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Gd point still got 11 mths for Sasseur, this one May22... Under 2-mths
marketuncle ( Date: 08-Apr-2022 13:53) Posted:
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RUN......for exit....
Stay caution...
Stay caution...
prophetjul ( Date: 08-Apr-2022 14:23) Posted:
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https://www.businesstimes.com.sg/companies-markets/hot-stock-ec-world-reit-drops-over-6-on-uncertainty-over-loan-refinancing
2nd DRT in the making. Sasseur is not far off to, debt due in March ' 23
EC World Reit able to refinance loans, continue as going concern, says manager
THE manager of EC World real estate investment trust (Reit) said the refinancing exercise for all onshore and offshore term loans due in 2022 is in the final stages of negotiation, and believes the Reit can continue operating as a going concern.
The manager was responding to queries from the Singapore Exchange, which noted that EC World Reit' s auditors PwC had highlighted a material uncertainty in the FY2021 financial statements related to the Reit' s ability to continue as a going concern.
In a bourse filing on Thursday (April 7), the manager said the uncertainty arose because the refinancing of loans, due for repayment in May and July 2022, were not completed at the time of the issuance of the financial statements.
The financials therefore reflected that the Reit' s current liabilities exceed its current assets.
The Reit' s management said it is confident that the refinancing exercise will be successfully completed prior to the maturity dates of the term loans.
It added, in response to queries from the Singapore Exchange, that the board deems it unnecessary to suspend the trading of the Reit' s units.
Question 1:
The Board of Directors&rsquo assessment of EC World REIT&rsquo s ability to continue operating as a going
concern and the bases for the said assessment.
Response:
The Board of Directors of the Manager (the &ldquo Board&rdquo ) notes that EC World REIT&rsquo s auditors,
PricewaterhouseCoopers LLP, have in their Independent Auditors&rsquo Report (&ldquo Independent Auditors&rsquo
Report&rdquo ) on the financial statements of EC World REIT (the &ldquo Financial Statements&rdquo ) for the financial
year ended 31 December 2021 highlighted a material uncertainty related to the ability of EC World
REIT to continue as a going concern. The Board understands that this is because the Manager has
not completed the refinancing of EC World REIT&rsquo s loans which are due for repayment in May and July
2022 at the time of the issuance of the Financial Statements and as a result, the Financial Statements
reflect that EC World REIT&rsquo s current liabilities exceed its current assets.
The Board has been informed by management that the refinancing exercise in respect of all of EC
World REIT&rsquo s onshore and offshore term loans due in 2022 (the &ldquo Refinancing Exercise&rdquo ) is in the
final stages of negotiation and that management is confident that the refinancing exercise will be
successfully completed prior to the maturity dates of the term loans. The Board notes that on this
basis, the Financial Statements were prepared on a going concern basis. In view of the foregoing, the
Board does not believe that there is an issue with EC World REIT&rsquo s ability to continue operating as a
going concern at this juncture.
Question 2:
The Board of Directors&rsquo opinion as to whether trading of EC World REIT&rsquo s units should be suspended
pursuant to Listing Rule 1303(3).
Response:
PricewaterhouseCoopers LLP has highlighted a material uncertainty related to the ability of EC World
REIT to continue as a going concern in the Financial Statements pending the conclusion of the
Refinancing Exercise. Nonetheless, PricewaterhouseCoopers LLP&rsquo s audit opinion in the Independent
Auditors&rsquo Report remains unqualified and it did not conclude that EC World REIT is unable to continue
as a going concern. The Financial Statements were prepared on a going concern basis.
The Board of Directors&rsquo assessment of EC World REIT&rsquo s ability to continue operating as a going
concern and the bases for the said assessment.
Response:
The Board of Directors of the Manager (the &ldquo Board&rdquo ) notes that EC World REIT&rsquo s auditors,
PricewaterhouseCoopers LLP, have in their Independent Auditors&rsquo Report (&ldquo Independent Auditors&rsquo
Report&rdquo ) on the financial statements of EC World REIT (the &ldquo Financial Statements&rdquo ) for the financial
year ended 31 December 2021 highlighted a material uncertainty related to the ability of EC World
REIT to continue as a going concern. The Board understands that this is because the Manager has
not completed the refinancing of EC World REIT&rsquo s loans which are due for repayment in May and July
2022 at the time of the issuance of the Financial Statements and as a result, the Financial Statements
reflect that EC World REIT&rsquo s current liabilities exceed its current assets.
The Board has been informed by management that the refinancing exercise in respect of all of EC
World REIT&rsquo s onshore and offshore term loans due in 2022 (the &ldquo Refinancing Exercise&rdquo ) is in the
final stages of negotiation and that management is confident that the refinancing exercise will be
successfully completed prior to the maturity dates of the term loans. The Board notes that on this
basis, the Financial Statements were prepared on a going concern basis. In view of the foregoing, the
Board does not believe that there is an issue with EC World REIT&rsquo s ability to continue operating as a
going concern at this juncture.
Question 2:
The Board of Directors&rsquo opinion as to whether trading of EC World REIT&rsquo s units should be suspended
pursuant to Listing Rule 1303(3).
Response:
PricewaterhouseCoopers LLP has highlighted a material uncertainty related to the ability of EC World
REIT to continue as a going concern in the Financial Statements pending the conclusion of the
Refinancing Exercise. Nonetheless, PricewaterhouseCoopers LLP&rsquo s audit opinion in the Independent
Auditors&rsquo Report remains unqualified and it did not conclude that EC World REIT is unable to continue
as a going concern. The Financial Statements were prepared on a going concern basis.
https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/china-tech-rout-deepens-amid-020459036.html
"Chinese stocks listed in Hong Kong had their worst day since the global financial crisis, as concerns over Beijing?s close relationship with Russia and renewed regulatory risks sparked panic selling...."
"Chinese stocks listed in Hong Kong had their worst day since the global financial crisis, as concerns over Beijing?s close relationship with Russia and renewed regulatory risks sparked panic selling...."
They have just lost a property to mandatory acquisition. Less income.
They have a overhanging loan either to be paid in July 2022 or refinanced. It is getting dangerously close.
They have a overhanging loan either to be paid in July 2022 or refinanced. It is getting dangerously close.
Tai-Ge ( Date: 10-Mar-2022 12:25) Posted:
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bro, why share price stagnant ?
EC World Reit to receive 108.5m yuan for expropriation of Fu Zhou Industrial
THE manager of EC World real estate investment trust (Reit) on Wednesday (Mar 9) announced the Reit' s entry into an expropriation and compensation agreement with the Chinese authorities in relation to the compulsory expropriation of Fu Zhou Industrial.
In a bourse filing, the Reit manager said the Chinese authorities will provide a compensation package of 108.5 million yuan (S$23.4 million) for the compulsory expropriation of the Hangzhou port property, which comprises berths and office buildings.
The Reit manager had announced in January that the property had received a notice from the government of Linping district in the city of Hangzhou, regarding the compulsory expropriation of Fu Zhuo Industrial for the development of the Grand Canal National Cultural Park in Hangzhou.
The compensation amount represents around 92.8 per cent of the property' s latest announced valuation of 117 million yuan as of December 2020.
However, it is 26.8 per cent higher than the 85.6 million yuan purchase consideration of Fu Zhou Industrial at the time of EC World Reit' s initial public offering.
The compensation package will be subject to property disposal-related taxes such as land appreciation tax, value-added tax and corporate income tax. Tax advisors are currently conducting an assessment on the tax payable the Reit manager said a separate update will be given when the assessment has been finalised with the authorities.
There are now 2 tenants at the property, including a third-party tenant. The Reit manager said the potential compensation to be paid to the tenant as a result of an early termination of the lease is to be assessed.
Apart from taxes and potential tenant compensation, the Reit manager said it also intends to use the proceeds for partial payment of existing borrowings, and distribution or working-capital purposes.
Fu Zhuo Industrial, located in the west of Chongxian New City, north of Hangzhou, has a total land area of around 24,403 square metres (sq m), with total net lettable area of around 7,128 sq m.
Based on its valuation of 117 million yuan, the property represented around 1.5 per cent of EC World Reit' s portfolio, the manager had said in January.
EC World Reit Q4 DPU up 7.7% to S$0.01537
THE manager of EC World Real Estate Investment Trust (Reit) has announced distribution per unit (DPU) of 1.537 Singapore cents for the fourth quarter ended December, up 7.7 per cent from a DPU of 1.427 cents in the year-ago period.
The gross revenue of the China-focused e-commerce logistics landlord grew 8.2 per cent to S$31.9 million in Q4, from S$29.5 million a year ago.
Its net property income (NPI) rose 5.9 per cent to S$28.8 million, from S$27.2 million a year ago.
The Reit manager said the increase in gross revenue and NPI were mainly due to positive straight-line adjustments and strengthening of the Chinese renminbi (RMB) by 4.4 per cent year on year.
Total amount available for distribution was 8.2 per cent higher at S$12.4 million. The Reit manager said it has resolved to distribute 100 per cent of this amount for Q4, and it will be paid out on or around March 31.
It, however, noted it will decide " at a later stage" if it will change the frequency of distributions given that its policy was to distribute on a semi-annual basis, but the Reit has been making distributions on a quarterly basis since its first distribution on Nov 28, 2016.
For the full year, the Reit posted a DPU of 6.263 cents, up 16.9 per cent from a year ago. This translates to a trading yield of 8.1 per cent, based on the closing price of S$0.77 per unit as of Dec 31, 2021.
The Reit manager said it has retained about 6.2 per cent of the total amount available for distribution for the financial year for general working capital purposes.
Gross revenue was up 14.4 per cent on the year to S$125.5 million, while NPI crept up 12.7 per cent to S$113 million.
Goh Toh Sim, executive director and chief executive of the manager, said the year' s increase in gross revenue came on the back of strengthening RMB and absence of rental rebate provided in the year.
In RMB terms, the gross revenue and NPI were 9.8 per cent and 8.2 per cent higher respectively compared to FY2020, he noted. Asset portfolio performance " remains resilient" with occupancy at 99.2 per cent, he added.
Meanwhile, Goh stated that the manager has elected to make a voluntary one-off waiver of its entitled performance fee of about S$800,000, as he pointed out that the rental rebates provided in FY2020 resulted in a lower DPU for the last financial year.
Should the manager choose to collect its performance fee entitlement in full, the DPU would have been 6.217 cents instead of 6.263 cents for FY2021, he pointed out.
I sold all liao with profit of almost 10k, buying when it was around $0.5. Shocked that refinancing still not settled till now when most due n May. Will buy back when there is good news on the refinancing
That will kill the reit. It will show shoddy management of the reit wrt to the financing.
laksaman57 ( Date: 24-Feb-2022 08:34) Posted:
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Right issuance ?
prophetjul ( Date: 24-Feb-2022 08:24) Posted:
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This is a real worry
marketuncle ( Date: 24-Feb-2022 08:13) Posted:
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Less than 4 months to refinance debt due in June.
EC World REIT reports Distribution Per Unit (?DPU?) of
6.263 cents for FY2021
? Gross revenue and NPI increased largely attributed to absence of one-off
rebates provided to tenants in FY2020 and strengthening of RMB
? DPU of 6.263 cents, represent a year-on-year increase of 16.9%
? Manager elect to make a one-off voluntary waiver of its entitled performance
fee to the extent of rental rebate provided in FY2020
? Commenced refinancing plans for debt due in 2022..
https://links.sgx.com/1.0.0/corporate-announcements/89WR6MWTUOA3UAEC/703297_EC%20World%20REIT-Press%20Release-FY2021.pdf
I have Dasin Retail Trust. Its loan due to refinance long ago and granted 2 extensions already because minority lenders can' t agree on something that' s not disclosed. That will be indicative of what is to come for EC world.
Market cap is $590m. Debt is $800m.
Every $100m raise is about 16% of market cap.
Super dilutive to DPU.
Every $100m raise is about 16% of market cap.
Super dilutive to DPU.
Right issuance ?
prophetjul ( Date: 12-Jan-2022 10:41) Posted:
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