Frasers L&C Tr    Last:0.99   -

Frasers Logistic & Industrial Trust IPO

seems like rights issues coming...need $$ to fund the acquisition........

 

Another great update last Wednesday,... but did not put here earlier,.... was busy, attended EGMs last Wednesday,...

The Clifford Hallam facility, being one  of the 3 Development Properties and one of the 7 New Properties acquired  a few months ago, has been officially completed and acquired. If my memory serves me correctly, this facility was said to be ready by the first qtr next year,...  but this happened a few mths earlier,... pls correct me if I got the wrong property here.

Thank you.

 

Ivestors here, is FLT one of the many REITS in your port? feel like putting in Reits again but dont know if FLT alone is too risky

 

When is the next coming div?? Looking to grab some as a fd....

 

Frasers good mgmt, sold this @1.06 last time, seems got new acquisitons, the price now is attractive to reenter.

 

I would say so,... they have the qualities to do so,... but needed time to show results and for results to emerge  because they just bought 6 properties,... It' s still quite a new REIT,...

 

good stock??

 

hoot some 1.06...........

 

A great update here : The Stanley Black & Decker Facility at Indian Drive was said to be ready in November 2017. But,... the acquisition has been completed today, making it three months earlier. I' m wondering when will the tenant moves in, and we can start to count our gross rental income for this property  starting from this qtr,... This is one of three Development Properties not acquired yet during the proposed transaction stage earlier.

http://flt.listedcompany.com/newsroom/20170815_185925_NULL_JWQ3ICN5732EQ7WX.1.pdf

 

Price mostly higher today,... and closed at 1.095, yesterday closed at 1.085 ! EGM Results seemed to be approved by investors !!

 

I can' t reply to your first question on why the placement of 78M units were given to overseas new investors only,... I didn' t know this,...

But to your second question, my reply is  : the two proforma financial effects of the Proposed Transaction on the DPU for the period from the Listing Date (20 JUne 2016)  till 31 March 2017 (being a period of 284 Days) includes the effects from this 78Mil units of Private Placement. Worst case is,... from the second table, taking into account that NONE of the three Development Properties are generating income at all,... and many of the Completed Properties are empty during that ' evaluation period' , the worst case dpu that will be given out will be : 4.95 Cts annualised for this FY.

Clipper      ( Date: 25-Jul-2017 16:12) Posted: anyone going EGM tmr ? Wanted to ask board why they placed out 78M shares at $1.01 (discount from $1.04 price) in early July to overseas new investors. Why existing investor do not have chance for this discounted shares. The new 78M shares adds another 5% to total share, and probably dilute the next DPU for qtr ending September.

 

anyone going EGM tmr ? Wanted to ask board why they placed out 78M shares at $1.01 (discount from $1.04 price) in early July to overseas new investors. Why existing investor do not have chance for this discounted shares. The new 78M shares adds another 5% to total share, and probably dilute the next DPU for qtr ending September.

 

EGM tmr to vote for 7 properties purchase from sponsor. The new warehouse should bring in new income. I expect next coming DPU (less than 90 days since they prepaid last qtr dpu by extra couple of days) and new properties transfer from sponsor after 9 August. Price increase in support for EGM tmr....this my thought.

 

FLIT' s price is flying high,.. anyone knows why ?? Some comments from some analysts being published today ??

 

Approval In-Principle, AIP  obtained and ann' t out today,.... all new and existing units will trade together starting at 9 am on coming Friday,.... hoping the price will drop to near 1.01 this Friday,....

 

Today is XD ! The price is holding strong at 1.055 / 1.060 ??? Hmm,... why not dropping to 1.01, which is the Private Placement pricing  ?????

 

Apologies, forummers,... wrongly posted as below. This post below is targetted for the Croesus thread.

chengwh1      ( Date: 29-Jun-2017 20:51) Posted: If they revise the price later down the road, it better be a real worthy revision. Why ? Because these people are ' dragging us through the quarters and using our dpus (which are rightfully ours)  to compensate us' ,... we can read already from this first arrangement scheme. The Permitted Dividend is ONLY 4.06 cts for 10 LONG MONTHS ??? Why are distributions not given out as normal till an agreement is reached with unitholders ? Till the day when an agreement is reached (a minimum 75% of the attending unitholders representing a minimum  50% of voting units agreeing), this trust still belongs to unitholders, for unitholders to collect dpus..

 

If they revise the price later down the road, it better be a real worthy revision. Why ? Because these people are ' dragging us through the quarters and using our dpus (which are rightfully ours)  to compensate us' ,... we can read already from this first arrangement scheme. The Permitted Dividend is ONLY 4.06 cts for 10 LONG MONTHS ??? Why are distributions not given out as normal till an agreement is reached with unitholders ?

Till the day when an agreement is reached (a minimum 75% of the attending unitholders representing a minimum  50% of voting units agreeing), this trust still belongs to unitholders, for unitholders to collect dpus..

 

In the News Release on June 6 pertaining to the 7 properties, there is mention that : " These modern industrial properties, which are 100.0% leased or pre-committed to incoming tenants, are also expected to be DPU accretive," added Mr Wallace.

Then, the following assumptions were given based on the above statement :-

Strictly for illustration purposes only. The DPU will increase from 5.33 Singapore cents to 5.38 Singapore cents, assuming that (i) the Proposed Transaction is funded by a combination of equity and debt financing, (ii) Units are issued to the REIT Manager as acquisition fee for the acquisition of the New Properties, and (iii) the total transaction cost (which includes the Aggregate Acquisition Amount, the estimated professional and other fees and expenses incurred or to be incurred by FLT in connection with the Proposed Transaction, and stamp duty) is translated at an exchange rate of A$1 : S$1.0320, for the period from 20 June 2016 (being the Listing Date) through to 31 March 2017 (being a period of 284 days), as if (a) FLT had purchased the New Properties and the Proposed Transaction had completed on the Listing Date, (b) all the Completed Properties are generating Net Property Income (being the gross revenue of a New Property comprising the gross rental income and recoverable outgoings, less property expenses) for the period from the Listing Date through to 31 March 2017 based on the estimated Net Property Income to be generated under the existing leases commencing from the date of the completion of the contracts of sale in respect of the Completed Properties and for a period of 284 days, and (c) all the Development Properties are generating Net Property Income for the period from the Listing Date through to 31 March 2017 based on the estimated Net Property Income to be generated from the pre-committed leases commencing from the estimated date of the practical completion of each of the Development Properties (estimated to be in September 2017 for the Beaulieu Facility, November 2017 for the Stanley Blacker & Decker Facility and May 2018 for the Clifford Hallam Facility) and for a period of 284 days.

Hence, as per the part in red above : the Private Placement has been completed.

5.33 Cts will increase to 5.38 Cts, ie a 0.938% increase.

The yearly commitment as per listing prospectus  was 6.500 Cts, or 1.625 Cts per quarter. 0.938% of 1.625 Cts = 0.0152 Cts.

The latest quarterly dpu was 1.84 Cts, hence, basing on this ' running nominal dpu' , the dpu post-acquisition would be 1.84 + 0.0152 = 1.8552 Cts per quarter. 

halleluyah      ( Date: 28-Jun-2017 09:08) Posted: placement of 78m at 1.01.....dilluted.... halleluyah      ( Date: 22-Jun-2017 10:40) Posted: got a feeling might issue a rights...7 prop = abt 174m...where to get $$ ??

 

Correction,... some of the discussions as mentioned have been discussed based on the News Release on June 6 earlier.

chengwh1      ( Date: 28-Jun-2017 19:28) Posted: I just realized,... the problem with this Private Placement (PP) is,... there is no working anywhere that details out what would the dpu be compared to now  after this placement has taken place and the seven properties have been acquired. In other REITs, eg in the recent PP performed by Manulife US REIT, the above working that I mentioned is clearly shown in the PP document. So,... to unitholders who were not offered the units, would always think there is going to be a large dilution in-place, hence lowering the dpu in the future,....