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(27-05-2013, 07:58 PM)felixleong Wrote: [ -> ]wahhh SPH reit
sibei hot for sure!!!
$$$$

My patience has been rewarded.

Not exactly what I expected as based on previous high of $4.68.
Todays close is $4.39+$0.18 (special div) = only $4.57


EXTRAORDINARY GENERAL MEETING OF THE COMPANY (THE “EGM”)
The Company will seek the approval of shareholders of the Company
(“Shareholders”) at an EGM to be held on 18 June 2013 at 9.30 a.m. for (i) the
proposed establishment of SPH REIT and the injection of the Properties into SPH
REIT (the “Proposed Transfer”) and (ii) the declaration of a special one-tier taxexempt
dividend of S$0.18 per share in the Company (the “Special Dividend”).
Shareholders should note that the proposed Special Dividend is conditional upon the
proposed establishment of SPH REIT and the Proposed Transfer being approved by
Shareholders as well as the completion of the Offering. Copies of the circular to
Shareholders and the Notice of the EGM dated 27 May 2013 are annexed to this
announcement.
The establishment of SPH REIT and the Offering will be subject to, among other
things, market conditions, the relevant regulatory and other approvals being obtained
and the execution of definitive agreements by the relevant parties. In the meantime,
Shareholders are advised from taking any action in respect of their shares in the
Company which may be prejudicial to their interests, and to exercise caution when
dealing in shares of the Company. In the event that Shareholders wish to deal in the
shares of the Company, they should consult their stockbroker, bank manager,
solicitor, accountant, tax adviser or other professional advisers.

(27-05-2013, 08:25 PM)memphisb Wrote: [ -> ]Not exactly what I expected as based on previous high of $4.68.
Todays close is $4.39+$0.18 (special div) = only $4.57

i like the terms as a SPH shareholder to be honest:
1) it only sold Paragon to REIT for 99 years (similar as Keppel's sale of OFC to K-REIT)
2) still retains 70% of the REIT - the income distribution should still form a stable source of cashflow for SPH (not forgetting Seletar Mall in the future)

(27-05-2013, 08:40 PM)AlphaQuant Wrote: [ -> ]

(27-05-2013, 08:25 PM)memphisb Wrote: [ -> ]Not exactly what I expected as based on previous high of $4.68.
Todays close is $4.39+$0.18 (special div) = only $4.57

i like the terms as a SPH shareholder to be honest:
1) it only sold Paragon to REIT for 99 years (similar as Keppel's sale of OFC to K-REIT)
2) still retains 70% of the REIT - the income distribution should still form a stable source of cashflow for SPH (not forgetting Seletar Mall in the future)

Looks like they got good advice from DBS and Credit Suisse.....

(27-05-2013, 08:40 PM)AlphaQuant Wrote: [ -> ]

(27-05-2013, 08:25 PM)memphisb Wrote: [ -> ]Not exactly what I expected as based on previous high of $4.68.
Todays close is $4.39+$0.18 (special div) = only $4.57

i like the terms as a SPH shareholder to be honest:
1) it only sold Paragon to REIT for 99 years (similar as Keppel's sale of OFC to K-REIT)
2) still retains 70% of the REIT - the income distribution should still form a stable source of cashflow for SPH (not forgetting Seletar Mall in the future)

Cap Rate calculated using 2012 NPI is 4.5% and 5.44% for Paragon and Clementi Mall (with income support).

http://capitamall.listedcompany.com/news...3F02.1.pdf

CMT average cap rate for retail is 5.4% to 5.85%

http://www.fraserscentrepointtrust.com/~...02013.ashx

FCT average cap rate is 5.50% to 5.75%

If SPH gains, then someone will have to provide for the gain...

(27-05-2013, 08:40 PM)AlphaQuant Wrote: [ -> ]

(27-05-2013, 08:25 PM)memphisb Wrote: [ -> ]Not exactly what I expected as based on previous high of $4.68.
Todays close is $4.39+$0.18 (special div) = only $4.57

i like the terms as a SPH shareholder to be honest:
1) it only sold Paragon to REIT for 99 years (similar as Keppel's sale of OFC to K-REIT)
2) still retains 70% of the REIT - the income distribution should still form a stable source of cashflow for SPH (not forgetting Seletar Mall in the future)

For (2), Proforma FY12 (Sep12) EPS = 21ct (down from 23ct)
But additional Balance Cash (after Special Div & other Payments related to both properties) = $757.4Mil, which I suppose they can easily use to make up for the 2ct difference.

(27-05-2013, 09:56 PM)KopiKat Wrote: [ -> ]

(27-05-2013, 08:40 PM)AlphaQuant Wrote: [ -> ]

(27-05-2013, 08:25 PM)memphisb Wrote: [ -> ]Not exactly what I expected as based on previous high of $4.68.
Todays close is $4.39+$0.18 (special div) = only $4.57

i like the terms as a SPH shareholder to be honest:
1) it only sold Paragon to REIT for 99 years (similar as Keppel's sale of OFC to K-REIT)
2) still retains 70% of the REIT - the income distribution should still form a stable source of cashflow for SPH (not forgetting Seletar Mall in the future)

For (2), Proforma FY12 (Sep12) EPS = 21ct (down from 23ct)
But additional Balance Cash (after Special Div & other Payments related to both properties) = $757.4Mil, which I suppose they can easily use to make up for the 2ct difference.

Balance sheet strengthened.....

Everyone knows publishing business has been going downhill.
I for one would be more prefer to get rights issue at "certain price" for the SPH REIT for further investment and divest SPH parent share.

Isn't this what SPH had in mind all along for this spin off?
I wouldn't mind tagging along

i invite forumers to take a short walk through history.
in 1988, ohl bought paragon for 280m. if he had kept it till today, its latest valuation would be ten times of oei's purchase price 25yrs ago. this shows that prime ppties appreciate the most. we still haven't added all the rental income yet!
and oei's worth today according to forbes is far less than this single asset he bought n sold 1/4 century ago.

That's one of the reasons why EAST or West say, "Wealth in a family doesn't last through 3 generations." or the Buddhist saying: "Fong Swee Lon Liu Chuan". Anyway nothing last forever except ?