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laksaman57 Supreme	29-Jun-2020 13:37        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	" AGT may face further difficulty in obtaining financing for golf course acquisitions (as a result of the Covid-19 outbreak), limiting AGT' s ability to improve its distribution per unit (DPU)," AGT said in a statement. " LOL, no need more golf course acquisition loh. Present dpu more than happy to collect perpetually. JerryMaple      ( Date: 29-Jun-2020 13:22) Posted: OMG.Business Times so negative on the posting. Sponsor Accordia Golf plans to acquire all membership interests in, and assume the debts, of Accordia Golf Asset Godo Kaisha (SPC), the holding company which holds the golf courses. AGT will thus receive the full consideration of S$804.1 million from Accordia Golf and will not need to apply any of this amount towards the repayment of SPC' s debts. AGT' s independent committee said on Monday that the trust' s trading volume on the SGX has been historically low, so the proposed divestment enables unitholders to realise value for their units now. AGT has not made any acquisitions to drive growth since its listing, they added. While SPC had from time to time evaluated suitable golf course acquisitions, it was difficult for SPC to raise accretive financing to make the acquisitions and consequently, it never  proposed any acquisitions to the  trustee-manager, the independent committee said. " AGT may face further difficulty in obtaining financing for golf course acquisitions (as a result of the Covid-19 outbreak), limiting AGT' s ability to improve its distribution per unit (DPU)," AGT said in a statement. Accordia Golf also noted that AGT' s  historical DPU has fallen over time and its offer to buy out AGT' s golf courses represents an opportunity for unitholders to cash out. Accordia Golf Trust called for a trading halt on Monday morning before the offer was announced. The units last changed hands at S$0.64 on Friday.
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Starship Supreme	29-Jun-2020 13:30        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Breaking!!!! Low-ball offer annoounced!!!! Accordia Golf Trust offered S$804.1m by sponsor to divest all its Japan golf courses MON, JUN 29, 2020 - 12:35 PM THE sponsor of Accordia Golf Trust (AGT) has proposed to acquire the trust' s 88 golf courses in  Japan for S$804.1 million, or an implied  purchase consideration of S$0.732 per unit, it said on Monday. The price represents a  premium of 5.1 per cent and 12.9 per cent over AGT' s adjusted net asset value of 58.8 billion yen(S$764.9 million) and adjusted net tangible assets of 54.7 billion yen as at March 31. The price also represents  a premium of 21.8 per cent over the volume-weighted average price of AGT units in the one month prior to and including the closing unit price of S$0.60 on Nov 27, 2019. That was the day before AGT announced that it had received a non-binding proposal to buy over its interests in all of its golf courses. Sponsor Accordia Golf plans to acquire all membership interests in, and assume the debts, of Accordia Golf Asset Godo Kaisha (SPC), the holding company which holds the golf courses. AGT will thus receive the full consideration of S$804.1 million from Accordia Golf and will not need to apply any of this amount towards the repayment of SPC' s debts. AGT said it intends to distribute the net proceeds from the proposed divestment via  special distributions, after setting aside fees and expenses that are expected to comprise 3 per cent of the  S$804.1 million purchase consideration.  It will not be meaningful for AGT to maintain its listing on the Singapore Exchange (SGX) after the asset sale, the trustee-manager noted, as AGT will cease to have any operating business and will be deemed to be a cash trust. As such, the trustee-manager intends to undertake a voluntary winding up of AGT. The proposed acquisition is conditional upon approval from AGT unitholders by Sept 14, at an extraordinary general meeting (EGM) that will be convened in due course. Accordia Golf, which holds 28.85 per cent of all units in AGT and 49 per cent of the shares of the trustee-manager, will abstain from voting on the resolution related to the proposed acquisition at the EGM. CIMB Bank has been appointed the independent financial adviser (IFA) for the purposes of the proposed divestment as an interested-person transaction. The IFA' s opinion will be set out in a circular to be despatched to unitholders in due course. AGT' s independent committee said on Monday that the trust' s trading volume on the SGX has been historically low, so the proposed divestment enables unitholders to realise value for their units now. AGT has not made any acquisitions to drive growth since its listing, they added. While SPC had from time to time evaluated suitable golf course acquisitions, it was difficult for SPC to raise accretive financing to make the acquisitions and consequently, it never  proposed any acquisitions to the  trustee-manager, the independent committee said. " AGT may face further difficulty in obtaining financing for golf course acquisitions (as a result of the Covid-19 outbreak), limiting AGT' s ability to improve its distribution per unit (DPU)," AGT said in a statement. Accordia Golf also noted that AGT' s  historical DPU has fallen over time and its offer to buy out AGT' s golf courses represents an opportunity for unitholders to cash out. https://www.businesstimes.com.sg/companies-markets/accordia-golf-trust-offered-s8041m-by-sponsor-to-divest-all-its-japan-golf-courses
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JerryMaple Veteran	29-Jun-2020 13:22        JerryMaple About Contact  Quote this Post!
x 0   x 0  Alert Admin	OMG.Business Times so negative on the posting. Sponsor Accordia Golf plans to acquire all membership interests in, and assume the debts, of Accordia Golf Asset Godo Kaisha (SPC), the holding company which holds the golf courses. AGT will thus receive the full consideration of S$804.1 million from Accordia Golf and will not need to apply any of this amount towards the repayment of SPC' s debts. AGT' s independent committee said on Monday that the trust' s trading volume on the SGX has been historically low, so the proposed divestment enables unitholders to realise value for their units now. AGT has not made any acquisitions to drive growth since its listing, they added. While SPC had from time to time evaluated suitable golf course acquisitions, it was difficult for SPC to raise accretive financing to make the acquisitions and consequently, it never  proposed any acquisitions to the  trustee-manager, the independent committee said. " AGT may face further difficulty in obtaining financing for golf course acquisitions (as a result of the Covid-19 outbreak), limiting AGT' s ability to improve its distribution per unit (DPU)," AGT said in a statement. Accordia Golf also noted that AGT' s  historical DPU has fallen over time and its offer to buy out AGT' s golf courses represents an opportunity for unitholders to cash out. Accordia Golf Trust called for a trading halt on Monday morning before the offer was announced. The units last changed hands at S$0.64 on Friday.
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Starship Supreme	29-Jun-2020 13:20        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	InvestingNote is very active on this counter: https://www.investingnote.com/stocks/SGX:ADQU#/all Goldfinger      ( Date: 29-Jun-2020 13:17) Posted: We need to see how they are going to put this through. Is this an EGM to approve, or a Scheme of Arrangement or Takeover.  In any case, there are various block possibilties, and we need to block at the EGM. SGX Rules require a Fair and Reasonable price.  It is not just Accordia that gets to hold the say. And with only 29%, I think their chance of success if pretty low, frankly. With online EGMs a possibility, can go into the various share forums, and get a sense of the pulse. Likeliest scenario to me - is that it will fail. Unless this paltry 73 cents is a first attempt, before they sweeten the offer.
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Goldfinger Supreme	29-Jun-2020 13:18        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	If I recall - the IPO Price was like 97 cents.  Many retail investors who bought at that price - are not going to be happy with 73 cents. Goldfinger      ( Date: 29-Jun-2020 13:17) Posted: We need to see how they are going to put this through. Is this an EGM to approve, or a Scheme of Arrangement or Takeover.  In any case, there are various block possibilties, and we need to block at the EGM. SGX Rules require a Fair and Reasonable price.  It is not just Accordia that gets to hold the say. And with only 29%, I think their chance of success if pretty low, frankly. With online EGMs a possibility, can go into the various share forums, and get a sense of the pulse. Likeliest scenario to me - is that it will fail. Unless this paltry 73 cents is a first attempt, before they sweeten the offer.
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Goldfinger Supreme	29-Jun-2020 13:17        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	We need to see how they are going to put this through. Is this an EGM to approve, or a Scheme of Arrangement or Takeover.  In any case, there are various block possibilties, and we need to block at the EGM. SGX Rules require a Fair and Reasonable price.  It is not just Accordia that gets to hold the say. And with only 29%, I think their chance of success if pretty low, frankly. With online EGMs a possibility, can go into the various share forums, and get a sense of the pulse. Likeliest scenario to me - is that it will fail. Unless this paltry 73 cents is a first attempt, before they sweeten the offer.
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Starship Supreme	29-Jun-2020 13:16        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Looks like they' re trying hard to drain money fm the trust!!!! JerryMaple      ( Date: 29-Jun-2020 12:24) Posted: Just a joke to me.. It take 7months and $5Mil legal fee for this low ball offer to be announce .
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Starship Supreme	29-Jun-2020 13:12        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Just to delist fm stock exchange need 3%? pkli899      ( Date: 29-Jun-2020 13:03) Posted: Aiyo, just read the announcement again. If deal approved during EGM: Pay out 92% within 25 days. Final 5%  sometime after delisting. Balance 3% for delisting cost. So in total we get only 97% of the offer price of 73.2 cents i.e. 71 cents! What the shit is this!
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pkli899 Supreme	29-Jun-2020 13:03        pkli899 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Aiyo, just read the announcement again. If deal approved during EGM: Pay out 92% within 25 days. Final 5%  sometime after delisting. Balance 3% for delisting cost. So in total we get only 97% of the offer price of 73.2 cents i.e. 71 cents! What the shit is this!
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laksaman57 Supreme	29-Jun-2020 13:03        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	From the latest reversal to pay out the so called cash reserve, that would effectively mean that half yearly dpu could be in the 3cts range. Yearly dpu could be 6cts and that mean yield at 73cts is 8.2%. Where to find such good reit yield now in sgp during and post covid enviroment. Of course japan buyer wanted to buy.  In japan, japan reit yield are low. If these golf courses get relisted, it definitely will be a huge premium to nav to hit the accepted yield performance of japan reit yield. JerryMaple      ( Date: 29-Jun-2020 12:47) Posted: Thats why..My average is 69cents..That 4cents differences really serve no purpose.Less than 1 year i will collect back that dividend..Rubbish offer. pkli899      ( Date: 29-Jun-2020 12:41) Posted: Yes, is me.....mostly bought at 73c
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Calmroom Master	29-Jun-2020 12:55        Calmroom About Contact  Quote this Post!
x 0   x 0  Alert Admin	Withdrew my buy orders first. Will wait to see if more sellers are hiding in the bushes. :) laksaman57      ( Date: 29-Jun-2020 12:37) Posted: Not alot lah. 70cts/778.5k, 70.5cts/2,514.8k, 71cts/6,454.4k, 71.5cts/277k, ... Could just be attemp to prevent a price rise above buyer' s price inorder to  convince unitholders to approve the low ball buyout. ESR reit sell vol any day beat it hand down.   Calmroom      ( Date: 29-Jun-2020 12:23) Posted: Market depth shows sellers are worried that the unit price will drop back below $0.60 once the offer is rejected. So once trading resumes, they might rush for the exit to lock in huge profits.
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laksaman57 Supreme	29-Jun-2020 12:50        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Even ESR reit, before the covid thingy, already trading at close to 1.2x nav. How can AGT which proved to be crisis-proof be selling at just close to nav. Vote No !
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JerryMaple Veteran	29-Jun-2020 12:47        JerryMaple About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thats why..My average is 69cents..That 4cents differences really serve no purpose.Less than 1 year i will collect back that dividend..Rubbish offer. pkli899      ( Date: 29-Jun-2020 12:41) Posted: Yes, is me.....mostly bought at 73c! JerryMaple      ( Date: 29-Jun-2020 12:38) Posted: Those that pick up at 42.5-60cents range will vote yes.. It's those that holds the price at above 70cents will vote no.. That will be the minority.. This covid actually make the deal even likely. Before covid the price tank at 0.66..during covid the shares price dropped to 42.5cents.. Many investors actually manage to pick up at low price.. So 50cent to 73.2cents is consider compelling.Really suck thumb for those who hold at a high price
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pkli899 Supreme	29-Jun-2020 12:41        pkli899 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yes, is me.....mostly bought at 73c! JerryMaple      ( Date: 29-Jun-2020 12:38) Posted: Those that pick up at 42.5-60cents range will vote yes.. It's those that holds the price at above 70cents will vote no.. That will be the minority.. This covid actually make the deal even likely. Before covid the price tank at 0.66..during covid the shares price dropped to 42.5cents.. Many investors actually manage to pick up at low price.. So 50cent to 73.2cents is consider compelling.Really suck thumb for those who hold at a high price. Goldfinger      ( Date: 29-Jun-2020 12:29) Posted: If they only hold 29%, why is the chance of acquiring and delisting high? It seems very low to me actually. And likely it will fail.
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pkli899 Supreme	29-Jun-2020 12:40        pkli899 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Think can' t stop those bought at 50s.....good profit for them.  mrwise      ( Date: 29-Jun-2020 12:33) Posted: Cannot selll now...got special dividends to tajke first also.
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JerryMaple Veteran	29-Jun-2020 12:38        JerryMaple About Contact  Quote this Post!
x 0   x 0  Alert Admin	Those that pick up at 42.5-60cents range will vote yes.. It's those that holds the price at above 70cents will vote no.. That will be the minority.. This covid actually make the deal even likely. Before covid the price tank at 0.66..during covid the shares price dropped to 42.5cents.. Many investors actually manage to pick up at low price.. So 50cent to 73.2cents is consider compelling.Really suck thumb for those who hold at a high price. Goldfinger      ( Date: 29-Jun-2020 12:29) Posted: If they only hold 29%, why is the chance of acquiring and delisting high? It seems very low to me actually. And likely it will fail. JerryMaple      ( Date: 29-Jun-2020 12:13) Posted: The last heard is 51% vote to goes through this deal. It's MBK that acquiring right? I think they holds close to 29% at the moment. Chances for it to go through is close to 100%.Sigh.
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laksaman57 Supreme	29-Jun-2020 12:37        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Not alot lah. 70cts/778.5k, 70.5cts/2,514.8k, 71cts/6,454.4k, 71.5cts/277k, ... Could just be attemp to prevent a price rise above buyer' s price inorder to  convince unitholders to approve the low ball buyout. ESR reit sell vol any day beat it hand down.   Calmroom      ( Date: 29-Jun-2020 12:23) Posted: Market depth shows sellers are worried that the unit price will drop back below $0.60 once the offer is rejected. So once trading resumes, they might rush for the exit to lock in huge profits.
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Goldfinger Supreme	29-Jun-2020 12:36        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Actually - it could be a Japanese thing. They say they want to buy - but now give low price, because they know it will fail - for facing saving purposes. It is a crazy low price - and they should not even bother.  mrwise      ( Date: 29-Jun-2020 12:33) Posted: Cannot selll now...got special dividends to tajke first also.
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mrwise Supreme	29-Jun-2020 12:33        mrwise About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Cannot selll now...got special dividends to tajke first also.
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Goldfinger Supreme	29-Jun-2020 12:29        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	If they only hold 29%, why is the chance of acquiring and delisting high? It seems very low to me actually. And likely it will fail. JerryMaple      ( Date: 29-Jun-2020 12:13) Posted: The last heard is 51% vote to goes through this deal. It's MBK that acquiring right? I think they holds close to 29% at the moment. Chances for it to go through is close to 100%.Sigh. chengwh1      ( Date: 29-Jun-2020 12:10) Posted: Emm,... it depends on what percentage they (and their related parties) hold,... and based on the listing rules, how many percent is required for this deal to go through
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