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SPH - A new diversified conglomerate
beng1102
Elite
02-Aug-2021 15:35     
 
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 Alert Admin 		Cannot ask.    umbrage then u know.

Starship      ( Date: 02-Aug-2021 15:33) Posted:

So, should SPH shareholders ask why the super-brilliant CEO of SPH did not see all these " immediate monetisation opportunitiess??  cheekydevil

" What is attractive for us in SPH' s portfolio is that it comprises different assets... some of them could be quite liquid and we can monetise immediately. The timing of the potential monetisation will be quick... quite soon - for example, within the next three years," said Keppel chief executive Loh Chin Hua in a media briefing on Monday.

" When I say monetisation, it doesn' t mean that it will all be sold. Of course, the non-core assets could (involve) that. Some (others) could be monetised through asset recycling into a Reit (real estate investment trust) or trust," he continued.

For one thing, SPH' s purpose-built student accommodation (PBSA) business, he said, is " ripe for securitisation in quite short order" into private equity funds - or " Reit-able" . SPH is owner, manager and developer of a portfolio of PBSA in the United Kingdom and Germany, and currently operates two distinctive brands, Student Castle and Capitol Students.

" Again, this links up nicely with our intention to create more fee income opportunities and participation in valuation upside as we execute our recycling plan," he added.

PhillipTan      ( Date: 02-Aug-2021 15:05) Posted:

SPH offer: Keppel eyeing Reit for student housing business other assets could also be monetised

KEPPEL Corp' s S$2.24 billion proposed buyout of Singapore Press Holdings (SPH) sans the media business will result in a further " quick monetisation" - as soon as within the next three years - of certain assets in SPH' s portfolio that the conglomerate is set to add under its belt - once the deal pans out.

" What is attractive for us in SPH' s portfolio is that it comprises different assets... some of them could be quite liquid and we can monetise immediately. The timing of the potential monetisation will be quick... quite soon - for example, within the next three years," said Keppel chief executive Loh Chin Hua in a media briefing on Monday.

" When I say monetisation, it doesn' t mean that it will all be sold. Of course, the non-core assets could (involve) that. Some (others) could be monetised through asset recycling into a Reit (real estate investment trust) or trust," he continued.

For one thing, SPH' s purpose-built student accommodation (PBSA) business, he said, is " ripe for securitisation in quite short order" into private equity funds - or " Reit-able" . SPH is owner, manager and developer of a portfolio of PBSA in the United Kingdom and Germany, and currently operates two distinctive brands, Student Castle and Capitol Students.

" Again, this links up nicely with our intention to create more fee income opportunities and participation in valuation upside as we execute our recycling plan," he added.

" Asset monetisation" seems to be the centrepiece of Keppel' s asset-light strategy even as it cranks up mergers and acquisitions, such as this just-announced surprise privatisation bid for SPH. Since it launched the monetisation agenda last October, the conglomerate, 20 per cent owned by Temasek Holdings, has announced S$2.3 billion of deals, of which about half or S$1.15 billion is cash already in the bag.

That strategy is paying off well for shareholders. Last week, Keppel rewarded shareholders with an enticing interim dividend, which quadrupled to S$0.12 per share from a year ago as it swung into the black for the first six months to June with a net profit of some S$300 million from a loss of S$537 million in the corresponding period a year ago.

Keppel said it will fund the SPH buyout under a scheme of arrangement via S$1.08 billion cash through various sources including internal cash and borrowings and the remaining with units of Keppel Reit.

" There is... quite a lot more cash (from the asset monetisation) that will be coming in, which will help to reduce our net gearing even if it goes up on a pro forma basis assuming the (SPH) deal is closed today," he said, adding that post the SPH acquisition, Keppel' s gearing is still projected to remain below one time. As at end-June 2021, the group' s gearing was 0.85 time.

Could the latest privatisation bid of SPH tamp down dividend payouts going forward after the company set the bar - and expectations - high in its latest half-year showing? The company' s monetisation is aimed at keeping its business asset light and to reposition the portfolio for new growth initiatives, Mr Loh replied. " So, we will still need to invest to create new profits to pay dividends in the future... (it) cannot just be a pure monetisation and returning all capital to shareholders."

As to how M1, a telco it jointly owns with SPH, which is facing headwinds amid the pandemic, fits in with the plan to unlock value, said the company remains a " very important part" of the group' s connectivity segment and is on a multi-year journey to transform itself into a cloud-native platform.

Mr Loh said he expects the deal, pending shareholders approval on both sides and regulators' nods, to be wrapped up by the end of the year.

As part of the transaction, SPH will concurrently distribute in specie about 45 per cent of its stake in SPH Reit valued at S$1.2 billion to SPH shareholders. SPH will retain 20 per cent of the Reit units, which will be part of the acquisition by Keppel.

He explained: " To run on an asset-light model, we prefer to own about 20 per cent of the Reits and trusts that we have. For those reasons, this transaction is actually quite elegantly structured and achieves the goals that we have. Frankly, it also gives the SPH shareholders another Reit to own, which is producing quite good returns.

" And while we are buying (SPH) at about one time NAV (net asset value), we are uniquely placed to derive an enhanced value from this acquisition and some of the platforms we can create through the Reits."

SPH itself is in the midst of a significant restructuring led by a strategic review, as it awaits shareholders' nod on a deal proposed back in May which involves spinning off its media arm to a company limited by guarantee (CLG).

​


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Starship
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02-Aug-2021 15:33     
 
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 Alert Admin 		So, should SPH shareholders ask why the super-brilliant CEO of SPH did not see all these " immediate monetisation opportunitiess??  cheekydevil

" What is attractive for us in SPH' s portfolio is that it comprises different assets... some of them could be quite liquid and we can monetise immediately. The timing of the potential monetisation will be quick... quite soon - for example, within the next three years," said Keppel chief executive Loh Chin Hua in a media briefing on Monday.

" When I say monetisation, it doesn' t mean that it will all be sold. Of course, the non-core assets could (involve) that. Some (others) could be monetised through asset recycling into a Reit (real estate investment trust) or trust," he continued.

For one thing, SPH' s purpose-built student accommodation (PBSA) business, he said, is " ripe for securitisation in quite short order" into private equity funds - or " Reit-able" . SPH is owner, manager and developer of a portfolio of PBSA in the United Kingdom and Germany, and currently operates two distinctive brands, Student Castle and Capitol Students.

" Again, this links up nicely with our intention to create more fee income opportunities and participation in valuation upside as we execute our recycling plan," he added.

PhillipTan      ( Date: 02-Aug-2021 15:05) Posted:

SPH offer: Keppel eyeing Reit for student housing business other assets could also be monetised

KEPPEL Corp' s S$2.24 billion proposed buyout of Singapore Press Holdings (SPH) sans the media business will result in a further " quick monetisation" - as soon as within the next three years - of certain assets in SPH' s portfolio that the conglomerate is set to add under its belt - once the deal pans out.

" What is attractive for us in SPH' s portfolio is that it comprises different assets... some of them could be quite liquid and we can monetise immediately. The timing of the potential monetisation will be quick... quite soon - for example, within the next three years," said Keppel chief executive Loh Chin Hua in a media briefing on Monday.

" When I say monetisation, it doesn' t mean that it will all be sold. Of course, the non-core assets could (involve) that. Some (others) could be monetised through asset recycling into a Reit (real estate investment trust) or trust," he continued.

For one thing, SPH' s purpose-built student accommodation (PBSA) business, he said, is " ripe for securitisation in quite short order" into private equity funds - or " Reit-able" . SPH is owner, manager and developer of a portfolio of PBSA in the United Kingdom and Germany, and currently operates two distinctive brands, Student Castle and Capitol Students.

" Again, this links up nicely with our intention to create more fee income opportunities and participation in valuation upside as we execute our recycling plan," he added.

" Asset monetisation" seems to be the centrepiece of Keppel' s asset-light strategy even as it cranks up mergers and acquisitions, such as this just-announced surprise privatisation bid for SPH. Since it launched the monetisation agenda last October, the conglomerate, 20 per cent owned by Temasek Holdings, has announced S$2.3 billion of deals, of which about half or S$1.15 billion is cash already in the bag.

That strategy is paying off well for shareholders. Last week, Keppel rewarded shareholders with an enticing interim dividend, which quadrupled to S$0.12 per share from a year ago as it swung into the black for the first six months to June with a net profit of some S$300 million from a loss of S$537 million in the corresponding period a year ago.

Keppel said it will fund the SPH buyout under a scheme of arrangement via S$1.08 billion cash through various sources including internal cash and borrowings and the remaining with units of Keppel Reit.

" There is... quite a lot more cash (from the asset monetisation) that will be coming in, which will help to reduce our net gearing even if it goes up on a pro forma basis assuming the (SPH) deal is closed today," he said, adding that post the SPH acquisition, Keppel' s gearing is still projected to remain below one time. As at end-June 2021, the group' s gearing was 0.85 time.

Could the latest privatisation bid of SPH tamp down dividend payouts going forward after the company set the bar - and expectations - high in its latest half-year showing? The company' s monetisation is aimed at keeping its business asset light and to reposition the portfolio for new growth initiatives, Mr Loh replied. " So, we will still need to invest to create new profits to pay dividends in the future... (it) cannot just be a pure monetisation and returning all capital to shareholders."

As to how M1, a telco it jointly owns with SPH, which is facing headwinds amid the pandemic, fits in with the plan to unlock value, said the company remains a " very important part" of the group' s connectivity segment and is on a multi-year journey to transform itself into a cloud-native platform.

Mr Loh said he expects the deal, pending shareholders approval on both sides and regulators' nods, to be wrapped up by the end of the year.

As part of the transaction, SPH will concurrently distribute in specie about 45 per cent of its stake in SPH Reit valued at S$1.2 billion to SPH shareholders. SPH will retain 20 per cent of the Reit units, which will be part of the acquisition by Keppel.

He explained: " To run on an asset-light model, we prefer to own about 20 per cent of the Reits and trusts that we have. For those reasons, this transaction is actually quite elegantly structured and achieves the goals that we have. Frankly, it also gives the SPH shareholders another Reit to own, which is producing quite good returns.

" And while we are buying (SPH) at about one time NAV (net asset value), we are uniquely placed to derive an enhanced value from this acquisition and some of the platforms we can create through the Reits."

SPH itself is in the midst of a significant restructuring led by a strategic review, as it awaits shareholders' nod on a deal proposed back in May which involves spinning off its media arm to a company limited by guarantee (CLG).

​

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Goldfinger
Supreme
02-Aug-2021 15:30     
 
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 Alert Admin 		Now it is really starting to look like a corporate raider and asset stripper.....
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PhillipTan
Supreme
02-Aug-2021 15:05     
 
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 Alert Admin

SPH offer: Keppel eyeing Reit for student housing business other assets could also be monetised

KEPPEL Corp' s S$2.24 billion proposed buyout of Singapore Press Holdings (SPH) sans the media business will result in a further " quick monetisation" - as soon as within the next three years - of certain assets in SPH' s portfolio that the conglomerate is set to add under its belt - once the deal pans out.

" What is attractive for us in SPH' s portfolio is that it comprises different assets... some of them could be quite liquid and we can monetise immediately. The timing of the potential monetisation will be quick... quite soon - for example, within the next three years," said Keppel chief executive Loh Chin Hua in a media briefing on Monday.

" When I say monetisation, it doesn' t mean that it will all be sold. Of course, the non-core assets could (involve) that. Some (others) could be monetised through asset recycling into a Reit (real estate investment trust) or trust," he continued.

For one thing, SPH' s purpose-built student accommodation (PBSA) business, he said, is " ripe for securitisation in quite short order" into private equity funds - or " Reit-able" . SPH is owner, manager and developer of a portfolio of PBSA in the United Kingdom and Germany, and currently operates two distinctive brands, Student Castle and Capitol Students.

" Again, this links up nicely with our intention to create more fee income opportunities and participation in valuation upside as we execute our recycling plan," he added.

" Asset monetisation" seems to be the centrepiece of Keppel' s asset-light strategy even as it cranks up mergers and acquisitions, such as this just-announced surprise privatisation bid for SPH. Since it launched the monetisation agenda last October, the conglomerate, 20 per cent owned by Temasek Holdings, has announced S$2.3 billion of deals, of which about half or S$1.15 billion is cash already in the bag.

That strategy is paying off well for shareholders. Last week, Keppel rewarded shareholders with an enticing interim dividend, which quadrupled to S$0.12 per share from a year ago as it swung into the black for the first six months to June with a net profit of some S$300 million from a loss of S$537 million in the corresponding period a year ago.

Keppel said it will fund the SPH buyout under a scheme of arrangement via S$1.08 billion cash through various sources including internal cash and borrowings and the remaining with units of Keppel Reit.

" There is... quite a lot more cash (from the asset monetisation) that will be coming in, which will help to reduce our net gearing even if it goes up on a pro forma basis assuming the (SPH) deal is closed today," he said, adding that post the SPH acquisition, Keppel' s gearing is still projected to remain below one time. As at end-June 2021, the group' s gearing was 0.85 time.

Could the latest privatisation bid of SPH tamp down dividend payouts going forward after the company set the bar - and expectations - high in its latest half-year showing? The company' s monetisation is aimed at keeping its business asset light and to reposition the portfolio for new growth initiatives, Mr Loh replied. " So, we will still need to invest to create new profits to pay dividends in the future... (it) cannot just be a pure monetisation and returning all capital to shareholders."

As to how M1, a telco it jointly owns with SPH, which is facing headwinds amid the pandemic, fits in with the plan to unlock value, said the company remains a " very important part" of the group' s connectivity segment and is on a multi-year journey to transform itself into a cloud-native platform.

Mr Loh said he expects the deal, pending shareholders approval on both sides and regulators' nods, to be wrapped up by the end of the year.

As part of the transaction, SPH will concurrently distribute in specie about 45 per cent of its stake in SPH Reit valued at S$1.2 billion to SPH shareholders. SPH will retain 20 per cent of the Reit units, which will be part of the acquisition by Keppel.

He explained: " To run on an asset-light model, we prefer to own about 20 per cent of the Reits and trusts that we have. For those reasons, this transaction is actually quite elegantly structured and achieves the goals that we have. Frankly, it also gives the SPH shareholders another Reit to own, which is producing quite good returns.

" And while we are buying (SPH) at about one time NAV (net asset value), we are uniquely placed to derive an enhanced value from this acquisition and some of the platforms we can create through the Reits."

SPH itself is in the midst of a significant restructuring led by a strategic review, as it awaits shareholders' nod on a deal proposed back in May which involves spinning off its media arm to a company limited by guarantee (CLG).

​
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beng1102
Elite
02-Aug-2021 13:44     
 
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 Alert Admin 		' umbrage'     is the ultimate winner in SG.  Collected big fat salary all his working life from SAF, NOL and SPH.

hokpin      ( Date: 02-Aug-2021 13:29) Posted:

Let us take the ' umbrage' on him!
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hokpin
Supreme
02-Aug-2021 13:29     
 
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 Alert Admin 		Let us take the ' umbrage' on him!
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wehuattogether88
Supreme
02-Aug-2021 13:05     
 
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 Alert Admin 		The SPH queue price slowly UPing
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moonsun
Veteran
02-Aug-2021 12:25     
 
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 Alert Admin 		At least sold to local ?
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tankoksee
Supreme
02-Aug-2021 12:16     
 
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 Alert Admin 		objective n target met..

tankoksee      ( Date: 20-May-2021 13:12) Posted:

$2 otw..otot..yes
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beng1102
Elite
02-Aug-2021 12:10     
 
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 Alert Admin 		Let see where the ex-general going after this?  Could it be SIA?

beng1102      ( Date: 02-Aug-2021 12:04) Posted:

Total value for takeover of SPH @ 2.09.  Unexpected to be taken over by Kep.

kklim168      ( Date: 02-Aug-2021 11:53) Posted:

What happen to Paragon ? Paragon is free hold but under SPH Rite is 99 years(if I' m right). The valution in SPH Rite for  Paragon is 2.6B, this valution refer as 99 years or valued as free hold ?    If valued as 99 years and after that Keppel own entire  Paragon then this takeover is so cheap ....   


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Goldfinger
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02-Aug-2021 12:08     
 
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 Alert Admin 		A simple majority voting NO at the Scheme of Arrnagement can kill this deal - meaning if 100 shareholders are present, if 51 vote NO, then the deal will fail.  There is another 75% voting shares requirement, but usually the institutions will decide that vote.  So the key is to get more retail investors voting NO, to block this.
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beng1102
Elite
02-Aug-2021 12:04     
 
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 Alert Admin 		Total value for takeover of SPH @ 2.09.  Unexpected to be taken over by Kep.

kklim168      ( Date: 02-Aug-2021 11:53) Posted:

What happen to Paragon ? Paragon is free hold but under SPH Rite is 99 years(if I' m right). The valution in SPH Rite for  Paragon is 2.6B, this valution refer as 99 years or valued as free hold ?    If valued as 99 years and after that Keppel own entire  Paragon then this takeover is so cheap ....   

PhillipTan      ( Date: 02-Aug-2021 10:15) Posted:

SPH has a lot of aunty and uncle shareholders
Due to the previous 5% rule, the number of shareholders is way way a lot more than other companies
How many of these diverse shareholders will actually come out to vote?
 
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Goldfinger
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02-Aug-2021 12:03     
 
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 Alert Admin 		Yup - Therefore my family and I will vote NO for the restructuring.

kklim168      ( Date: 02-Aug-2021 11:53) Posted:

What happen to Paragon ? Paragon is free hold but under SPH Rite is 99 years(if I' m right). The valution in SPH Rite for  Paragon is 2.6B, this valution refer as 99 years or valued as free hold ?    If valued as 99 years and after that Keppel own entire  Paragon then this takeover is so cheap ....   

PhillipTan      ( Date: 02-Aug-2021 10:15) Posted:

SPH has a lot of aunty and uncle shareholders
Due to the previous 5% rule, the number of shareholders is way way a lot more than other companies
How many of these diverse shareholders will actually come out to vote?
 
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kklim168
Member
02-Aug-2021 11:53     
 
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 Alert Admin 		What happen to Paragon ? Paragon is free hold but under SPH Rite is 99 years(if I' m right). The valution in SPH Rite for  Paragon is 2.6B, this valution refer as 99 years or valued as free hold ?    If valued as 99 years and after that Keppel own entire  Paragon then this takeover is so cheap ....   

PhillipTan      ( Date: 02-Aug-2021 10:15) Posted:

SPH has a lot of aunty and uncle shareholders
Due to the previous 5% rule, the number of shareholders is way way a lot more than other companies
How many of these diverse shareholders will actually come out to vote?
 

Goldfinger      ( Date: 02-Aug-2021 10:05) Posted:

Please refer to the other comments.  If it is a Scheme of Arrangement, and Keppel does not have a major shareholding - very likely it will fail at this price.  SPH has too many diverse shareholders to approve such a low ball offer.  If they offer SGD3, then there could be a better chance of success. I will vote NO. Remember, SPH has many many new technology jewels like qoo10 that have not been valued yet..
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TA_Expert
Supreme
02-Aug-2021 11:52     
 
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Yells: "The World has changed"
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 Alert Admin 		A lot of sharesholdrs will vote yes.

Remember Rocketman - the golden dollar.

Many people bought from $1 to $1.80 in the last 1 year. All of them made 100%. Why would they still hold on where it may drop given the dismay performance of the company?
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ninja1235
Member
02-Aug-2021 11:46     
 
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Yells: "No one wins all the time!"
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 Alert Admin 		Net book value after media restructuring is $2.10.

Normally, acquisition takes into consideration of current value + future earnings.

So offerring $2.099 is not fair as it discounts future earnings to zero.

JessTrang      ( Date: 02-Aug-2021 10:01) Posted:

People are looking at the share price excluding the media business and yet you are still holding on to it
..... you prefer to have a lower share price by voting no or higher share price when the tumor is removed?

Goldfinger      ( Date: 02-Aug-2021 09:47) Posted:

I will vote no lah - first of all, the Media giveaway is gonna fail (people will block it), second - SPH is worth much more than SGD2.10 third - they should be referencing the premium to the last traded price, which does not make it that attractive anymore.

the only positive is that SPH shareholders will still have skin in the game from the Keppel Reit and SPH Reit stakes. So they will still benefit from dividends.
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Itedino
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02-Aug-2021 11:43     
 
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 Alert Admin 		Wherever he go sure sell one. Track record. Nol sold and now sph also sold. Dun go KC pls
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Sgvale
Supreme
02-Aug-2021 11:35     
 
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 Alert Admin 		Singpost.

f16force      ( Date: 02-Aug-2021 10:54) Posted:

Anyone can guess where the SPH CEO will be seconded once SPH is
absorbed into kepcorp?
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PhillipTan
Supreme
02-Aug-2021 11:30     
 
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 Alert Admin 		That is wrong already
Becomes NDL not NOL

Should put Neptune Obsolete Lines, better lol
 

Starship      ( Date: 02-Aug-2021 11:19) Posted:


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PhillipTan
Supreme
02-Aug-2021 11:27     
 
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 Alert Admin 		Ascott Trust
That is the next higher GLC in terms of market cap lol
 

f16force      ( Date: 02-Aug-2021 10:54) Posted:

Anyone can guess where the SPH CEO will be seconded once SPH is
absorbed into kepcorp?
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