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laksaman57 Supreme	30-Nov-2019 15:35        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Monday last chance to buy in AGT at 'cum div' price. Goldfinger      ( Date: 30-Nov-2019 14:17) Posted: Waiting for Accordia, FCOT and FLIT to show hand - so exciting now.  I already benefitted from Ascendas, Ascott, OUEHT M& A this year.  Good year for dividend investors holding REITS.
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laksaman57 Supreme	30-Nov-2019 15:23        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Think the cash back from FLT to FCOT should be good enough to convince FCOT unitholders to accept merger. chengwh1      ( Date: 30-Nov-2019 14:16) Posted: Sure bro,... assuming we use another model to workout this merging : say,.. FLIT acquiring FCOT. How would you work out the maths for this, in terms of the expected Theoretical Ex-Merging Price (TEMP), or sometimes called the Issue Price, and the NAV for both FLIT and FCOT... ? laksaman57      ( Date: 30-Nov-2019 00:27) Posted: More acceptable to FCOT unitholders to agree to recieve cash back and % of FLT share FLT unitholder will benefit by buying FCOT at price close to its NAV.  Win Win for both. Merger of Equal.
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Goldfinger Supreme	30-Nov-2019 14:17        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Waiting for Accordia, FCOT and FLIT to show hand - so exciting now.  I already benefitted from Ascendas, Ascott, OUEHT M& A this year.  Good year for dividend investors holding REITS.
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chengwh1 Elite	30-Nov-2019 14:16        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Sure bro,... assuming we use another model to workout this merging : say,.. FLIT acquiring FCOT. How would you work out the maths for this, in terms of the expected Theoretical Ex-Merging Price (TEMP), or sometimes called the Issue Price, and the NAV for both FLIT and FCOT... ? laksaman57      ( Date: 30-Nov-2019 00:27) Posted: More acceptable to FCOT unitholders to agree to recieve cash back and % of FLT share FLT unitholder will benefit by buying FCOT at price close to its NAV.  Win Win for both. Merger of Equal.
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chengwh1 Elite	30-Nov-2019 14:05        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yeah,... I think Laksaman is right here. It will be difficult to to assign a number to future values in an acquisition. But an audited NAV cannot be debated upon. Assigning future values to execute an acquisition will open the floodgate to too many deliberations from unitholders on both sides of the camp - acquirer and acquiree. Probably stick to nav first,.. and last close prices for both REITs. laksaman57      ( Date: 30-Nov-2019 00:08) Posted: Not likely FCOT investor will buy into your rationale and agree to pay such a high premium to buy FLT at their current price. Goldfinger      ( Date: 29-Nov-2019 22:37) Posted: Remember FlLIT assets and properties are mostly freehold. You are valuing a perpetual asset which have potential to be rezoned as housing or commercial etc. NAV is assessing only current values
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laksaman57 Supreme	30-Nov-2019 00:27        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	More acceptable to FCOT unitholders to agree to recieve cash back and % of FLT share FLT unitholder will benefit by buying FCOT at price close to its NAV.  Win Win for both. Merger of Equal.
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Goldfinger Supreme	30-Nov-2019 00:15        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Possibly a merger of equals with some sweetener of cash back for the acquiree.
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laksaman57 Supreme	30-Nov-2019 00:08        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Not likely FCOT investor will buy into your rationale and agree to pay such a high premium to buy FLT at their current price. Goldfinger      ( Date: 29-Nov-2019 22:37) Posted: Remember FlLIT assets and properties are mostly freehold. You are valuing a perpetual asset which have potential to be rezoned as housing or commercial etc. NAV is assessing only current values. laksaman57      ( Date: 29-Nov-2019 19:59) Posted: FLT share piece already 30% above nav. Difficult for FCOT to buy FLT.
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Goldfinger Supreme	29-Nov-2019 22:37        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Remember FlLIT assets and properties are mostly freehold. You are valuing a perpetual asset which have potential to be rezoned as housing or commercial etc. NAV is assessing only current values. laksaman57      ( Date: 29-Nov-2019 19:59) Posted: FLT share piece already 30% above nav. Difficult for FCOT to buy FLT. chengwh1      ( Date: 29-Nov-2019 19:33) Posted: I was working on the basis of the REIT with the bigger nav buying over the REIT with the smaller nav,... perhaps we can also use the basis of the REIT with the bigger mkt cap buying over the REIT with the smaller mkt cap. Then with this basis, FLT can buyover FCOT. Actually, having business parks or not is merely operationally and strategic. Who buying who does not matter,... after the acquisition, the new mgmt can make the arrangements internally,... Jmho, bro,..
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chengwh1 Elite	29-Nov-2019 22:01        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ok bro,... why do you say this pls ? laksaman57      ( Date: 29-Nov-2019 19:59) Posted: FLT share piece already 30% above nav. Difficult for FCOT to buy FLT. chengwh1      ( Date: 29-Nov-2019 19:33) Posted: I was working on the basis of the REIT with the bigger nav buying over the REIT with the smaller nav,... perhaps we can also use the basis of the REIT with the bigger mkt cap buying over the REIT with the smaller mkt cap. Then with this basis, FLT can buyover FCOT. Actually, having business parks or not is merely operationally and strategic. Who buying who does not matter,... after the acquisition, the new mgmt can make the arrangements internally,... Jmho, bro,..
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laksaman57 Supreme	29-Nov-2019 19:59        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	FLT share piece already 30% above nav. Difficult for FCOT to buy FLT. chengwh1      ( Date: 29-Nov-2019 19:33) Posted: I was working on the basis of the REIT with the bigger nav buying over the REIT with the smaller nav,... perhaps we can also use the basis of the REIT with the bigger mkt cap buying over the REIT with the smaller mkt cap. Then with this basis, FLT can buyover FCOT. Actually, having business parks or not is merely operationally and strategic. Who buying who does not matter,... after the acquisition, the new mgmt can make the arrangements internally,... Jmho, bro,... laksaman57      ( Date: 29-Nov-2019 17:58) Posted: ESR bought Viva bcos it's portfolio lack business parks. Now its price/nav just about right. My guess FLT will buy FCO
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chengwh1 Elite	29-Nov-2019 19:33        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I was working on the basis of the REIT with the bigger nav buying over the REIT with the smaller nav,... perhaps we can also use the basis of the REIT with the bigger mkt cap buying over the REIT with the smaller mkt cap. Then with this basis, FLT can buyover FCOT. Actually, having business parks or not is merely operationally and strategic. Who buying who does not matter,... after the acquisition, the new mgmt can make the arrangements internally,... Jmho, bro,... laksaman57      ( Date: 29-Nov-2019 17:58) Posted: ESR bought Viva bcos it's portfolio lack business parks. Now its price/nav just about right. My guess FLT will buy FCOT laksaman57      ( Date: 29-Nov-2019 14:02) Posted: ....then who should buy who
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laksaman57 Supreme	29-Nov-2019 17:58        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	ESR bought Viva bcos it's portfolio lack business parks. Now its price/nav just about right. My guess FLT will buy FCOT laksaman57      ( Date: 29-Nov-2019 14:02) Posted: ....then who should buy who ? laksaman57      ( Date: 29-Nov-2019 13:42) Posted: Number of properties being managed by each reit' s workforce 7 properties - Fraser Commercial Trust 60 properties - Fraser L& I Trust
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chengwh1 Elite	29-Nov-2019 16:34        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Bros, let me try to put forward here,... in the simplest way possible, a scenario of merging. As of end-FY19, ending on September 30th., 2019, based on audited results, the following are the nav per unit :- 1) FLT = $0.95 per unit. 2) FCT = $1.61 per unit. Therefore, the GER (Gross Exchange Ratio) = 0.95/1.61 = 0.5900. The final closing price of FCT prior to ' Halt' yesterday morning at 8.02am was : $1.67. As heavy consideration to holders of FCT, I will assume a TEMP (Theoretical Ex-Merging Price) of $1.70 as issue price for the conbined REIT on Listing Day in the future. To work out the TEMNP (Theoretical Ex-Merging NAV Price) for FLT, we compute the following : 0.5900 x $1.70 = $1.003 ONLY, this is sad,... for I currently hold FLT at 99c. With the above scheme-of-arrangement, and calling the combined or post-merging units as ' Frasers Logistics & Commercial Trust (FLCT)' :- 1) For FCT Holders, nothing needs to be done except for just converting over their units from FCT to FLCT at a ratio 1:1. 2) For FLT Holders, every unit of FLT will need to be converted to ONLY 0.59 unit of FLCT at a ratio of 1:0.59. In other words, every one of my FLT unit will get 0.59 unit of FLCT, based on my assumed framework in the above. The $1.003 TEMNP may be satisfied by just FLCT units, which will follow the conversion equation from 2) above, or this $1.003 may be satisfied by a combination of units of FLCT and cash reimbursement. I personally hoped the managers of FCT and FLT have an alternative framework, because as a holder of FLT (AND NO FCT Units at all), I am losing heavily here in terms of dpu amount to be collected later and in terms of capital gain compared to the last close price of $1.24 for FLT !
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machop Member	29-Nov-2019 16:32        machop About Contact  Quote this Post!
x 0   x 0  Alert Admin	Quick take on this  i) Frasers Commercial (positive) - they have been having troubles growing as their yield (6.2%) is high enough to preclude them from acquiring office assets so becoming a bigger entity with Frasers Logistics will help them enter the EPRA/NAREIT index and lower their yield.  ii) Frasers Logistics (negative) - they have a large pipeline of assets from the parent to grow, don' t really need to dilute their story by adding in office properties. they are already in the index and becoming a bigger entity doesn' t bring any additional benefits from this end iii) Overall (puzzling) - office and logistics assets don' t really have much synergies, there could be some savings in terms of cost of debt and some shared management services but i think its too marginal to warrant a full on merger.
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fwei78 Senior	29-Nov-2019 14:42        fwei78 About Contact  Quote this Post!
x 0   x 0  Alert Admin	still no announcement yet, will it drag to next week?
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laksaman57 Supreme	29-Nov-2019 14:02        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	....then who should buy who ? laksaman57      ( Date: 29-Nov-2019 13:42) Posted: Number of properties being managed by each reit' s workforce 7 properties - Fraser Commercial Trust 60 properties - Fraser L& I Trust laksaman57      ( Date: 29-Nov-2019 13:18) Posted: Last traded price vs NAV $1.25 vs $0.95 - Fraser L& I Trust $1.67 vs $1.61 - Fraser Commercial Trust
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laksaman57 Supreme	29-Nov-2019 13:42        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Number of properties being managed by each reit' s workforce 7 properties - Fraser Commercial Trust 60 properties - Fraser L& I Trust laksaman57      ( Date: 29-Nov-2019 13:18) Posted: Last traded price vs NAV $1.25 vs $0.95 - Fraser L& I Trust $1.67 vs $1.61 - Fraser Commercial Trust
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Goldfinger Supreme	29-Nov-2019 13:24        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Would it be a merger of equals or one buying the other?  If the latter - I should have some cashback sweetener.
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laksaman57 Supreme	29-Nov-2019 13:18        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Last traded price vs NAV $1.25 vs $0.95 - Fraser L& I Trust $1.67 vs $1.61 - Fraser Commercial Trust
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