a rate hike environment. Upcoming rate hikes have the biggest impact on REITs with low dividend yields such as MCT due to the decrease in the low spread between their dividend yields and the increasing government bond rates. REITs with similar attributes to MNACT such as higher dividend yield have however held relatively well year-to-date. A sample benchmark index made up of REITs with dividend yields of ~7% (AAREIT, IREIT, CLCT, MUST, Prime) shows the sharp outperformance of high dividend REITs vs low dividend REITs which MCT belongs to. Given the rising interest rate environment and sizeable correction of low dividend SGX-REITs, it is obvious and logical that the fair reference price of MCT should be ~$1.82 This is also in-line with the approximate average trading price of MCT since the proposed merger announcement. The current high negative rental reversion at Festival Walk can be attributed to high base effect. As retail rental contracts in Hong Kong are usually ~3 years, the rental contracts which are being renewed are those contracted exactly right before the HK riots in 2019. Most of the rental contracts contracted pre-HK riots/COVID-19 have already been renewed in 2019 till date. We believe that FW&rsquo s rental reversions will bottom and rebound from 2H2022 driven by potential key catalysts such as the re-opening of HK-China border, government stimulus policies (e.g. consumption voucher) and the rebounding economy. China&rsquo s economic miracle was built on pragmatic and smart economic policies. With increasing evidence that the Omicron variant will inflict milder symptoms and effective therapeutics such as COVID-19 pills from Pfizer and Merck, it is evident that China will pursue a re-opening policy soon, especially with the northern hemisphere entering the hotter Spring and Summer months. Key data points such as the ~42% and ~28% YoY growth in domestic air and travel volumes during the Chinese New Year holidays despite the restrictions from the Winter Olympics have shown the clear shift in COVID-19 policies within China. We are reminded of the difficult Phase 2-Heighted Alert in July 2021 where dining-in and all services requiring the removal of masks (e.g. barber, gym etc) were ceased, work from home was the default and minimum 14-day quarantine was the norm to enter Singapore. In a short 6-month, VTL lanes have been launched and expanded, dine ins are allowed again, workers are returning to office and large events are now allowed. MNACT unitholders SHOULD NOT accept the &lsquo lowball&rsquo offer from MCT when we will see a potential sizeable recovery in unit price from 2H2022 MNACT is one of the best candidates for investors to benefit from the &lsquo re-opening trade&rsquo in China and Hong Kong. ~25% of the current MNACT portfolio were purchased near NAV from the sponsor and the market in the last 4 years. It is thus ridiculous that MNACT unitholders should now sell these assets far below NAV in the proposed merger. Given the value destructive offer, which is far below MNACT&rsquo s NAV, MNACT should conduct a fair and transparent process where all 3rd parties will be allowed to bid for all or part of MNACT&rsquo s assets at NAV Both Glass Lewis and ISS have raised the need for a robust sale process where alternatives are rigorously evaluated to ensure that unitholders&rsquo rights are protected   MNACT unitholders are in no hurry to divest their assets as it is far better to wait for the recovery and correct price instead of the current inferior and distressed pricing. Festival Walk can be sold later and at a higher price once the HK-China border is opened. Please invite all MNACT unitholders to register at WWW.MNACT.COM We intend to further step up our engagements to ensure that all MNACT unitholders are aware of the facts and VOTE AGAINST THE CURRENT INFERIOR MERGER OFFER Please direct all questions to [email protected]
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johnwongzz Senior	17-Feb-2022 19:51        johnwongzz About Contact  Quote this Post!
x 0   x 0  Alert Admin	These guys seems quite serious.... Dear fellow MNACT unitholders, Thank you for your overwhelming response to protect all our interests together! IT IS IN MNACT UNITHOLDERS&rsquo BEST INTEREST TO VOTE AGAINST THE CURRENT &lsquo LOWBALL&rsquo OFFER MNACT&rsquo s key catalysts such as the potential inclusion into key NAREIT indices as well as the bottoming and rebound in Festival Walk&rsquo s rental rate can potentially increase its DPU and unit price back to > S$1.20 from 2H2022. Additionally, unitholders also receive an attractive dividend yield of ~6.3%. s This potential sizeable return is far in excess of the current value destructive offer which will LOCK IN MNACT UNITS AT A PERMANENT DISCOUNTED PRICE in the enlarged entity. The current offer of ~S$1.09 (0.596 MCT units or 0.500 MCT units + $0.1912 cash for 1 MNACT unit) is at a substantial ~12% and ~14% discount to MNACT&rsquo s Oct 2021 and April 2021 NAV. MCT&rsquo s OFFER FOR MNACT IS THE WORST AND AT THE HIGHEST DISCOUNT TO NAV IN THE 20-YEAR SGX-REIT HISTORY The proposed merger will also sharply reduce DPU and NAV by ~9% and ~11% to MNACT unitholders Since the start of 2022, SGX-listed REITs with similar attributes to MCT, such as low dividend yield of < 5.2% and high premium to NAV have all corrected sharply without any related merger announcements. Parkway REIT and Keppel DC REIT which have the lowest yield of ~2.8% and ~4.1% have slumped by ~12% while Mapletree Logistic Trust, Fraser Logistic Trust and Mapletree Industrial Trust with yields of 4.6-5.2% have corrected by ~6-8% (all referenced to price as of 31st   Dec 2021, MCT-MNACT&rsquo s merger announcement date). MCT&rsquo s correction by ~9% to $1.82 is consistent and in line with its Singapore peers due to its low dividend yield. The unit price correction is attributed to the rapid transition of most major central banks led by the US FED into a rate hike environment. Upcoming rate hikes have the biggest impact on REITs with low dividend yields such as MCT due to the decrease in the low spread between their dividend yields and the increasing government bond rates. REITs with similar attributes to MNACT such as higher dividend yield have however held relatively well year-to-date. A sample benchmark index made up of REITs with dividend yields of ~7% (AAREIT, IREIT, CLCT, MUST, Prime) shows the sharp outperformance of high dividend REITs vs low dividend REITs which MCT belongs to. Given the rising interest rate environment and sizeable correction of low dividend SGX-REITs, it is obvious and logical that the fair reference price of MCT should be ~$1.82 This is also in-line with the approximate average trading price of MCT since the proposed merger announcement. The current high negative rental reversion at Festival Walk can be attributed to high base effect. As retail rental contracts in Hong Kong are usually ~3 years, the rental contracts which are being renewed are those contracted exactly right before the HK riots in 2019. Most of the rental contracts contracted pre-HK riots/COVID-19 have already been renewed in 2019 till date. We believe that FW&rsquo s rental reversions will bottom and rebound from 2H2022 driven by potential key catalysts such as the re-opening of HK-China border, government stimulus policies (e.g. consumption voucher) and the rebounding economy. China&rsquo s economic miracle was built on pragmatic and smart economic policies. With increasing evidence that the Omicron variant will inflict milder symptoms and effective therapeutics such as COVID-19 pills from Pfizer and Merck, it is evident that China will pursue a re-opening policy soon, especially with the northern hemisphere entering the hotter Spring and Summer months. Key data points such as the ~42% and ~28% YoY growth in domestic air and travel volumes during the Chinese New Year holidays despite the restrictions from the Winter Olympics have shown the clear shift in COVID-19 policies within China. We are reminded of the difficult Phase 2-Heighted Alert in July 2021 where dining-in and all services requiring the removal of masks (e.g. barber, gym etc) were ceased, work from home was the default and minimum 14-day quarantine was the norm to enter Singapore. In a short 6-month, VTL lanes have been launched and expanded, dine ins are allowed again, workers are returning to office and large events are now allowed. MNACT unitholders SHOULD NOT accept the &lsquo lowball&rsquo offer from MCT when we will see a potential sizeable recovery in unit price from 2H2022 MNACT is one of the best candidates for investors to benefit from the &lsquo re-opening trade&rsquo in China and Hong Kong. ~25% of the current MNACT portfolio were purchased near NAV from the sponsor and the market in the last 4 years. It is thus ridiculous that MNACT unitholders should now sell these assets far below NAV in the proposed merger. Given the value destructive offer, which is far below MNACT&rsquo s NAV, MNACT should conduct a fair and transparent process where all 3rd parties will be allowed to bid for all or part of MNACT&rsquo s assets at NAV Both Glass Lewis and ISS have raised the need for a robust sale process where alternatives are rigorously evaluated to ensure that unitholders&rsquo rights are protected   MNACT unitholders are in no hurry to divest their assets as it is far better to wait for the recovery and correct price instead of the current inferior and distressed pricing. Festival Walk can be sold later and at a higher price once the HK-China border is opened. Please invite all MNACT unitholders to register at WWW.MNACT.COM We intend to further step up our engagements to ensure that all MNACT unitholders are aware of the facts and VOTE AGAINST THE CURRENT INFERIOR MERGER OFFER Please direct all questions to [email protected]
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johnwongzz Senior	11-Feb-2022 18:01        johnwongzz About Contact  Quote this Post!
x 0   x 0  Alert Admin	I think they are already the top 5 or top 10 shareholders of MNACT... you can check this in their letter and their website https://www.bettermnact.com/ looks interesting, i am popping my popcorn to see what happens next!
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HVRRVH Elite	11-Feb-2022 16:47        HVRRVH About Contact  Quote this Post!
x 0   x 1  Alert Admin	Where are you Quarz when MNACT was trading below $1? It irked me that whenever there is an acquisition, certain vested party(ies) will start to make noise that acquisition below value lah, unfair lah, etc. Why? Why didn' t you buy more when the price, to you, is well well below its deserving price? Why when there is certainity, i.e., a buyover/merger, then you complain about the proposed transaction price as below value? Why didn' t you buy it up to the value you deem the stock is deserving prior to news of acquisition? As a shareholder myself, I would also like the stock price goes up and up. However, I have yet to see any acquistion that is being offered at last transacted   market price. Yes, market price, which mean the price that EVERYONE of us think how much the stock is worth. So all is fine with the market price but when there is an offer that is above MARKET price, then suddenly it is below value, it is unfair. This so called active investor can do better in my view. One simple way is to promote the stock and lead it by example by BUYING a lot of the stock when you think it is BELOW MARKET Price. Or else, don' t make noise when there is an offer ABOVE markte price on the card.
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moonsun Veteran	11-Feb-2022 11:58        moonsun About Contact  Quote this Post!
x 0   x 0  Alert Admin	Quarz should buy more then and object .. Put $ where their mouth is .. dyodd Starship      ( Date: 11-Feb-2022 10:45) Posted: Quarz Capital decries ' value destructive' offer for MNACT in proposed merger with MCT THU, FEB 10, 2022 - 9:16 PM ACTIVIST fund manager Quarz Capital Management has taken issue with what it says is a " value destructive" deal for Mapletree North Asia Commercial Trust (MNACT) to merge with Mapletree Commercial Trust (MCT).   In an open letter addressed to the board and management of MNACT, Quarz said the proposed merger price significantly undervalues MNACT and comes at a " massive" discount to its net asset value (NAV) per unit.   " The proposed merger offer price for MNACT is at one of the highest discounts to NAV in the 20-year history of the Singapore real estate investment trust (Reit) market," Quarz said in a letter sent to MNACT on Wednesday (Feb 9) night. " We urge MNACTs board and management to protect unitholders' interest and negotiate for a higher and fairer merger offer."   Quarz claims that it has been approached by " many MNACT unitholders" regarding MCT' s " inferior offer" for MNACT.   The fund manager said it advises entities that hold long term investments on behalf of institutions, endowments and families. Together with its affiliates, Quarz said the combined holdings it controls in MNACT would rank it among the top 10 unitholders of the trust.   According to Bloomberg data, Temasek Holdings - through Mapletree Investments - is the top unitholder for MNACT, with a 38.1 per cent stake in the trust. This is followed by Schroders and Vanguard Group, with 4.6 per cent and 2.3 per cent stakes, respectively.   MCT and MNACT on Dec 31, 2021, proposed the merger between the 2 Mapletree Reits to create Mapletree Pan Asia Commercial Trust (MPACT). The merged entity would leapfrog its way to become the third largest Reit in Singapore and rank among the top 10 Reits in Asia by market capitalisation.   The proposed trust scheme would see MNACT unitholders receive a scheme consideration of S$1.1949 for each MNACT unit held - either via 0.5963 new MCT units at an issue price of S$2.0039 apiece, or a combination of 0.5009 consideration units and S$0.1912 in cash.   For illustrative purposes, this means that a unitholder holding 10,000 MNACT units will receive 5,963 MCT units should they elect to receive the scrip-only consideration or 5,009 MCT units and S$1,912 in cash should they elect to receive the cash-and-scrip consideration.   This implies a gross exchange ratio of 0.5963 times.   The Reit managers said then that the scheme consideration price of S$1.1949 was in line with MNACT' s NAV.   Since the announcement, however, units of MCT have dived, changing the dynamics of the proposed merger. Units of MCT have fallen 8.5 per cent or S$0.17 - from S$2.00 before the proposed merger announcement - to close at S$1.83 as at Feb 9.   Meanwhile, units of MNACT are trading flat at S$1.11 - the same level it was at before the announcement.   " With MCT' s price correction, the implied scheme consideration for MNACT is now at a significantly lower level of approximately S$1.08 to S$1.10, down from S$1.1949," Quarz said.   In addition, Quarz said the implied merger offer is at a " massive discount" of about 12 per cent from MNACT' s NAV of S$1.23 in October 2021. " The offer price is at an even larger approximately 14 per cent and approximately 23 per cent discounts to MNACT' s NAV of S$1.27 and S$1.41 in March 2021 and March 2020, respectively," it added.   Noting that about a quarter of MNACT' s current portfolio had been purchased at around NAV in the last 4 years and have mostly appreciated in value, Quarz called the merger proposal to " sell" the assets at below NAV" both ludicrous and value-destructive" .   It added that this substantial discount to NAV is " unprecedented" , as nearly all the Reits involved in takeovers and mergers in Singapore over the years had - like MNACT - also traded below NAV.   In its letter, Quarz claimed MNACT unitholders will see declines in distribution per unit (DPU) of between 8.2 per cent and 9.3 per cent after the merger - depending on whether they choose the scrip-only or cash-and-scrip option.   " We believe that MCT has opportunistically taken advantage of MNACT' s depressed NAV and unit price to launch the merger offer and benefit from MNACT' s potential sizeable DPU and unit price upside," Quarz said.   The fund manager argued that the performance of MNACT' s portfolio had been " temporarily disrupted" by the stumble of its largest asset - the Festival Walk mall in Hong Kong.   Festival Walk had suffered extensive damage due to street protests in November 2019. Since it reopened in January 2020 following repairs, the mall has been bogged down by the closure of the Hong Kong-China border due to the Covid-19 pandemic.   " Despite the temporary weakness in Festival Walk, MNACT continues to yield a highly attractive dividend yield of about 6.3 per cent - one of the highest among large-cap Reits with reputable sponsors," Quarz said.   Quarz is expecting MNACT' s NAV, DPU and unit price to stage a strong recovery in the second half of 2022 on the back of a number of key catalysts.   " A conservative approximately 10 per cent recovery in rental rates from the reopening of the Hong Kong-China border and the enactment of the government stimulus plans can drive MNACT' s DPU to about S$0.073 and dividend yield to around 6.8 per cent," Quarz said.   It added that MNACT' s unit price could rerate back to over S$1.20 in H2, with its potential inclusion into the FTSE Nareit Developed and Developed Asia indices at the June 2022 review.   " The potential increase in institutional following and passive buying following the entry into the indices can significantly rerate MNACT' s unit price," Quarz said.   " The sizeable value creation benefits of the merger seem mostly skewed in favour of MCT' s unitholders," it added. " It is thus disappointing and troubling that the manager of MNACT is pushing for a merger offer at such a sharp discount to NAV and forcing MNACT unitholders to forgo the trust' s promising standalone prospects and suffer substantial DPU and NAV reduction."   " The proposed merger between MNACT and MCT is the second largest transaction in Singapore Reit history and will be keenly watched by the investment community," it added.    " Mapletree& rsquo s treatment of MNACT minority unitholders will serve as a reference by potential new investors to evaluate their investment in Mapletree-managed Reits."   Quarz suggested the exchange ratio for the proposed MCT-MNACT merger should be 0.68 times, instead of 0.5963 times.   It noted that the scheme issue price of MCT units at S$2.0039 is a premium to MCT' s NAV. " An appropriate issue price for MCT should be S$1.82 per unit and a scrip-only unit exchange ratio in excess of 0.68 MCT unit for 1 MNACT unit," Quarz said.   This is not the first time Quarz is protesting valuations in a Reit merger.   Together with Black Crane Capital, Quarz led minority unitholders to scuttle the proposed merger between ESR-Reit and Sabana Reit in 2020. It had argued then that the valuation accorded to Sabana Reit in the transaction was too low.   In response to queries by The Business Times (BT), the manager of MCT said that the merits of the proposed merger are articulated in the joint announcement issued on Dec 31.   " We note that Quarz acknowledges the deal rationale, as stated in the joint announcement made on Dec 31, 2021, and sees value in MNACT," the Reit manager said. " Unitholders should also note that listed Reits are required to comply with regulatory requirements and safeguards which are in place to protect the interests of minority unitholders."   MNACT' s manager, meanwhile, said it appreciates the perspectives and feedback of unitholders. It added that the scheme document - expected to be issued at the end of March - will contain the recommendations of the independent directors for the trust scheme as well as the independent financial adviser' s opinion for unitholders to make an informed decision.   " The rationale and terms of the proposed merger have been carefully considered, and we continue to believe these to be beneficial to unitholders, both from a strategic and financial perspective," the MNACT manager said. https://www.businesstimes.com.sg/companies-markets/quarz-capital-decries-value-destructive-offer-for-mnact-in-proposed-merger-with
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Starship Supreme	11-Feb-2022 10:45        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Quarz Capital decries ' value destructive' offer for MNACT in proposed merger with MCT THU, FEB 10, 2022 - 9:16 PM ACTIVIST fund manager Quarz Capital Management has taken issue with what it says is a " value destructive" deal for Mapletree North Asia Commercial Trust (MNACT) to merge with Mapletree Commercial Trust (MCT).   In an open letter addressed to the board and management of MNACT, Quarz said the proposed merger price significantly undervalues MNACT and comes at a " massive" discount to its net asset value (NAV) per unit.   " The proposed merger offer price for MNACT is at one of the highest discounts to NAV in the 20-year history of the Singapore real estate investment trust (Reit) market," Quarz said in a letter sent to MNACT on Wednesday (Feb 9) night. " We urge MNACTs board and management to protect unitholders' interest and negotiate for a higher and fairer merger offer."   Quarz claims that it has been approached by " many MNACT unitholders" regarding MCT' s " inferior offer" for MNACT.   The fund manager said it advises entities that hold long term investments on behalf of institutions, endowments and families. Together with its affiliates, Quarz said the combined holdings it controls in MNACT would rank it among the top 10 unitholders of the trust.   According to Bloomberg data, Temasek Holdings - through Mapletree Investments - is the top unitholder for MNACT, with a 38.1 per cent stake in the trust. This is followed by Schroders and Vanguard Group, with 4.6 per cent and 2.3 per cent stakes, respectively.   MCT and MNACT on Dec 31, 2021, proposed the merger between the 2 Mapletree Reits to create Mapletree Pan Asia Commercial Trust (MPACT). The merged entity would leapfrog its way to become the third largest Reit in Singapore and rank among the top 10 Reits in Asia by market capitalisation.   The proposed trust scheme would see MNACT unitholders receive a scheme consideration of S$1.1949 for each MNACT unit held - either via 0.5963 new MCT units at an issue price of S$2.0039 apiece, or a combination of 0.5009 consideration units and S$0.1912 in cash.   For illustrative purposes, this means that a unitholder holding 10,000 MNACT units will receive 5,963 MCT units should they elect to receive the scrip-only consideration or 5,009 MCT units and S$1,912 in cash should they elect to receive the cash-and-scrip consideration.   This implies a gross exchange ratio of 0.5963 times.   The Reit managers said then that the scheme consideration price of S$1.1949 was in line with MNACT' s NAV.   Since the announcement, however, units of MCT have dived, changing the dynamics of the proposed merger. Units of MCT have fallen 8.5 per cent or S$0.17 - from S$2.00 before the proposed merger announcement - to close at S$1.83 as at Feb 9.   Meanwhile, units of MNACT are trading flat at S$1.11 - the same level it was at before the announcement.   " With MCT' s price correction, the implied scheme consideration for MNACT is now at a significantly lower level of approximately S$1.08 to S$1.10, down from S$1.1949," Quarz said.   In addition, Quarz said the implied merger offer is at a " massive discount" of about 12 per cent from MNACT' s NAV of S$1.23 in October 2021. " The offer price is at an even larger approximately 14 per cent and approximately 23 per cent discounts to MNACT' s NAV of S$1.27 and S$1.41 in March 2021 and March 2020, respectively," it added.   Noting that about a quarter of MNACT' s current portfolio had been purchased at around NAV in the last 4 years and have mostly appreciated in value, Quarz called the merger proposal to " sell" the assets at below NAV" both ludicrous and value-destructive" .   It added that this substantial discount to NAV is " unprecedented" , as nearly all the Reits involved in takeovers and mergers in Singapore over the years had - like MNACT - also traded below NAV.   In its letter, Quarz claimed MNACT unitholders will see declines in distribution per unit (DPU) of between 8.2 per cent and 9.3 per cent after the merger - depending on whether they choose the scrip-only or cash-and-scrip option.   " We believe that MCT has opportunistically taken advantage of MNACT' s depressed NAV and unit price to launch the merger offer and benefit from MNACT' s potential sizeable DPU and unit price upside," Quarz said.   The fund manager argued that the performance of MNACT' s portfolio had been " temporarily disrupted" by the stumble of its largest asset - the Festival Walk mall in Hong Kong.   Festival Walk had suffered extensive damage due to street protests in November 2019. Since it reopened in January 2020 following repairs, the mall has been bogged down by the closure of the Hong Kong-China border due to the Covid-19 pandemic.   " Despite the temporary weakness in Festival Walk, MNACT continues to yield a highly attractive dividend yield of about 6.3 per cent - one of the highest among large-cap Reits with reputable sponsors," Quarz said.   Quarz is expecting MNACT' s NAV, DPU and unit price to stage a strong recovery in the second half of 2022 on the back of a number of key catalysts.   " A conservative approximately 10 per cent recovery in rental rates from the reopening of the Hong Kong-China border and the enactment of the government stimulus plans can drive MNACT' s DPU to about S$0.073 and dividend yield to around 6.8 per cent," Quarz said.   It added that MNACT' s unit price could rerate back to over S$1.20 in H2, with its potential inclusion into the FTSE Nareit Developed and Developed Asia indices at the June 2022 review.   " The potential increase in institutional following and passive buying following the entry into the indices can significantly rerate MNACT' s unit price," Quarz said.   " The sizeable value creation benefits of the merger seem mostly skewed in favour of MCT' s unitholders," it added. " It is thus disappointing and troubling that the manager of MNACT is pushing for a merger offer at such a sharp discount to NAV and forcing MNACT unitholders to forgo the trust' s promising standalone prospects and suffer substantial DPU and NAV reduction."   " The proposed merger between MNACT and MCT is the second largest transaction in Singapore Reit history and will be keenly watched by the investment community," it added.    " Mapletree& rsquo s treatment of MNACT minority unitholders will serve as a reference by potential new investors to evaluate their investment in Mapletree-managed Reits."   Quarz suggested the exchange ratio for the proposed MCT-MNACT merger should be 0.68 times, instead of 0.5963 times.   It noted that the scheme issue price of MCT units at S$2.0039 is a premium to MCT' s NAV. " An appropriate issue price for MCT should be S$1.82 per unit and a scrip-only unit exchange ratio in excess of 0.68 MCT unit for 1 MNACT unit," Quarz said.   This is not the first time Quarz is protesting valuations in a Reit merger.   Together with Black Crane Capital, Quarz led minority unitholders to scuttle the proposed merger between ESR-Reit and Sabana Reit in 2020. It had argued then that the valuation accorded to Sabana Reit in the transaction was too low.   In response to queries by The Business Times (BT), the manager of MCT said that the merits of the proposed merger are articulated in the joint announcement issued on Dec 31.   " We note that Quarz acknowledges the deal rationale, as stated in the joint announcement made on Dec 31, 2021, and sees value in MNACT," the Reit manager said. " Unitholders should also note that listed Reits are required to comply with regulatory requirements and safeguards which are in place to protect the interests of minority unitholders."   MNACT' s manager, meanwhile, said it appreciates the perspectives and feedback of unitholders. It added that the scheme document - expected to be issued at the end of March - will contain the recommendations of the independent directors for the trust scheme as well as the independent financial adviser' s opinion for unitholders to make an informed decision.   " The rationale and terms of the proposed merger have been carefully considered, and we continue to believe these to be beneficial to unitholders, both from a strategic and financial perspective," the MNACT manager said. https://www.businesstimes.com.sg/companies-markets/quarz-capital-decries-value-destructive-offer-for-mnact-in-proposed-merger-with
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darkpoliticks Member	11-Feb-2022 09:30        darkpoliticks About Contact  Quote this Post!
x 0   x 0  Alert Admin	moonsun      ( Date: 10-Feb-2022 19:04) Posted: Popcorn standby ? watch the show Starship      ( Date: 10-Feb-2022 18:04) Posted: Wow, another Sabana Reit saga in the making !!!! MCT will have to up the price ? Activist investor Quarz opposes terms of $4.2b Mapletree Reits merger PUBLISHED  4 HOURS AGO SINGAPORE (REUTERS) - Activist investor Quarz Capital Management said it is opposed to the terms of a proposed $4.2 billion merger of two Temasek-linked Singapore real estate investment trusts (Reits), saying the target firm was significantly undervalued. It is urging Mapletree North Asia Commercial Trust (MNACT) to negotiate an improved offer from Mapletree Commercial Trust (MCT), according to a Feb 9 open letter reviewed by Reuters. Quarz, which has previously been successful in blocking a Singapore Reit deal, says it and its affiliates hold stakes that rank them among the top 10 unitholders of MNACT.  Quarz and Black Crane Capital  voted down a merger between ESR-Reit and Sabana Shari&rsquo ah Compliant Industrial Reit  in December 2020. An external spokesman for MNACT and MCT said they had no immediate comment on Reuters' queries. Singapore' s Temasek declined to comment. Its Mapletree Investments, a global real estate conglomerate, is the single largest unitholder in both Reits, owning 32.6 per cent of MCT and 38.1 per cent of MNACT as at  Dec 29 last year. On Dec 31, MCT  announced plans to buy MNACT, seeking to create the seventh-largest Reit in Asia with an expected market valuation of about $10.5 billion. MNACT' s main portfolio includes one commercial property in Hong Kong and two in China, while MCT is a Singapore-focused Reit. Quarz, which is run by Mr Jan Moermann, a former Swiss banker, said it supports the deal rationale but objects to the merger ratio and price. " Quarz has been approached by many MNACT unitholders on MCT' s inferior offer for MNACT. We agree that the offer is value destructive to unitholders and significantly undervalues MNACT," Mr Moermann and Mr Havard Chi, Quarz' s Singapore-based research head, said in the letter. MCT offered to acquire all units of MNACT in exchange for MCT units, or a combination of both cash and MCT units that gave the target' s unitholders $1.1949 per unit. This represented a 7.6 per cent premium to MNACT' s Dec 27 closing price of $1.11 and was based on MCT' s unit price of $2. The companies said the offer was in line with MNACT' s net asset value (NAV) per unit. Since then, MCT' s units have fallen 8.5 per cent to $1.83 as at  Wednesday' s close, while MNACT' s were unchanged at $1.1. Quarz argued in the letter that the offer price represented one of the " highest discounts to net asset value (NAV) in the 20-year history of the Singapore Reit market with multiple takeovers and mergers" . " MNACT' s board and management should initiate a transparent and robust process to sell the assets above NAV of $1.23 instead of recommending the suboptimal offer of $1.08 to S$1.10 from MCT," Quarz said. It added it was confident MNACT would stage a strong recovery from the second half of 2022, citing global vaccination rates. Singapore' s Reit market is dominated by retail investors who are attracted to the high dividends paid by trusts as the firms are mandated to pay out 90 per cent of their rental income. Founded in 2011, Quarz has publicly campaigned against about a dozen Singapore-listed firms. It mustered support to block a merger in 2020 between two Singapore Reits, whose managers are owned by a unit of Asian logistics giant ESR Cayman, marking a rare victory for activist funds in the city-state. https://www.straitstimes.com/business/companies-markets/activist-investor-quarz-opposes-terms-of-42b-mapletree-reits-merger
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moonsun Veteran	10-Feb-2022 19:04        moonsun About Contact  Quote this Post!
x 0   x 0  Alert Admin	Popcorn standby ? watch the show Starship      ( Date: 10-Feb-2022 18:04) Posted: Wow, another Sabana Reit saga in the making !!!! MCT will have to up the price ? Activist investor Quarz opposes terms of $4.2b Mapletree Reits merger PUBLISHED  4 HOURS AGO SINGAPORE (REUTERS) - Activist investor Quarz Capital Management said it is opposed to the terms of a proposed $4.2 billion merger of two Temasek-linked Singapore real estate investment trusts (Reits), saying the target firm was significantly undervalued. It is urging Mapletree North Asia Commercial Trust (MNACT) to negotiate an improved offer from Mapletree Commercial Trust (MCT), according to a Feb 9 open letter reviewed by Reuters. Quarz, which has previously been successful in blocking a Singapore Reit deal, says it and its affiliates hold stakes that rank them among the top 10 unitholders of MNACT.  Quarz and Black Crane Capital  voted down a merger between ESR-Reit and Sabana Shari&rsquo ah Compliant Industrial Reit  in December 2020. An external spokesman for MNACT and MCT said they had no immediate comment on Reuters' queries. Singapore' s Temasek declined to comment. Its Mapletree Investments, a global real estate conglomerate, is the single largest unitholder in both Reits, owning 32.6 per cent of MCT and 38.1 per cent of MNACT as at  Dec 29 last year. On Dec 31, MCT  announced plans to buy MNACT, seeking to create the seventh-largest Reit in Asia with an expected market valuation of about $10.5 billion. MNACT' s main portfolio includes one commercial property in Hong Kong and two in China, while MCT is a Singapore-focused Reit. Quarz, which is run by Mr Jan Moermann, a former Swiss banker, said it supports the deal rationale but objects to the merger ratio and price. " Quarz has been approached by many MNACT unitholders on MCT' s inferior offer for MNACT. We agree that the offer is value destructive to unitholders and significantly undervalues MNACT," Mr Moermann and Mr Havard Chi, Quarz' s Singapore-based research head, said in the letter. MCT offered to acquire all units of MNACT in exchange for MCT units, or a combination of both cash and MCT units that gave the target' s unitholders $1.1949 per unit. This represented a 7.6 per cent premium to MNACT' s Dec 27 closing price of $1.11 and was based on MCT' s unit price of $2. The companies said the offer was in line with MNACT' s net asset value (NAV) per unit. Since then, MCT' s units have fallen 8.5 per cent to $1.83 as at  Wednesday' s close, while MNACT' s were unchanged at $1.1. Quarz argued in the letter that the offer price represented one of the " highest discounts to net asset value (NAV) in the 20-year history of the Singapore Reit market with multiple takeovers and mergers" . " MNACT' s board and management should initiate a transparent and robust process to sell the assets above NAV of $1.23 instead of recommending the suboptimal offer of $1.08 to S$1.10 from MCT," Quarz said. It added it was confident MNACT would stage a strong recovery from the second half of 2022, citing global vaccination rates. Singapore' s Reit market is dominated by retail investors who are attracted to the high dividends paid by trusts as the firms are mandated to pay out 90 per cent of their rental income. Founded in 2011, Quarz has publicly campaigned against about a dozen Singapore-listed firms. It mustered support to block a merger in 2020 between two Singapore Reits, whose managers are owned by a unit of Asian logistics giant ESR Cayman, marking a rare victory for activist funds in the city-state. https://www.straitstimes.com/business/companies-markets/activist-investor-quarz-opposes-terms-of-42b-mapletree-reits-merger
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