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Asian Pay Television Trust (APTT)
28-01-2016, 11:04 AM,
Post: #241
RE: Asian Pay Television Trust (APTT)
(28-01-2016, 10:41 AM)Boon Wrote:
(28-01-2016, 10:12 AM)Ray168 Wrote:
(27-01-2016, 09:48 AM)Ray168 Wrote: Lu, Fang-Ming business.

Lu, Fang-Ming

Lu, Fang-Ming 
   --->Dynami Vision Ltd. (Taiwan) 
         --> Brave Guts Ltd. (BVI) 
               --->Gear Rise Ltd. (BVI) 
                     --->Dynami Vision Pte. Ltd. (Singapore)

Note: Each shareholding percentage is 100%

Lu buy 500K share 27012016

Lu bought the entire 500k shares in the Trustee-Manager Company which represent 100% ownership - not 500k of units in APTT. 
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Boon, thanks for correction.  Smile

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28-01-2016, 11:47 AM,
Post: #242
RE: Asian Pay Television Trust (APTT)
(27-01-2016, 03:28 PM)Boon Wrote:
(27-01-2016, 11:26 AM)grubb Wrote: You have already answered the question. Being Taiwan's richest and shrewd businessman, instead of paying a 30-40bn TWD to buy out APTT, he bought out the management company instead at about 10bn TWD. Thereafter, cut dividends and use APTT OPMI funds to aggressively expand network in order to ramp up scale of APT telco service.

If unit-holders of a business trust is not happy with a TM (Trustee-Manager) that controls only 3% of the total units, just vote him out ! ha-ha! 
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Hi Grubb,
 
According to the disclosure, Lu paid USD 45 million for 100% stake (500,000 shares) in TM (Trustee-Manager) Company. This works out to be around TWD 1.5 billion only.
 
Do we know how much is he paying for the 3% stake in the units of APTT?
 
A TM of a business trust could be removed by unit-holders with a special resolution passed by a 75% majority of the votes – meaning Lu’s position as TM is not “safe” until he has acquired up to 25% of total issued units in APTT.
 
And to do that, most probably he would have to buy them from the open market, as the biggest SSH in APTT, according to AR2014, is a group of Temasek related subsidiaries which collectively has a stake of around 8%.
 
My point is, a 100% stake in the TM company + a 3% stake in units of APPT, is not enough to “do as he likes”.
______________________________________________________________________________________________________________________________________
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.

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28-01-2016, 11:49 AM,
Post: #243
RE: Asian Pay Television Trust (APTT)
Lu bought 100% of Macquarie APTT Management Pte. Ltd at US$45 mil (or S$64.4 mil).

Macquarie APTT Management Pte. Ltd own 3% of APTT shares valued at S$25 mil.

Macquarie earned S$39.4 mil out of this deal.

Macquarie may not have come out much cash for their shares as they are allocated from management fee, divestment of MIIF to APTT, etc ?

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28-01-2016, 06:30 PM,
Post: #244
RE: Asian Pay Television Trust (APTT)
(28-01-2016, 11:49 AM)pattanispirit Wrote: Lu bought 100% of Macquarie APTT Management Pte. Ltd at US$45 mil (or S$64.4 mil).

Macquarie APTT Management Pte. Ltd own 3% of APTT shares valued at S$25 mil.

Macquarie earned S$39.4 mil out of this deal.

Macquarie may not have come out much cash for their shares as they are allocated from management fee, divestment of MIIF to APTT, etc ?

It is a bundled deal. We do not know the transaction price of the 3% units in APTT until it is disclosed – it could be at market price, or at a discount/premium to market price.
_________________________________________________________________________________________________________
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.

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29-01-2016, 09:55 AM,
Post: #245
RE: Asian Pay Television Trust (APTT)
Sold off at 0.635....I just bought it yesterday 0.58

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23-02-2016, 11:29 AM,
Post: #246
RE: Asian Pay Television Trust (APTT)
APTT declared 2.25 cts dividend.

Dividend Guidance for next financial year is 6.5 - 7.0 cts. Down from current financial year of 8.25 cts.

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23-02-2016, 12:04 PM,
Post: #247
RE: Asian Pay Television Trust (APTT)
Op cashflow before WC changes = $196 mil
Maintenance Capex = approx $50 mil
Income Tax and interest expense = $77 mil

Leftover cash = $69 mil ( approx 4.8 cents per share)
Debt has been increasing and it seems banks are lending to APTT and not expecting repayment of principals
Dividends of 6.5-7.0 cents per share is not sustainable.

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