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Latest Forum Topics / Accordia Golf Tr  Post Reply
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Joelton
Supreme
12-Aug-2020 09:07     
 
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 Alert Admin
Accordia Golf Trust unitholders withdraw requisition notice after sponsor ups offer price
 
NO extraordinary general meeting (EGM) in relation to the recent requisition notice sent by Accordia Golf Trust (AGT) unitholders will be convened.
 
This came as AGT&rsquo s trustee-manager on Saturday received separate letters from two of the requisitioning unitholders - Hibiki Path Advisors and CIM Dividend Income Fund - withdrawing the notice.
 
With Hibiki and CIM&rsquo s withdrawal, the remaining requisitioning unitholders now hold less than 10 per cent in total of the voting rights required to convene an EGM, the trustee-manager said in a filing on Tuesday morning.
 
The trustee-manager announced last Friday that AGT&rsquo s sponsor, Accordia Golf, is now willing to fork out 65.2 billion yen (S$848.4 million) to buy over the trust&rsquo s 88 golf courses in Japan, an increase of 3.4 billion yen from the original purchase price offered in June.
 
That followed several attempts by Hibiki, AGT&rsquo s largest minority unitholder with a 7.6 per cent stake, to block the sale while alleging the initial offered price was too low. One of those attempts involved Hibiki and more than 50 other minority unitholders calling for an EGM to take place on Aug 18.
 
The trustee-manager also said last Friday that Hibiki and another unitholder, Santa Lucia Asset Management with a 3.1 per cent stake in AGT, had irrevocably undertaken to vote in favour of the resolutions to approve the proposed divestment. They planned to withdraw their EGM requisition notice by Tuesday.
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JoeJordan
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11-Aug-2020 20:05     
 
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 Alert Admin 		Et tu, Hibiki?

pkli899      ( Date: 11-Aug-2020 19:53) Posted:

Me was once holder of RHT too.
I didn' t wait till final payment because I felt they will have difficulty in getting a party to do RTO.
Made some money from RHT indeed.
I have been through numerous buy/take over, assets sales, voluntary delisting etc.
This is by far the most scheming, unscrupulous deal I have came across.

JerryMaple      ( Date: 11-Aug-2020 18:15) Posted:

LOL..I hold RHT shares..frustrated and wanted to sell on market but already suspended..my 2cents waiting for years.
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pkli899
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11-Aug-2020 19:53     
 
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 Alert Admin 		Me was once holder of RHT too.
I didn' t wait till final payment because I felt they will have difficulty in getting a party to do RTO.
Made some money from RHT indeed.
I have been through numerous buy/take over, assets sales, voluntary delisting etc.
This is by far the most scheming, unscrupulous deal I have came across.

JerryMaple      ( Date: 11-Aug-2020 18:15) Posted:

LOL..I hold RHT shares..frustrated and wanted to sell on market but already suspended..my 2cents waiting for years..

pkli899      ( Date: 11-Aug-2020 18:04) Posted:

surprise
He didn' t say no delist fee.
He said no foul play for the 3% retained as expenses till delisting.
RHT also retained some percentage as expenses.
But their case is not the same. They did mentioned they want to retain the listing after the assets sales
and  were actively looking for RTO. They asked for extension of time but  in the end they didn' t succeed in finding a party to takeover.
They paid out 95% first. Subsequently, more were paid out but could not make final payment as the delisting could not proceed due to some litigation matter.
Those holding RHT shares are very frustrated because the final 2 cents still with the manager and likely they will not get it back.
 
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JerryMaple
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11-Aug-2020 18:15     
 
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 Alert Admin 		LOL..I hold RHT shares..frustrated and wanted to sell on market but already suspended..my 2cents waiting for years..

pkli899      ( Date: 11-Aug-2020 18:04) Posted:

surprise
He didn' t say no delist fee.
He said no foul play for the 3% retained as expenses till delisting.
RHT also retained some percentage as expenses.
But their case is not the same. They did mentioned they want to retain the listing after the assets sales
and  were actively looking for RTO. They asked for extension of time but  in the end they didn' t succeed in finding a party to takeover.
They paid out 95% first. Subsequently, more were paid out but could not make final payment as the delisting could not proceed due to some litigation matter.
Those holding RHT shares are very frustrated because the final 2 cents still with the manager and likely they will not get it back.
 

JerryMaple      ( Date: 11-Aug-2020 17:46) Posted:

Wanton is right i guess.Religare health trust sold their healthcare asset and there is no delist fee..Rightfully Accordia should charge not us on the delist either..
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laksaman57
Supreme
11-Aug-2020 18:10     
 
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 Alert Admin 		Cow is immortal aka freehold.
As long as Japan population continue to sustain and age, golfing is forever.
And dividend payout is everlasting !

diTTib      ( Date: 11-Aug-2020 17:26) Posted:

Haha... i can' t remember where I read about the cash cow and it stick to my brain.

Now with your picture, I seriously cannot forget.

I see where you are coming from and it is nice to have a cow with overflowing supply of milk  smiley.

If this is true, then really shouldn' t forsake the cow until it dry up.

Starship      ( Date: 11-Aug-2020 16:20) Posted:



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pkli899
Supreme
11-Aug-2020 18:08     
 
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 Alert Admin 		Please be very clear about it.
We are defintely not getting the full $0.772 per units.
92% i.e. 71.02 cents is guaranteed.
The rest is subject to claim and expenses incurred till delisting.
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pkli899
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11-Aug-2020 18:04     
 
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 Alert Admin 		surprise
He didn' t say no delist fee.
He said no foul play for the 3% retained as expenses till delisting.
RHT also retained some percentage as expenses.
But their case is not the same. They did mentioned they want to retain the listing after the assets sales
and  were actively looking for RTO. They asked for extension of time but  in the end they didn' t succeed in finding a party to takeover.
They paid out 95% first. Subsequently, more were paid out but could not make final payment as the delisting could not proceed due to some litigation matter.
Those holding RHT shares are very frustrated because the final 2 cents still with the manager and likely they will not get it back.
 

JerryMaple      ( Date: 11-Aug-2020 17:46) Posted:

Wanton is right i guess.Religare health trust sold their healthcare asset and there is no delist fee..Rightfully Accordia should charge not us on the delist either..
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JerryMaple
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11-Aug-2020 17:46     
 
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 Alert Admin 		Wanton is right i guess.Religare health trust sold their healthcare asset and there is no delist fee..Rightfully Accordia should charge not us on the delist either..
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pkli899
Supreme
11-Aug-2020 17:34     
 
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 Alert Admin 		I think I need to clarify further.
In the same announcement I mentioned in my earlier post, it was stated that AGT manager (incidentally also control by the evil sponsor), 
DO NOT INTEND  to keep the listing after selling the golf courses.
That is to say they need to start delisting process upon completion of the sales. They will be given 6 months to do so.
A 6 months extension can be granted only if they have valid reason.
Do not forget who own the manager. They will not keep the listing. Why should they? They can' t be bothered.
I' m not trying to find fault but I do suspect, who is this  WANTON? Appearing out of nowhere.
" No foul play" ? So sure? Sorry, if I&rsquo m wrong and this Wanton is a genuine shareholder like us.

Please read carefully on the distribution of the proceed.
  1. We are guaranteed 92% only. It will be paid out within 25 days of completion of sales. The rest, no guarantee we will get in full.
  2. 5% will be paid out after the 3 months claim period.
    This &ldquo claim&rdquo here is refer to buyer claiming from trust manager for expenses they may incurred in relate to the golf courses, which can be attributed to prior sales period.
    Can we be so sure there will be no claim? Can easily cook up, given how scheming they are.
  3. Balance 3% to be retained for delisting expenses itself is too much. Let me show you:    3% = 2.31 cents x 1,099,122,000 units = $23.39m!
Delisting is not a very difficult process. Definitely don&rsquo t need $23.39m! A few million would be sufficient.
Most importantly, nowhere in the announcement, did they mention about any final pay out.
Nothing about paying out any balance from the 3% retained. Neither is there anything on paying out residue cash the trust is holding.
I strongly believe there is substantial amount of cash the manger has in hand.
Please, I plead all shareholders to think carefully. Do not accept the deal just because u think u have made enough.
Think whether this is a fair deal? Why should we be subjected to all this unfair treatment?
There will be more of this happening in future if we allowed it to go thru so easily.
Others will see us as easy meat, giving up without a fight
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diTTib
Member
11-Aug-2020 17:26     
 
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 Alert Admin 		Haha... i can' t remember where I read about the cash cow and it stick to my brain.

Now with your picture, I seriously cannot forget.

I see where you are coming from and it is nice to have a cow with overflowing supply of milk  smiley.

If this is true, then really shouldn' t forsake the cow until it dry up.

Starship      ( Date: 11-Aug-2020 16:20) Posted:



laksaman57      ( Date: 11-Aug-2020 15:59) Posted:

All cow aka golf, in every countries around the world, has plenty of milk to be milked !
Vote No !
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JerryMaple
Veteran
11-Aug-2020 17:25     
 
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 Alert Admin 		Thanks for the info..I am voting NO..Hehe!!

Wanton      ( Date: 11-Aug-2020 14:55) Posted:

Yes. U will get 97 plus 3%(after expenses)

That is why they are keeping 3%. No foul play. 

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Starship
Supreme
11-Aug-2020 16:20     
 
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laksaman57      ( Date: 11-Aug-2020 15:59) Posted:

All cow aka golf, in every countries around the world, has plenty of milk to be milked !
Vote No !

laksaman57      ( Date: 07-Aug-2020 16:21) Posted:

Golf is covid-proof !
AGT is our golden egg laying goose !

https://www.bloomberg.com/news/articles/2020-06-11/golf-enjoys-a-covid-era-boom-that-s-making-tee-times-scarce
 

Golf Enjoys a U.S. Boom That&rsquo s Making Tee Times Scarce

By 
11 June 2020
 
" The sport of golf is having a renaissance moment in an era when outdoor activities are at a premium. The trend has caught the eye of investors and raised hopes among boosters that a new wave of converts will take up the centuries-old game.

&ldquo It&rsquo s a boom right now,&rdquo said Mike Davis, chief executive officer of the USGA, which runs the U.S. Open and 13 other championship tournaments every year. &ldquo We&rsquo re hearing about courses where you can&rsquo t get a tee time.&rdquo


The rising participation is welcome news for the $84 billion golf industry, ..."


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laksaman57
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11-Aug-2020 15:59     
 
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 Alert Admin 		All cow aka golf, in every countries around the world, has plenty of milk to be milked !
Vote No !

laksaman57      ( Date: 07-Aug-2020 16:21) Posted:

Golf is covid-proof !
AGT is our golden egg laying goose !

https://www.bloomberg.com/news/articles/2020-06-11/golf-enjoys-a-covid-era-boom-that-s-making-tee-times-scarce
 

Golf Enjoys a U.S. Boom That&rsquo s Making Tee Times Scarce

By 
11 June 2020
 
" The sport of golf is having a renaissance moment in an era when outdoor activities are at a premium. The trend has caught the eye of investors and raised hopes among boosters that a new wave of converts will take up the centuries-old game.

&ldquo It&rsquo s a boom right now,&rdquo said Mike Davis, chief executive officer of the USGA, which runs the U.S. Open and 13 other championship tournaments every year. &ldquo We&rsquo re hearing about courses where you can&rsquo t get a tee time.&rdquo


The rising participation is welcome news for the $84 billion golf industry, ..."


laksaman57      ( Date: 06-Aug-2020 15:06) Posted:

https://golfbusinessnews.com/news/coronavirus-news/potential-of-post-covid-19-boom-for-golf-participation/

" A unique opportunity to broaden golf&rsquo s base and attract a raft of new players to the game will present itself in the post-Coronavirus era.

As golf courses re-open around the globe following various government-enforced lockdowns, Troon, one of world&rsquo s largest golf course operators and management companies, is seeing the emergence of a positive new trend.

&ldquo Without exception, every one of our golf properties that has re-opened has been busy,&rdquo said Dubai-based DJ Flanders, Senior Vice President, Troon International, an Executive Member of the Asian Golf Industry Federation.

With social distancing likely to prove a major issue for sports such as football, rugby and basketball, Flanders believes golf is in a position to capitalise by enticing exponents of those activities. "
 



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diTTib
Member
11-Aug-2020 15:30     
 
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 Alert Admin 		Thanks for sharing... I was getting jitty when I thought there is 3% deduction from the deal. That' s quite hefty and will definitely cry foul.

I think there are different opinions, my average cost is around 0.55 and I don' t mind receiving more from the deal if possible. wink

As such, wanted to confirm that the seniors here are advocating to vote " No" with the intent to:
(1) Hold this as a cash cow to milk it until it die?   or is it 
(2) To ask for higher price?

I do hope to go for (2) as I do have concern from H email about the golf business not being able to churn out cash flow as before due to Covid-19.
(Milkless cow) sad

Do appreciate if the seniors can share if the cow is actually still full of milk to propose going for (1).

Wanton      ( Date: 11-Aug-2020 14:55) Posted:

Yes. U will get 97 plus 3%(after expenses)

That is why they are keeping 3%. No foul play. 

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Wanton
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11-Aug-2020 14:55     
 
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 Alert Admin 		Yes. U will get 97 plus 3%(after expenses)

That is why they are keeping 3%. No foul play. 
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JerryMaple
Veteran
11-Aug-2020 14:28     
 
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 Alert Admin 		Meaning we will get 100% of 0.772 if we hold till the end?

Wanton      ( Date: 11-Aug-2020 14:23) Posted:

I think you guy maybe wrong in some aspects, this is not a takeover deal, it' s an asset buyout . After which , AGT will become a cash trust. According to the R& R, AGT is given one year to look for new business venture, if nothing happened, AGT will refund the 3% kept, after expenses, to the shareholders 
 

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Wanton
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11-Aug-2020 14:23     
 
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 Alert Admin 		I think you guy maybe wrong in some aspects, this is not a takeover deal, it' s an asset buyout . After which , AGT will become a cash trust. According to the R& R, AGT is given one year to look for new business venture, if nothing happened, AGT will refund the 3% kept, after expenses, to the shareholders 
 
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pkli899
Supreme
11-Aug-2020 13:51     
 
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 Alert Admin 		Yes, many bought at lower price will find it too attractive to say no.
Only long term holders going for dividend and perhaps those who see thru the plot will vote no.
Those who know how valuable the freehold golf courses are and also looking at long term benefits, I think not too many.
Nevertheless, I will still vote " NO" . If u don' t try, you will never know!

JerryMaple      ( Date: 11-Aug-2020 13:24) Posted:

Erm,alot of people bought at 50cents range..Its a hefty profit for them..Unfortunately,those that invest before covid will find it not attractive at all..some may even make losses..InvestingNote people are voting yes..Only my ikan bilis holdings are voting No..sad

Calmroom      ( Date: 11-Aug-2020 13:15) Posted:

After what Hibiki revealed  in its early letters and videos, 
I would be amazed if the ' yes' vote can still win.

If investors treat AGT like a high yield 5-yr fixed deposit,
$0.772 is very achievable, likely in less than 5 years.

Just not logical to me to sell away the
freehold gold courses if business is doing ok.

 
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Calmroom
Master
11-Aug-2020 13:30     
 
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 Alert Admin 		Haha!
Just realized I wrote " gold courses" .  blush

Must be people here in tiny Sg can better
appreciate the value of FREEHOLD properties.
 

JerryMaple      ( Date: 11-Aug-2020 13:24) Posted:

Erm,alot of people bought at 50cents range..Its a hefty profit for them..Unfortunately,those that invest before covid will find it not attractive at all..some may even make losses..InvestingNote people are voting yes..Only my ikan bilis holdings are voting No..sad

Calmroom      ( Date: 11-Aug-2020 13:15) Posted:

After what Hibiki revealed  in its early letters and videos, 
I would be amazed if the ' yes' vote can still win.

If investors treat AGT like a high yield 5-yr fixed deposit,
$0.772 is very achievable, likely in less than 5 years.

Just not logical to me to sell away the
freehold gold courses if business is doing ok.

 
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JerryMaple
Veteran
11-Aug-2020 13:24     
 
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 Alert Admin 		Erm,alot of people bought at 50cents range..Its a hefty profit for them..Unfortunately,those that invest before covid will find it not attractive at all..some may even make losses..InvestingNote people are voting yes..Only my ikan bilis holdings are voting No..sad

Calmroom      ( Date: 11-Aug-2020 13:15) Posted:

After what Hibiki revealed  in its early letters and videos, 
I would be amazed if the ' yes' vote can still win.

If investors treat AGT like a high yield 5-yr fixed deposit,
$0.772 is very achievable, likely in less than 5 years.

Just not logical to me to sell away the
freehold gold courses if business is doing ok.

 

Goldfinger      ( Date: 11-Aug-2020 12:18) Posted:

We can only write to SGX or Business Times to help protect and investigate.  The Trust Manager is not a Reit Manager, so unlikely to be licensed by MAS
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