(24-06-2013, 12:56 PM)comdpa Wrote: [ -> ] (24-06-2013, 11:50 AM)greengiraffe Wrote: [ -> ]Guthrie 2007 takeover offer @ $0.395 circular extracts:
(b) The discount of S$0.095 per Share (or 19.4%) of the Offer Price to the NTA per Share
based upon the audited financial statements of the Group as at 31 December 2005;
© The discount of S$0.087 per Share (or 18.0%) of the Offer Price to the NTA per Share
based upon the unaudited financial results of the Group as at 31 December 2006;
(d) The surplus of S$19,739,000 of the valuation by independent experts to real properties
other than investment properties over the unaudited carrying values for such properties as
at 31 December 2006. Should such a surplus be incorporated into the NTA of the Group, it
would result in a Revalued NTA for the Group of S$537,389,000 equivalent to S$0.50 per
Share. The Offer Price represents a discount of S$0.105 per Share or (21.1%) to the
Revalued NTA of the Group as at 31 December 2006;
Final Offer came in at $0.435, implying at 13% discount to last reported RNAV of $0.50
Current unconditional offer of $0.88 vs RNAV of $1.01 also implies a similar discount. Unless of course, the new RNAV is higher than $1.01, then there remains a possibility of revision in offer. Pray hard...
GG
Back then what was the IFA's range of assessed values?
Because the deal was >5years ago, SGX does not have the old IFA circular. Appreciate your insight.
Sorry buddies... tried to add attachment but somehow cannot upload
Here is the circular:
(24-06-2013, 11:50 AM)greengiraffe Wrote: [ -> ]Guthrie 2007 takeover offer @ $0.395 circular extracts:
...
Current unconditional offer of $0.88 vs RNAV of $1.01 also implies a similar discount. Unless of course, the new RNAV is higher than $1.01, then there remains a possibility of revision in offer. Pray hard...
GG
I think the 2007 offer was made at a time when stock market prices were sky high. Hence the IFA comparisons were against other property companies that were well over book value. It's a pretty different environment now with the same property companies trading below book.
(24-06-2013, 03:08 PM)smallcaps Wrote: [ -> ] (24-06-2013, 11:50 AM)greengiraffe Wrote: [ -> ]Guthrie 2007 takeover offer @ $0.395 circular extracts:
...
Current unconditional offer of $0.88 vs RNAV of $1.01 also implies a similar discount. Unless of course, the new RNAV is higher than $1.01, then there remains a possibility of revision in offer. Pray hard...
GG
I think the 2007 offer was made at a time when stock market prices were sky high. Hence the IFA comparisons were against other property companies that were well over book value. It's a pretty different environment now with the same property companies trading below book.
so it actually sounds like an even better offer than before...
bluekah
it's too cheem for a newbie to understand what you are saying.
the whole day, it hovers at 0.88 cents.
i bought at 77cents a 12% increase in profits.
could you shed some light what is the consequence if i sell now or later ?
tks
(24-06-2013, 05:09 PM)BlueKelah Wrote: [ -> ] (24-06-2013, 03:08 PM)smallcaps Wrote: [ -> ] (24-06-2013, 11:50 AM)greengiraffe Wrote: [ -> ]Guthrie 2007 takeover offer @ $0.395 circular extracts:
...
Current unconditional offer of $0.88 vs RNAV of $1.01 also implies a similar discount. Unless of course, the new RNAV is higher than $1.01, then there remains a possibility of revision in offer. Pray hard...
GG
I think the 2007 offer was made at a time when stock market prices were sky high. Hence the IFA comparisons were against other property companies that were well over book value. It's a pretty different environment now with the same property companies trading below book.
so it actually sounds like an even better offer than before...
(24-06-2013, 05:09 PM)BlueKelah Wrote: [ -> ] (24-06-2013, 03:08 PM)smallcaps Wrote: [ -> ] (24-06-2013, 11:50 AM)greengiraffe Wrote: [ -> ]Guthrie 2007 takeover offer @ $0.395 circular extracts:
...
Current unconditional offer of $0.88 vs RNAV of $1.01 also implies a similar discount. Unless of course, the new RNAV is higher than $1.01, then there remains a possibility of revision in offer. Pray hard...
GG
I think the 2007 offer was made at a time when stock market prices were sky high. Hence the IFA comparisons were against other property companies that were well over book value. It's a pretty different environment now with the same property companies trading below book.
so it actually sounds like an even better offer than before...
The 2007 offer was to gain control. Now it's to delist. Different situations... but not sure if it would be taken into account by the IFA.
(24-06-2013, 05:18 PM)byfaith Wrote: [ -> ]bluekah
it's too cheem for a newbie to understand what you are saying.
the whole day, it hovers at 0.88 cents.
i bought at 77cents a 12% increase in profits.
could you shed some light what is the consequence if i sell now or later ?
tks
(24-06-2013, 05:09 PM)BlueKelah Wrote: [ -> ] (24-06-2013, 03:08 PM)smallcaps Wrote: [ -> ] (24-06-2013, 11:50 AM)greengiraffe Wrote: [ -> ]Guthrie 2007 takeover offer @ $0.395 circular extracts:
...
Current unconditional offer of $0.88 vs RNAV of $1.01 also implies a similar discount. Unless of course, the new RNAV is higher than $1.01, then there remains a possibility of revision in offer. Pray hard...
GG
I think the 2007 offer was made at a time when stock market prices were sky high. Hence the IFA comparisons were against other property companies that were well over book value. It's a pretty different environment now with the same property companies trading below book.
so it actually sounds like an even better offer than before...
I am betting my trading cost for potential upside.
strangely no open mkt purchase by offeror since lifting of trading halt
(27-06-2013, 10:24 PM)greengiraffe Wrote: [ -> ]strangely no open mkt purchase by offeror since lifting of trading halt
IIRC, this issue was brought up at Eastern Holdings AGM before. A shareholder felt that it's not right for offerer to buy off the market before advice by IFA is given, even if it's allowed by the rules.
The offerer, United SM Holdings Pte Ltd, does not own any share before the announcement of offer.
I suppose it will announce after it hits greater than 5%.
(21-06-2013, 09:52 PM)smallcaps Wrote: [ -> ]Not so familiar with the company but looking at the historical prices, wats the reason for offer only now? Thought should have offered like 1-2 years ago when the price was much lower... Maybe Jurong Lake District going to boost valuations? Or before the white site opposite Jurong Point gets sold?
We also have to bear in mind that the present GO at $0.88/share was launched after Guthrie GTS paid out $0.0325/share in total dividends for FY12 on 21May13. Antony Salim/Putra Masagung - together already the majority shareholders with a combined 69.15% controlling interest - could have launched the GO earlier say in Jan/Feb13 with an offer price which included the usual crawl-back clause for any future dividends.
So what's the real motivation behind this 2nd-attempt and
unconditional GO now being pitched at a much higher offer price of $0.88/share - which is still below the latest (as at 31Mar13) revised NAV/share of $0.9775 (after adjusted for the $0.0325/share in total dividends paid out on 21May13) - and likely financed by borrowed money, to try to mop up more shares from minority shareholders who may turn willing sellers now? Is it possible that there is now an intention or a plan to sell the prized Jurong Point sometime in the future?