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Starship
Supreme |
18-Jul-2020 10:21
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Notice that their reply completely evaded answering Hibiki' s questions regarding the massaging of numbers. Looks like the only thing we can do is VOTE NO and continue to collect dividends!!!!! Accordia Golf refutes Hibiki' s letter, says offer to AGT made after extensive talks FRI, JUL 17, 2020 - 10:55 PM ACCORDIA Golf, the sponsor of Accordia Golf Trust (AGT) on Friday lashed back at AGT& rsquo s largest minority unitholder for alleging that the proposed price to buy over the trust' s golf courses is ' too low' . In a reply to Hibiki Path Advisors, which has a 7.6 per cent stake in AGT, Accordia Golf said it is ' unclear' how Hibiki reached this position as it has not provided - and has not indicated that it will provide - an opinion from any independent and qualified advisory firm, investment bank or valuer to support its opinion. This is in contrast to the process that is being undertaken by independent directors of AGT' s trustee-manager, it said. AGT owns 88 golf courses across Japan. In late June, Accordia Golf had proposed to acquire them for 61.8 billion Japanese yen (S$804.1 million), or an implied purchase consideration of S$0.732 per unit. Hibiki had said in an open letter on July 3 that the price offered was too low, as these assets generate ' significantly attractive cash flow' . On Friday, Accordia Golf said the agreement to purchase these golf courses was entered into after extensive negotiations between Accordia and the trustee-manager' s independent directors. This followed a wide market testing process by Ernst & Young Corporate Finance and Daiwa Capital Markets Singapore on behalf of the independent directors and involved solicitation of competing proposals from third parties, Accordia Golf said. As said earlier, its offer was the only definitive offer received, it added. " It takes into account, among others, AGT& rsquo s cash flow, net assets, and premia to historical trading prices offered in similar transactions in Singapore. We believe that our offer provides an attractive opportunity for the unitholders of AGT to expeditiously realise the value of their units at a premium to adjusted net asset value and historical trading prices," Accordia Golf said. Accordia Golf also noted that Hibiki had referenced the 12-month dividend yield of the Tokyo Stock Exchange Reit Index (TSEREIT) to derive a per unit value for AGT. & ldquo This is not an appropriate comparison as the TSEREIT comprises a large number of constituents with different asset type, quality, growth prospects and access to financing, and none of the constituents are focused on golf course assets,& rdquo it said. It added that the tax structure and accounting and distributing policies, among other things, of Japanese-listed real investment trusts are different from that adopted by AGT. Accordia Golf also said Hibiki has also made a misleading reference to Accordia Golf being the " parent company& rdquo of AGT, arguing that there is ' no statutorily defined concept of ' parent company' under Singapore law" . Accordia Golf holds 28.85 per cent of the total units of AGT and 49 per cent of the shares of the trustee-manager, which means AGT is not a subsidiary of Accordia Golf, it pointed out. " We request for Hibiki to rectify this error in their letter as it has mischaracterised the relationship between Accordia (Golf) and AGT," it said. https://www.businesstimes.com.sg/companies-markets/accordia-golf-refutes-hibiki&rsquo s-letter-says-offer-to-agt-made-after-extensive-talks
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xenon672
Member |
18-Jul-2020 07:43
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Comments and discussion on the latest comments by AGT on the Hibiki raised issue as invalid because its not substantiated by "independent Advisors", is not convincing..(see link to article below). But would we, smaller unit holders be able to make any headway, IF ad mentioned no other buyer is in competing interest to take over ...The other point the irks me is the market price dropping for no reason. If the offer is $0.732..why is price dropped to $0.67??...what would possibly cause this when the said deal (although technically not guaranteed 100% etc) would be at the price or better????. Small unit holders like us are losing the capital value when the deal is done during covid19 depressed price state, even though the deal was mooted last year...If the deal does not go through why would the price, as mentioned by some dip livery low?...wouldn't the same argument that valuers have given in a certain value hold?. So my main point to "The sellers" who think they want to get rid of their units at way too low prices now..i.e at prices below $0.69 Should stop and think..they actually can get a better price. And small unit holders with the valuation and offer in mind should buy up any offered at lower prices below $0.69 | ||||
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xenon672
Member |
18-Jul-2020 07:25
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https://www.businesstimes.com.sg/companies-markets/accordia-golf-refutes-hibiki%E2%80%99s-letter-says-offer-to-agt-made-after-extensive-talks | ||||
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jt1203
Member |
17-Jul-2020 22:00
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👍 💪 🏼 👏 🤞 | ||||
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pkli899
Supreme |
17-Jul-2020 20:18
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Yes, I just wrote to Hibiki. I did state my holding.
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jt1203
Member |
17-Jul-2020 17:21
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My point in my email to Hibiki. Who knows what the disenting votes are if anyone / everyone writes in loosely? Who is going to track? SGX regco? They have no skin in the game? 20 emails could represent 0.5% or 5% or 10%. No one knows, no one tracks. Yea, maybe send email to Hibiki and also let them know roughly how much shares you own because otherwise again it is a vacuum. 50 emails but what voting %? |
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Starship
Supreme |
17-Jul-2020 17:09
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I had also emailed SGX RegCo nearly 2 weeks ago, but not a single thing heard fm them.  
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Buradin
Veteran |
17-Jul-2020 17:08
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Thank you.
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pkli899
Supreme |
17-Jul-2020 17:01
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Good one. I probably will write also.
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pkli899
Supreme |
17-Jul-2020 16:58
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jt1203
Member |
17-Jul-2020 16:58
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I sent Hibiki the following. Will update if I get a reply. *** Hi there,
I read the article as well as saw the video that was put up with regards to Accordia Golf Trust, and i thank you for taking the initiative to flag out how bad the offer from the Sponsor is and for the getting the reserved distribution released
I note that today Hibiki owns ~7.6% while the Sponsor has ~28.85%. With the transaction structured as a disposal of assets, approval to pass the transaction is ~50% + 1 where Sponsor cannot vote given the nature of the transaction.
Hibiki' s stake would represent some ~10.7% of the eligible voting shares. Would Hibiki not consider asking minority unitholders to come forth to Hibiki for Hibiki to speak for and represent them? I think asking them to go to SGX regco does less than if they come to you because no one will have visibility on how much dissenting shareholders there are (and the stake they represent) .
I am not saying that doing so will get Hibiki the required % to kill the deal or to vote out the manager but to the extent the number of units Hibiki can speak for reaches, call it 15% of all units the threat to block the transaction (or to remove / replace the manager) becomes a lot more real. I would be happy for you to represent my voting rights not that I have a lot of units (~300k).
Obviously the threat of replacement of the manager becomes a lot more real if there is another alternative manager that is capable of managing the trust. I am not familiar with Japan golf courses. Would there be a party that you think would be a viable alternative?
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jt1203
Member |
17-Jul-2020 16:36
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I am going to drop them an email to let them know it was a good initiative, and that perhaps they should seek out to represent minority unitholders and also ask if they would know of other asset managers in Japan that could be appointed so the threat of removal is more real I mean, we can all be complaining here and egging each other on but what do we achieve |
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jt1203
Member |
17-Jul-2020 16:31
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Actually why don' t investors write in to Hibiki and let them know how much in aggregate they hold What is the approval required? 50% + 1? Sponsor owns 28%? So 50%+1 is ~36% to make sure the trade fails? or to vote out the manager? Hibiki has 7% of 36%? So need another 29% I am not saying collectively whoever writes in will get them 29% but say if they get another 7% or 8%, they can either (i) announce how much they have to encourage the rest of minorities not to vote in favor or (ii) ask for board representation on the basis that they are speaking for the 15% or whatever the % they own and represent |
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pkli899
Supreme |
17-Jul-2020 11:43
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Precisely......what is SGX doing? Always slow to react to serious matter. Regulating authority yet not doing their job properly!
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Starship
Supreme |
17-Jul-2020 11:12
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Hibiki had already contacted SGX Regco and SIAS. Why they' ve yet to issue a list of queries for AGT to answer?
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pkli899
Supreme |
17-Jul-2020 10:35
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Still early, EGM 14th Sept. Probably sometime in Aug ba.
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prophetjul
Master |
17-Jul-2020 08:25
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Does it matter?
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Buradin
Veteran |
16-Jul-2020 22:29
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Have anyone recieved the Accordia Golf divestment circular yet? | ||||
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fruitty
Senior |
16-Jul-2020 09:02
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Ruthless management. Hibiki asked for more and now share price trading between 0.675-0.68. | ||||
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Starship
Supreme |
14-Jul-2020 22:45
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Selling just 6 courses gets them a whopping 88 courses in return. What a great deal for them!!!!  " Prior to signing the latest deal, Accordia Golf had sold six of its 42 golf courses. The buyer and deal amount are unknown, but market watchers suspect the company sold the golf courses to raise fund for acquiring AG Trust."
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