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Yes if there is a dividend declared the share price will be adjusted lower.
My average in price is around 38 cents, and this company is one of my biggest holdings. I won' t be tendering into the offer. If they had offered the NAV plus the half year dividend i.e. about 52 cents (implying a 7.2% DPU yield) then I would have seriously considered it.
My average in price is around 38 cents, and this company is one of my biggest holdings. I won' t be tendering into the offer. If they had offered the NAV plus the half year dividend i.e. about 52 cents (implying a 7.2% DPU yield) then I would have seriously considered it.
the 0.48 offer not guarantee.. if there is a dividend declare, will the share price be adjusted lower ??
or will we get the dividend if one is declared in jan ??
or will we get the dividend if one is declared in jan ??
why sell after retailers work so hard to kick out ESR
It's dividend IPO?2015 (42.37 cents) and from 2016 through 1H 2025 as ~32.17 cents per unit.
Cumulative total since IPO (Nov 2010) through 1H 2025 ≈ 42.37 + 32.17 = 74.54 cents per unit.
IPO in 2010 is 105 cents.
Sabana REIT undertook a renounceable underwritten rights issue:
310,712,244 new units were offered at S$0.258 per unit to raise about S$80.2 million.
Entitlement ratio: 42 new units for every 100 units held as at the record date of 29 Dec 2016.
With rights and dividend not so bad....
In the past the highest I've bought was at $1.27 I think, but over the years I've bought more at the 30 cents range and average down, my average price is now below 50 cents. Perhaps this is something you can consider.
vivacious ( Date: 18-Jan-2026 14:36) Posted:
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got 10 lots of this at a sky high of 1.09 eons ago, more than 10 years.
Hzwusr ( Date: 16-Jan-2026 08:24) Posted:
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FHT would be a good comparison if you think the Volare deal is going to fail, which would only happen if they do not get to the 50% acceptance condition.
They already have 41.27%, so it seems to me likely they will get to 50% although I cannot be sure of course.
They already have 41.27%, so it seems to me likely they will get to 50% although I cannot be sure of course.
Alignment ( Date: 15-Jan-2026 20:43) Posted:
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Yes correct, just ignore the offer letter. Prices are already hovering at 0.485 on open market.
chanche2 ( Date: 15-Jan-2026 09:50) Posted:
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FHT is probably not a good comparison if this Volare offer is going to complete. The first FHT offer lapsed so none of the people who accepted the offer got to sell their shares, so there was this big wave of sellers hence the share price fell.
If the Volare offer completes, in theory everyone who wanted to sell at 48 cents or less would exit, and only people who want the share at 48.5 cents or higher will own the stock, so 48.5 becomes the floor and the share price would rise above that. Trying to think of examples of this where offers completed but the company remained listed I can think of Great Eastern. Each time the offer closed the share price subsequently went above the offer price, so this example follows the theory. If anyone can think of other examples let us know.
If the Volare offer completes, in theory everyone who wanted to sell at 48 cents or less would exit, and only people who want the share at 48.5 cents or higher will own the stock, so 48.5 becomes the floor and the share price would rise above that. Trying to think of examples of this where offers completed but the company remained listed I can think of Great Eastern. Each time the offer closed the share price subsequently went above the offer price, so this example follows the theory. If anyone can think of other examples let us know.
From past cases , if offer lapse , price will normally drop below present offer price of 0.48. I will sell to them first and hope to buy back below 0.48 after the offer lapse. I did many times and got it back cheaper. One of the example is FHT . offer lapsed , unit price drop below 0.70 to around 0.40
Hi,
Just received the acceptance form through slow mail.
So, just to confirm, if we do not accept the offer, then there is no further action needed...Correct ?
Thanks.
Just received the acceptance form through slow mail.
So, just to confirm, if we do not accept the offer, then there is no further action needed...Correct ?
Thanks.
What Volare have done seems reasonable. Their main aim is to buy ESR&rsquo s shares very cheaply, as a result of which they have to launch a mandatory offer. If they had launched an offer at the same price as the price they bought ESR&rsquo s shares at (which legally they could have done), $0.40 would have been insulting to everyone else and so they raised the offer price to $0.48, a level where those who were negative about the internalisation might be willing to sell at, while those of us who can see the benefits of the internalisation will be happy to ignore the offer knowing that the post offer share price is likely to be pushed higher than $0.48 after getting rid of all the paper hands so the offer still benefits those of us non sellers that way. If Volare do get to 90% acceptances then I for one would not be happy about having to be forced to sell at that price, but in that scenario my blame would be on other shareholders for not seeing the value in the company, not Volare for taking the chance to buy everyone out at a much cheaper price than fundamental value. In any case this scenario of getting to 90% is not going to happen &ndash you can see this for instance in the share price trading above $0.48.
As for why did Volare not do a whitewash instead &ndash there are two reasons. First, their main aim is to buy the ESR shares very cheaply. They are not going to make this amazing opportunity conditional on other shareholders voting through a whitewash. Second, buying shares even at $0.48 is a good deal for Volare from their perspective, so why not do an offer and see what paper hands sell to you.
As for why did Volare not do a whitewash instead &ndash there are two reasons. First, their main aim is to buy the ESR shares very cheaply. They are not going to make this amazing opportunity conditional on other shareholders voting through a whitewash. Second, buying shares even at $0.48 is a good deal for Volare from their perspective, so why not do an offer and see what paper hands sell to you.
Exactly !
tonytony ( Date: 25-Dec-2025 08:54) Posted:
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They have made it clear in the offer :
On first read (customary to say " good to hear" things, they have no intention to delist.)
But however if it did cross 90% they may reconsider.
In simple english - LPPL - in the very unlikely hood that if they cross 90%, they will reconsider.
Means if got people die die want to give you a good price, wouldn' t you want to grab it?
8.3 It is the present intention of the Offeror to maintain the listing status of AI-REIT on the SGX-ST following completion of the Offer. In the event the Free Float Requirement is not satisfied as at the close of the Offer and the trading of the Units on the SGX-ST is suspended pursuant to Rule 724, Rule 1105 or Rule 1303(1) of the Listing Manual, the Offeror reserves the right and discretion to assess the options available to itself at such time. 8.4 Compulsory Acquisition. Pursuant to Section 295A(1) of the SFA, if the Offeror receives valid acceptances pursuant to the Offer (or otherwise acquires Units during the period when the Offer is open for acceptance), in respect of not less than 90% of the Units (other than Units already held at the date of the Offer by the Offeror, its related corporations and their respective nominees as determined pursuant to Section 295A of the SFA), the Offeror will be entitled to exercise the right to compulsorily acquire all the Units of the Unitholders who have not accepted the Offer on the same terms as those offered under the Offer. In addition, pursuant to Section 295A(4) of the SFA, if the Offeror acquires such number of Units which, together with the Units held by it, its related corporations and/or their respective nominees, comprise 90% or more of the total number of issued Units as at the close of the Offer, Unitholders who have not accepted the Offer have a right to require the Offeror to acquire their Units on the same terms as those offered under the Offer. Such Unitholders who wish to exercise such rights are advised to seek their own independent legal advice. 8.5 As stated in paragraph 8.3 above, it is the present intention of the Offeror to maintain the listing status of AI-REIT on the SGX-ST following completion of the Offer. Accordingly, the Offeror presently has no intention of exercising its right of compulsory acquisition under Section 295A(1) of the SFA, should it become available.
However, the Offeror reserves the right and discretion to re-evaluate its position, taking into account, among other things, the level of acceptances received by the Offeror in respect of the Offer and the prevailing market conditions at the relevant time. Accordingly, there is no assurance that the current intention will be carried into effect.
On first read (customary to say " good to hear" things, they have no intention to delist.)
But however if it did cross 90% they may reconsider.
In simple english - LPPL - in the very unlikely hood that if they cross 90%, they will reconsider.
Means if got people die die want to give you a good price, wouldn' t you want to grab it?
8.3 It is the present intention of the Offeror to maintain the listing status of AI-REIT on the SGX-ST following completion of the Offer. In the event the Free Float Requirement is not satisfied as at the close of the Offer and the trading of the Units on the SGX-ST is suspended pursuant to Rule 724, Rule 1105 or Rule 1303(1) of the Listing Manual, the Offeror reserves the right and discretion to assess the options available to itself at such time. 8.4 Compulsory Acquisition. Pursuant to Section 295A(1) of the SFA, if the Offeror receives valid acceptances pursuant to the Offer (or otherwise acquires Units during the period when the Offer is open for acceptance), in respect of not less than 90% of the Units (other than Units already held at the date of the Offer by the Offeror, its related corporations and their respective nominees as determined pursuant to Section 295A of the SFA), the Offeror will be entitled to exercise the right to compulsorily acquire all the Units of the Unitholders who have not accepted the Offer on the same terms as those offered under the Offer. In addition, pursuant to Section 295A(4) of the SFA, if the Offeror acquires such number of Units which, together with the Units held by it, its related corporations and/or their respective nominees, comprise 90% or more of the total number of issued Units as at the close of the Offer, Unitholders who have not accepted the Offer have a right to require the Offeror to acquire their Units on the same terms as those offered under the Offer. Such Unitholders who wish to exercise such rights are advised to seek their own independent legal advice. 8.5 As stated in paragraph 8.3 above, it is the present intention of the Offeror to maintain the listing status of AI-REIT on the SGX-ST following completion of the Offer. Accordingly, the Offeror presently has no intention of exercising its right of compulsory acquisition under Section 295A(1) of the SFA, should it become available.
However, the Offeror reserves the right and discretion to re-evaluate its position, taking into account, among other things, the level of acceptances received by the Offeror in respect of the Offer and the prevailing market conditions at the relevant time. Accordingly, there is no assurance that the current intention will be carried into effect.
pkli899 ( Date: 24-Dec-2025 22:36) Posted:
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If their intention is not to buy all.the shares , why didn't they apply the white wash clause to save monies and times on the GO ???
Merry Christmas & Happy New Year to all.
Wish all good health & good wealth in 2026 & beyond.
Wish all good health & good wealth in 2026 & beyond.
Volare never intend to take the company private. Offer document clearly stated they want to retain the listing. The offer was triggered merely because Volare&rsquo s shareholding crossed the 30% threshold upon purchase of ESR entire holding. In view of the above, obviously they will not offer an attractive enough price. Having said, 48c is not very far off Alpha Integrated Reit NAV, which if not wrong, is 50c.
Volare current holding is about 41+%. Offer will turn unconditional once acceptance cross 50%. On paper, it is not difficult to attain. It depends on what prospect investors see in the Reit. If most think potential is good and the stock is worth keeping, at least for medium term, if not for long, then the offer will not succeed. I do not think Volare will be too disappointed with this outcome.
In the event, the offer became unconditional, the 90% acceptance rate must not be breached. Maintaining the minimum 10% free float will ensure the company remain listed. Volare will be most happy to see this happening - minimum outlay in improving its holding and at the same time keep the listing.
Unlikely recent few other takeover offers, Volare did not state that the offer price is final. In fact, they mentioned they reserve the right to revise the offer, if circumstances render it. This is just in case a hostile third-party counter offer.
To me, Volare increased its holding to above 50% while keeping the listing is the most likely scenario to be played out. Thereafter, we can look forward to the AEI implementation of NTP. The Reit gearing is only 37+%. Ample headroom to borrow for implementation of the major AEI. The resulted huge increase in GFA makes me excited.
In conclusion, I do not see it as low ball but will not accept the offer.
On a side note, I am really surprise ESR sold their entire holding at such low price. Almost 15% below market price!
Volare current holding is about 41+%. Offer will turn unconditional once acceptance cross 50%. On paper, it is not difficult to attain. It depends on what prospect investors see in the Reit. If most think potential is good and the stock is worth keeping, at least for medium term, if not for long, then the offer will not succeed. I do not think Volare will be too disappointed with this outcome.
In the event, the offer became unconditional, the 90% acceptance rate must not be breached. Maintaining the minimum 10% free float will ensure the company remain listed. Volare will be most happy to see this happening - minimum outlay in improving its holding and at the same time keep the listing.
Unlikely recent few other takeover offers, Volare did not state that the offer price is final. In fact, they mentioned they reserve the right to revise the offer, if circumstances render it. This is just in case a hostile third-party counter offer.
To me, Volare increased its holding to above 50% while keeping the listing is the most likely scenario to be played out. Thereafter, we can look forward to the AEI implementation of NTP. The Reit gearing is only 37+%. Ample headroom to borrow for implementation of the major AEI. The resulted huge increase in GFA makes me excited.
In conclusion, I do not see it as low ball but will not accept the offer.
On a side note, I am really surprise ESR sold their entire holding at such low price. Almost 15% below market price!
How wrong those naysayers about the internalisation were. Especially when you compare against ESR REIT&rsquo s share price performance.
I would not say the offer is a massive lowball, but it is low. The DPU is now over $0.04 a year annualised, and with the half year dividend going ex div in January of circa $0.02 i.e. soon, that is pretty much equivalent to a $0.46 stock yielding $0.04 a year i.e. 8.7% DPU yield.
In theory the offer will clear out all the paper hands below $0.48 so that will push the share price higher once the offer closes.
I would not say the offer is a massive lowball, but it is low. The DPU is now over $0.04 a year annualised, and with the half year dividend going ex div in January of circa $0.02 i.e. soon, that is pretty much equivalent to a $0.46 stock yielding $0.04 a year i.e. 8.7% DPU yield.
In theory the offer will clear out all the paper hands below $0.48 so that will push the share price higher once the offer closes.
They are going to AEI on NTP need， need money , must raise funds thru right issue or placements
Agreed. I will hold on to collect dividend....
Hzwusr ( Date: 23-Dec-2025 13:37) Posted:
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