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Latest Forum Topics / Accordia Golf Tr  Post Reply
Top Glove Make or Break
pkli899
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29-Sep-2020 19:05     
 
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 Alert Admin 		Yes, lesser.
Already expected.
Real stupid.

Goldfinger      ( Date: 29-Sep-2020 18:38) Posted:


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Goldfinger
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29-Sep-2020 18:38     
 
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 Alert Admin 		Are we getting less than the earlier projected amount???

https://links.sgx.com/FileOpen/AGT%20-%20Completion%20Announcement_final-29%20Sep%202020.ashx?App=Announcement& FileID=633285
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pkli899
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29-Sep-2020 16:22     
 
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 Alert Admin 		Ok, I' ll write too.

diTTib      ( Date: 29-Sep-2020 12:00) Posted:

Yeah, I will definitely write in to both SGX RegCo and SIAS which I learned from Hibiki last time.

I do hope more people will help to write in to them so as to force them to take actions like what we did the last time. I included their email below.

[email protected]
[email protected]

I will be writing in with the following points:

-  Did the Trustee Manager conduct due dilience to find the best deal for the trade? Who are the banks that they approached and what are the rates that they offered?
- Why is the spread so high when compare to the highest SGD/JPY rate in the market on 23 Sep 2020
- There is clearly a sudden change in the stance taken by the Trustee Manager as they first claimed not to conduct any hedging. Why is the hedging done in such a haste that the unitholders are not inform earlier prior to the hedging? This is a substatial amount and the unitholders should have the right to minimally been inform before the FX trade take place so that those who disagree can then take the necessary action. The announcment was only after the trade had taken place which is unfair to the unitholders.

Depending on their reply I will then consider alerting the Commercial Affairs as there is something very very fishy about the very large spread. 

I hope all other unitholders will help send in queries to the regulators and not just suck it up. Sending email is FREE!!! 

Thanks for reading.

pkli899      ( Date: 29-Sep-2020 11:11) Posted:

surprise
Oh dear, didn' t go into detail, as was very angry.
What is their motive? All actions thus far are against shareholders' interest!
By all mean, write to whatever authority u wish to.
So obvious so many hanky panky and yet our regulator not doing anything! 
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diTTib
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29-Sep-2020 12:00     
 
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 Alert Admin 		Yeah, I will definitely write in to both SGX RegCo and SIAS which I learned from Hibiki last time.

I do hope more people will help to write in to them so as to force them to take actions like what we did the last time. I included their email below.

[email protected]
[email protected]

I will be writing in with the following points:

-  Did the Trustee Manager conduct due dilience to find the best deal for the trade? Who are the banks that they approached and what are the rates that they offered?
- Why is the spread so high when compare to the highest SGD/JPY rate in the market on 23 Sep 2020
- There is clearly a sudden change in the stance taken by the Trustee Manager as they first claimed not to conduct any hedging. Why is the hedging done in such a haste that the unitholders are not inform earlier prior to the hedging? This is a substatial amount and the unitholders should have the right to minimally been inform before the FX trade take place so that those who disagree can then take the necessary action. The announcment was only after the trade had taken place which is unfair to the unitholders.

Depending on their reply I will then consider alerting the Commercial Affairs as there is something very very fishy about the very large spread. 

I hope all other unitholders will help send in queries to the regulators and not just suck it up. Sending email is FREE!!! 

Thanks for reading.

pkli899      ( Date: 29-Sep-2020 11:11) Posted:

surprise
Oh dear, didn' t go into detail, as was very angry.
What is their motive? All actions thus far are against shareholders' interest!
By all mean, write to whatever authority u wish to.
So obvious so many hanky panky and yet our regulator not doing anything! 

diTTib      ( Date: 29-Sep-2020 08:53) Posted:

I see in their announcement that this is a FX Forward Contract so unlike the option, there is no means to refuse execising it.

However, I have question on the spread of the FX forward Contract which seemed fiticiously high despite the lareg amount traded.

Based on Yahoo historical rates for 23 Sep 2020, the highest rate for that day is 77.043 and lowest is 76.7137.

This work out to be around 58 bps and 101 bps spread. However, for a 1 week hedge, I thought it should be market spread of around 45bps or even lower since they traded for such large amount. 

Please advise if I am missing something here as I am really frustrated and wanted to write in to whatever regulators where possible. Even thinking of writing to Commercial Affairs for them to investigate.
 
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pkli899
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29-Sep-2020 11:11     
 
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 Alert Admin 		surprise
Oh dear, didn' t go into detail, as was very angry.
What is their motive? All actions thus far are against shareholders' interest!
By all mean, write to whatever authority u wish to.
So obvious so many hanky panky and yet our regulator not doing anything! 

diTTib      ( Date: 29-Sep-2020 08:53) Posted:

I see in their announcement that this is a FX Forward Contract so unlike the option, there is no means to refuse execising it.

However, I have question on the spread of the FX forward Contract which seemed fiticiously high despite the lareg amount traded.

Based on Yahoo historical rates for 23 Sep 2020, the highest rate for that day is 77.043 and lowest is 76.7137.

This work out to be around 58 bps and 101 bps spread. However, for a 1 week hedge, I thought it should be market spread of around 45bps or even lower since they traded for such large amount. 

Please advise if I am missing something here as I am really frustrated and wanted to write in to whatever regulators where possible. Even thinking of writing to Commercial Affairs for them to investigate.
 

pkli899      ( Date: 28-Sep-2020 13:58) Posted:

Sorry, maybe I need explain further.
Two ways to hedge: forward contract or an option.
Dunno which choosen?
Hope it' s an option they picked.
In this case, they need not exercise the option as exchange rate is moving in our favour day by day.
Right now is JPY 76.52. Tomorrow rate will be used for calculating the pay out.
Hope we get a better deal.
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diTTib
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29-Sep-2020 08:53     
 
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 Alert Admin 		I see in their announcement that this is a FX Forward Contract so unlike the option, there is no means to refuse execising it.

However, I have question on the spread of the FX forward Contract which seemed fiticiously high despite the lareg amount traded.

Based on Yahoo historical rates for 23 Sep 2020, the highest rate for that day is 77.043 and lowest is 76.7137.

This work out to be around 58 bps and 101 bps spread. However, for a 1 week hedge, I thought it should be market spread of around 45bps or even lower since they traded for such large amount. 

Please advise if I am missing something here as I am really frustrated and wanted to write in to whatever regulators where possible. Even thinking of writing to Commercial Affairs for them to investigate.
 

pkli899      ( Date: 28-Sep-2020 13:58) Posted:

Sorry, maybe I need explain further.
Two ways to hedge: forward contract or an option.
Dunno which choosen?
Hope it' s an option they picked.
In this case, they need not exercise the option as exchange rate is moving in our favour day by day.
Right now is JPY 76.52. Tomorrow rate will be used for calculating the pay out.
Hope we get a better deal.
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pkli899
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28-Sep-2020 13:58     
 
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 Alert Admin 		Sorry, maybe I need explain further.
Two ways to hedge: forward contract or an option.
Dunno which choosen?
Hope it' s an option they picked.
In this case, they need not exercise the option as exchange rate is moving in our favour day by day.
Right now is JPY 76.52. Tomorrow rate will be used for calculating the pay out.
Hope we get a better deal.
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pkli899
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25-Sep-2020 20:20     
 
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 Alert Admin 		Totally agreed.
When supposed to hedge, they say no. At that time also volatile (JPY weakening).
When rate become favourable to shareholders (JPY strenthening),
they said they worried about the volatile rate, so they hedge.
Do they really care? If so, right from beginning should hedge already.
Not when JPY rate turned in favour then they hedge.
Further more, only 5 days to completion of sales. Such short period!
What is their motive?

Starship      ( Date: 25-Sep-2020 17:45) Posted:

The actions of this AGTM have been as Questionable as those of Donald J Trump !!!!!!  cheekydevil
If not more so!!!!!!
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Starship
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25-Sep-2020 17:45     
 
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 Alert Admin 		The actions of this AGTM have been as Questionable as those of Donald J Trump !!!!!!  cheekydevil
If not more so!!!!!!
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pkli899
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25-Sep-2020 15:04     
 
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 Alert Admin 		Today ex rate is JPY 76.56! 
Getting stronger day by day.
Come to think of it, AGT management really never put shareholder interest in mind!  sad 
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pkli899
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24-Sep-2020 19:22     
 
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 Alert Admin 		Not just too little, too late......is why do now - 5 days to completion of deal?
Initial quoted rate of JPY 76.8545 for calculation of payout.
Current rate is JPY 76.64, if remained by 29th Sep, will give a slightly better payout.
But now they hedge at JPY 77.49. I done see how we are going to get the quoted amount.

Starship      ( Date: 24-Sep-2020 15:36) Posted:

An ugly case of too little, too late?    cheekydevil

Joelton      ( Date: 24-Sep-2020 08:58) Posted:

Accordia Golf Trust manager U-turns on currency hedging for divestment deal
ACCORDIA Golf Trust (AGT) entered into a foreign-exchange forward contract on Wednesday over the sale of its interests in all its golf courses, the manager has said.
 
The contract for 25.2 billion yen (S$327.8 million), or 38.7 per cent of the price tag in the divestment deal with the trust' s sponsor, comes after the manager' s earlier announcement that it was not planning for any arrangements to hedge the purchase value.
 
The manager has now said that, while it had not entered into hedging arrangements earlier because AGT unitholders had not yet approved the planned divestment, it believes that such a move is now appropriate " to maximise the returns to unitholders" .
 
It argued that the hedging locks in a favourable yen-to-Singapore dollar exchange rate and mitigates against the impact of a potential softening in the yen, which " would correspondingly reduce the amount of distributions that unitholders will receive" .
 
The manager added that it will continue to monitor the exchange rate " and may enter into additional foreign-exchange forward contracts" for the rest of the purchase amount.
 
AGT is selling its 88 golf courses in Japan to sponsor Accordia Golf for 65.2 billion yen, in a transaction approved by unitholders in mid-September. Investors also voted for a winding-up of the trust, with the divestment expected to be completed on Sept 29.
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Starship
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24-Sep-2020 15:36     
 
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 Alert Admin 		An ugly case of too little, too late?    cheekydevil

Joelton      ( Date: 24-Sep-2020 08:58) Posted:

Accordia Golf Trust manager U-turns on currency hedging for divestment deal
ACCORDIA Golf Trust (AGT) entered into a foreign-exchange forward contract on Wednesday over the sale of its interests in all its golf courses, the manager has said.
 
The contract for 25.2 billion yen (S$327.8 million), or 38.7 per cent of the price tag in the divestment deal with the trust' s sponsor, comes after the manager' s earlier announcement that it was not planning for any arrangements to hedge the purchase value.
 
The manager has now said that, while it had not entered into hedging arrangements earlier because AGT unitholders had not yet approved the planned divestment, it believes that such a move is now appropriate " to maximise the returns to unitholders" .
 
It argued that the hedging locks in a favourable yen-to-Singapore dollar exchange rate and mitigates against the impact of a potential softening in the yen, which " would correspondingly reduce the amount of distributions that unitholders will receive" .
 
The manager added that it will continue to monitor the exchange rate " and may enter into additional foreign-exchange forward contracts" for the rest of the purchase amount.
 
AGT is selling its 88 golf courses in Japan to sponsor Accordia Golf for 65.2 billion yen, in a transaction approved by unitholders in mid-September. Investors also voted for a winding-up of the trust, with the divestment expected to be completed on Sept 29.
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pkli899
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24-Sep-2020 13:14     
 
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 Alert Admin 		Sorry typo: JPY not JYP.  cheeky
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pkli899
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24-Sep-2020 12:15     
 
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 Alert Admin 		Right from the beginning, I question why no hedging done when they used an outdated ex rate of JYP 76.8545.
At that time, JYP was expected to weaken because of the resignation of Abe.
Contrary to expectation, JYP didn' t weaken against SGD.
(This is probabaly due to MAS action to weaken SGD against a basket of currencies).
Just when JYP ex rate with SGD seems to be favourable to us, they did a partial hedging at a rate of JYP 77.49.
Historical ex rate shows that JYP had strengthen against SGD, particularly from 18th Sep onwards, right up till today!
Yesterday rate was JYP 76.74. Right now is YJP 76.69. 
We are only days away from 29th Sep. Why are they doing hedging only now and at unfavourable rate?
I asked why no hedging? Now that they did, I ask why they do it?
It seems I' m trying to be difficult but what I presented above is clear enough for all to see.
 
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Joelton
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24-Sep-2020 08:58     
 
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 Alert Admin
Accordia Golf Trust manager U-turns on currency hedging for divestment deal
ACCORDIA Golf Trust (AGT) entered into a foreign-exchange forward contract on Wednesday over the sale of its interests in all its golf courses, the manager has said.
 
The contract for 25.2 billion yen (S$327.8 million), or 38.7 per cent of the price tag in the divestment deal with the trust' s sponsor, comes after the manager' s earlier announcement that it was not planning for any arrangements to hedge the purchase value.
 
The manager has now said that, while it had not entered into hedging arrangements earlier because AGT unitholders had not yet approved the planned divestment, it believes that such a move is now appropriate " to maximise the returns to unitholders" .
 
It argued that the hedging locks in a favourable yen-to-Singapore dollar exchange rate and mitigates against the impact of a potential softening in the yen, which " would correspondingly reduce the amount of distributions that unitholders will receive" .
 
The manager added that it will continue to monitor the exchange rate " and may enter into additional foreign-exchange forward contracts" for the rest of the purchase amount.
 
AGT is selling its 88 golf courses in Japan to sponsor Accordia Golf for 65.2 billion yen, in a transaction approved by unitholders in mid-September. Investors also voted for a winding-up of the trust, with the divestment expected to be completed on Sept 29.
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laksaman57
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17-Sep-2020 21:35     
 
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 Alert Admin 		Sabana CEO already hinted that if the merger don' t get passed, Sabana will survive.
It' s the most obvious ' hint' to unit holders to DARE DARE VOTE NO !
So very good chance unitholders together with the 2 funds can vote down the merger  yes
 

pkli899      ( Date: 15-Sep-2020 13:50) Posted:

After this disappointing saga, next will be Sabana merger.
At least got better chance with 2 funds against it.
Not like Accordia, feel like we got play out by Hibiki somewhat.
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pkli899
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17-Sep-2020 15:21     
 
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 Alert Admin 		U r welcome.
1st payment  : 15 Oct 20 (92%)
2nd payment : sometime in Jan 21 - within 25 days after expiry of 3 months claim period. (5%)
If lucky, get 3rd payment (balance of 3% after deducting expenses right up till delist + residue cash balance)

ixyeoh      ( Date: 17-Sep-2020 14:04) Posted:

yes, very new to investing. Just started going in back in March this year.

Thanks for the advice. Will just hold till get paid then.
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ixyeoh
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17-Sep-2020 14:04     
 
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 Alert Admin 		yes, very new to investing. Just started going in back in March this year.

Thanks for the advice. Will just hold till get paid then.
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pkli899
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17-Sep-2020 14:02     
 
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 Alert Admin 		Sorry, typo.
should be " get paid"

pkli899      ( Date: 17-Sep-2020 14:01) Posted:

Oh dear, u seems totally ignorant.
U hold on means u get the paid. Three times if lucky.
If u sell now, u get immediate $ and that' s it.
So, depend on what u want.

ixyeoh      ( Date: 17-Sep-2020 13:45) Posted:

Hi guys,

first time experiencing and stock delisting. Can get your advice on what happens now?

Will the stockholders be automatically reimbursed? Or do I need to manually sell off my stocks?
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pkli899
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17-Sep-2020 14:01     
 
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 Alert Admin 		Oh dear, u seems totally ignorant.
U hold on means u get the paid. Three times if lucky.
If u sell now, u get immediate $ and that' s it.
So, depend on what u want.

ixyeoh      ( Date: 17-Sep-2020 13:45) Posted:

Hi guys,

first time experiencing and stock delisting. Can get your advice on what happens now?

Will the stockholders be automatically reimbursed? Or do I need to manually sell off my stocks?
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