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Starship
Supreme |
16-Nov-2020 14:03
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pkli899
Supreme |
16-Nov-2020 13:54
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Accordia paying out 2nd tranch of 3.84c on 27th Nov. Today they published monthly usuage of cash for Oct 20. Checked thru 2 reports (Sep & Oct). Summary of total cash used as below: Diverstment expenses/professional fee = $4,826,000 Trust expenses = $437,00 Management Fee to Trustee-Manager = $1,614,000 Balance cash is $65,572,000. Equivalent to 5.97c per share. (This is before 3.84c to be payout later this month. Less that means balance is 2.13c) Above is only 2 months of expenditure. How long more to go before delisting? 2 months and the Management fee & Trust expenses already added up to 2.05m! This is excessively high IMO. If this go on till delisting, we will have very little left for our 3rd & final tranch payout! I envisage we will probably get around 1 cent only. If that is the case, the total amount we get will be less than 76 cents (75.5 cents). This was what I predicted. So angry and frustrated. |
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pkli899
Supreme |
04-Nov-2020 12:14
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Aiyo, quick go check
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Starship
Supreme |
04-Nov-2020 11:42
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70.66c per share haas already ben paid out on 15 Oct. Check your bank accounts that is used to buy/sell shares. If it' s bought using CPF, then the div goes back to CPF. If the shares is held by yr broking house, chk with yr broking house. If yr shares is held by CDP, check with CDP. Now we' re all just waiting for the final two payouts which are expected to be only around 1 to 2 cents per share. This shd happen by early next year if not by end this year.
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phyllisng
Member |
04-Nov-2020 10:23
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Dear Shifu, anyone have yet receive the 1st tranch payout? i have yet receive anyting, wer shld I send my enquiry? |
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superimp
Member |
19-Oct-2020 21:04
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Hence I was so confused when it was tagged as a dividend in my statement. Shortlived joy. | ||
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pkli899
Supreme |
19-Oct-2020 19:23
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They are not dividend. All payouts, from the first one on 15th Oct, are proceeds from sales of all the golf courses.
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superimp
Member |
19-Oct-2020 19:13
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Thank you sifus. Appreciate the explanation. Noob here. I have not been following the market for a long time until I decided to log in today to see my portfolio. Looks like my happiness is shortlived. Hahaha. From what I gather, whatever they are paying us now in dividends is part of our existing capital + gain/loss. |
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Starship
Supreme |
19-Oct-2020 19:09
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U shd have received much more than $700 in 2 tranches of distributions into yr bank account by now. Next, we' re waiting for the final two traanches of residual distributions and then the shares will disappear like magic ---- hopefully before 2021.
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pkli899
Supreme |
19-Oct-2020 19:09
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Oh dear, u seems lost. U have no idea trading already suspended? U can no longer sell your shares. It is confirmed to be wind-up. U should have gotten your first payout on 15th Oct. There is supposedly a second payout sometime in Jan 21. And if u r lucky, a 3rd payout upon delist.
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superimp
Member |
19-Oct-2020 18:58
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Hi sifus. May I know what happens to our existing shareholding of AGT? Can we still sell it? If the trust were to be divested / wind-up, do we get back our capital eventually? Is the current dividend payout an extra on top of our principle? Or is this going to be our full and final settlement? Example: I have 1000 units that I have bought at an average of SGD0.70. Total investment was SGD700. What will happen to these 1000 units? |
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Starship
Supreme |
16-Oct-2020 22:24
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Everyone already expected these evil greedy leeches to suck us dry.
And they know too well that we can't do anything abt it.
Really unscrupulous ppl!!!!
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pkli899
Supreme |
16-Oct-2020 21:03
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Anybody went thru the monthly valuation of asset and utilisation of cash report published yesterday? Seems like we will get much less than expected. Golf courses sold and share suspended. With nothing much to do and they are still being paid a management fee of 1.005 m. Trust related expenses for one month came up to $223,000, which was very high IMO. Are this 2 expenses recurring or once off? Now, NAV left 6.01 cents. What other expenses will be incurred subsequently, till delisting? Will they come up with all sort of expenses to finish up the cash balance? |
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Joelton
Supreme |
01-Oct-2020 09:17
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Accordia Golf Trust completes divestment, suspends trading in units
THE trustee-manager of Accordia Golf Trust (AGT) on Tuesday announced that it has completed the 65.2 billion yen (S$843.6 million) sale of the trust' s interests in all its golf courses to AGT' s sponsor Accordia Golf.
As a result, the trading of AGT units on the Singapore Exchange has been suspended with effect from 9am on Wednesday.
The trustee-manager said it received a total of about S$844 million, from a foreign-exchange forward contract for 38.7 per cent of the deal' s price tag as well as the conversion of the other 61.3 per cent into Singapore dollars.
AGT' s trustee-manager would distribute the net proceeds from the divestment via a special distribution to be paid in two tranches.
For the first tranche, entitled unitholders will receive 70.66 Singapore cents per unit on Oct 15, the trustee-manager said in an exchange filing on Tuesday.
It will release further announcements on the payment of the second tranche of the special distribution, the winding up and the delisting of AGT.
In mid-September, unitholders gave their approval for AGT to sell its 88 golf courses in Japan to the sponsor. Investors also voted to wind up the trust.
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diTTib
Member |
29-Sep-2020 19:42
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Reading through the recent announcement, there is something very wrong with the FX hedge they done initially. The initial FX hedge on 23 Sep was at 77.49 while the highest rate is only at 77.043 (based on yahoo). This is almost 447 bps of spread (S$1.9mn) based on the highest rate of that day which is crazily high. The FX hedge today is at 77.08 which is within the range of 76.7940 and 77.169 (based on yahoo). Please help write in to instigate the authorities to help review on this. EMAIL is FREE!!! [email protected] [email protected] Don' t just let them get away with our hard earn monies. |
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Goldfinger
Supreme |
29-Sep-2020 19:35
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I get much less too. Disgusting. Hope they get their just desserts. | ||
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Starship
Supreme |
29-Sep-2020 19:30
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COMPLETION OF THE PROPOSED DIVESTMENT 1. COMPLETION OF THE PROPOSED DIVESTMENT AND PURCHASE CONSIDERATION The Trustee-Manager is pleased to announce that the Proposed Divestment has completed today. As stated in the Partial Hedging Announcement, the Trustee-Manager had entered into a foreign exchange forward contract for JPY25,200 million (being 38.7% of the Purchase Consideration of JPY65,200 million from the Proposed Divestment) (the &ldquo Hedged Amount&rdquo ) at an exchange rate of JPY77.49:S$1. The Trustee-Manager wishes to update Unitholders that following conversion of the remaining 61.3% of the Purchase Consideration into Singapore dollars at an exchange rate of JPY77.08:S$1, the exchange rate of the full Purchase Consideration is effectively JPY77.24:S$1, and the Trustee-Manager has received an aggregate of approximately S$844 million from the foreign exchange forward contract and the conversion. 2. ENTITLEMENTS OF ENTITLED UNITHOLDERS TO THE FIRST TRANCHE SPECIAL DISTRIBUTION Pursuant to the First Tranche Special Distribution, each entitled Unitholder as at the First Tranche Special Distribution Record Date will receive 70.66 Singapore cents per Unit and the payment date of the First Tranche Special Distribution will be on 15 October 2020. 3. RULE 1018(1)(b) OF THE LISTING MANUAL Pursuant to Rule 1018(1)(b) of the Listing Manual, the Trustee-Manager will announce monthly valuations of its assets and utilisation of cash via SGXNET. As the Trustee-Manager will be proceeding with the Winding Up, it will not be providing quarterly updates of milestones in obtaining a new business. 5. FURTHER ANNOUNCEMENTS The Trustee-Manager will release further announcements where appropriate to keep Unitholders updated on, among others, the payment of the Second Tranche Special Distribution, the Winding Up and delisting of AGT. BY ORDER OF THE BOARD Khoo Kee Cheok Chairman |
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pkli899
Supreme |
29-Sep-2020 19:14
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What else they not doing? Every possible evil deed will be carried out without doubt. If nothing to hide why don' t dare show results?
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pkli899
Supreme |
29-Sep-2020 19:09
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For myself, expecting to get $1,500 less! That is provided no claim, which I doubt. Surely they will come out with some stupid reason to claim huge amount! |
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Starship
Supreme |
29-Sep-2020 19:08
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Looks like they' re not going to release the 1H20 results so we' ll never know how well the Trust performed and how much profits was generated!!!!! WAIVER FROM THE SGX-ST GRANTED IN RELATION TO COMPLIANCE WITH RULES 705(3)(b) and 711A OF THE LISTING MANUAL 1. INTRODUCTION As stated in the Conditional Record Date Announcement, the Trustee-Manager expects to proceed with completion of the Proposed Divestment on 29 September 2020. In anticipation of the completion of the Proposed Divestment, the Trustee-Manager wishes to inform Unitholders that it had on 18 September 2020 submitted an application to the SGX-ST to seek a waiver from Rules 705(3)(b) and 711A of the Listing Manual for the reasons as set out in paragraph 4 below (the &ldquo Reporting Requirements Waiver&rdquo ). 2. HALF-YEARLY FINANCIAL REPORTING REQUIREMENT Under Rule 705(3)(b) of the Listing Manual, an issuer that is not required to comply with Rule 705(2) of the Listing Manual may either (a) announce the financial statements for each of the first three quarters of its financial year or (b) announce its first half financial statements, in each case immediately after the figures are available, but in any event not later than 45 days after the relevant financial period. As announced by the Trustee-Manager on 25 June 2020, the Trustee-Manager had decided to not continue with quarterly reporting of AGT&rsquo s financial results and will instead announce financial statements on a half-yearly basis with effect from the financial year beginning 1 April 2020. Accordingly, the Trustee-Manager will be required to release AGT&rsquo s half-yearly financial statements for the period from 1 April 2020 to 30 September 2020 (the &ldquo 1HFY2021 Financial Statements&rdquo ) by 14 November 2020, being 45 days from 30 September 2020. 4. GROUNDS FOR APPLICATION The Reporting Requirements Waiver was sought based on the following grounds: (a) assuming the Proposed Divestment completes on 29 September 2020, the Units will be suspended from trading with effect from 9.00 a.m. on 30 September 2020. Accordingly, Unitholders will not be able to deal in the Units on the SGX-ST with effect from 9.00 a.m. on 30 September 2020. The Trustee-Manager has no intention for this trading suspension by the SGX-ST to be lifted. As the 1HFY2021 Financial Statements and AGT Sustainability Report will only be issued after 30 September 2020, investors and Unitholders will be unable to trade in the Units with knowledge of the information contained in these documents and (b) as set out at paragraph 10.1 of the Circular, following completion of the Proposed Divestment, the Trustee-Manager is of the view that it would not be meaningful for AGT to maintain its existence as a business trust registered under the Business Trusts Act and listing on the SGX-ST. Given that Unitholders have approved the proposed Winding Up at the EGM held on 14 September 2020, the Trustee-Manager intends to proceed with the Winding Up and delist from the SGX-ST as soon as practicable. Upon the delisting, AGT will no longer be required to comply with the listing rules under the Listing Manual, including Rules 705(3)(b) and 711A of the Listing Manual. Based on the reasons set out in sub-paragraphs (a) and (b) above, subject to and conditional upon the completion of the Proposed Divestment on 29 September 2020, the release of the 1HFY2021 Financial Statements and AGT Sustainability Report would not provide any meaningful benefit to investors and Unitholders as (i) investors and Unitholders will not be able to deal in the Units with effect from 9.00 a.m. on 30 September 2020 and (ii) AGT will be delisted and will no longer be required to comply with the listing rules in the Listing Manual. Accordingly, it will serve little purpose to require AGT to release the 1HFY2021 Financial Statements and the AGT Sustainability Report before the anticipated delisting of AGT, whereas additional costs will be incurred in connection with the preparation and the release of the 1HFY2021 Financial Statements and the AGT Sustainability Report which will decrease the amount available to be distributed to Unitholders as the Final Distribution (if any). 5. CONFIRMATION FROM THE SGX-ST The SGX-ST had on 25 September 2020 informed the Trustee-Manager that based on the Trustee-Manager&rsquo s submissions and representations to the SGX-ST, the SGX-ST has no objection to the Trustee-Manager&rsquo s application for the Reporting Requirements Waiver, subject to the following: (a) the Trustee-Manager announcing the Reporting Requirements Waiver granted, the reasons for seeking the Reporting Requirements Waiver, the conditions as required under Rule 107 of the Listing Manual and if the Reporting Requirements Waiver conditions have been satisfied. If the Reporting Requirements Waiver conditions have not been met on the date of the announcement, the Trustee-Manager must make an update announcement when the conditions have all been met (b) submission of a written confirmation from the Trustee-Manager that it is not aware of any information that will have a material bearing on investors&rsquo decision which has yet to be announced by the Trustee-Manager (c) the Board&rsquo s confirmation that the Reporting Requirements Waiver will not be in contravention of any laws and regulations governing AGT and its constitution (or the equivalent in AGT&rsquo s country of incorporation) (d) the completion of the Proposed Divestment and suspension of trading in the Units by no later than 14 November 2020, being the deadline for AGT to announce its 1HFY2021 Financial Statements (e) distribution of the Special Distributions from the Proposed Divestment and the Final Distribution of any remaining cash in AGT prior to Winding Up and (f) the delisting of AGT from the official list of SGX-ST, (collectively, the &ldquo Reporting Requirements Waiver Conditions&rdquo ). Further to sub-paragraph (c) of the Reporting Requirements Waiver Conditions, the Board confirms that the Reporting Requirements Waiver will not be in contravention of any laws and regulations governing AGT and its Trust Deed. As at the date of this Announcement, sub-paragraphs (d), (e) and (f) of the Reporting Requirements Waiver Conditions have not been completed as the Proposed Divestment has not completed, and the Trustee-Manager will make an update announcement when the conditions have all been met. Save for the foregoing, the Trustee-Manager has met the other Reporting Requirements Waiver Conditions. BY ORDER OF THE BOARD Khoo Kee Cheok Chairman https://links.sgx.com/1.0.0/corporate-announcements/UPNAYCS4HCF65A7N/6718960d9fa319ad873631642fe0932993326fb2a64f0441b34ce683650a769a |
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