06-10-2014, 08:54 AM
Very Jialat... the systematic unwinding and unlocking of value at UE has gone unanalysed by analysts... tell me how to trust the convincing experts?
In the end, BTC GG still got to summarise the time-line of events:
3 Oct 14: http://infopub.sgx.com/FileOpen/UEL%20An...eID=317192
Based on the Offer Price, the aggregate value of the consideration to be received by the Undertaking Shareholders for the Relevant Shares is approximately S$230.2 million in cash.
Book Value
Based on the Group’s unaudited consolidated financial statements for the six (6) months ended 30 June 2014 (“2Q FY2014”), the book value attributable to the Relevant Shares as at 30 June 2014, which constitutes approximately 68.2 per cent. interest in UE E&C as at the date of this Announcement, is approximately S$169.4 million.
Gain on disposal
Based on the Group’s unaudited consolidated financial statements for 2Q FY2014, the Group would expect to realise an attributable net disposal gain of approximately S$59.2 million and would expect to receive net proceeds of approximately S$228.7 million.
26 Aug 14: http://infopub.sgx.com/FileOpen/UE_Propo...eID=312330
http://infopub.sgx.com/FileOpen/Clarific...eID=314127
Gain on disposal
Based on the foregoing, the Group would expect to realise an attributable net disposal gain
of approximately $17.1 million, and receive net proceeds of approximately $292.1 million.
5 Aug 14:
http://infopub.sgx.com/FileOpen/UEL_Anno...eID=308513
United Engineers Limited (the “Company”, and together with its subsidiaries, the
“Group”) wishes to announce that its indirect subsidiary, MFS Technology Ltd (“MFS”),
has entered into a legally binding letter of offer with Novo Tellus PE Fund 1, L.P., a fund
advised by Novo Tellus Capital Partners and Navis Asia VII Management Company
Limited (on behalf of Navis Asia Fund VII, L.P. and Navis Capital Partners) for the
divestment of the assets and liabilities of MFS, including the entire issued share capital of
MFS Technology (S) Pte Ltd (“MFSS”) (together with MFSS' subsidiaries) (collectively,
the “Divestment Group”) for an aggregate cash consideration of S$124,152,000 (the
“Proposed Divestment”).
16 Sept 13:
http://infopub.sgx.com/FileOpen/Annctfor...leID=39755
HP Building at Alexandra bought after proposed sale of Changi Bizhub East -
The total purchase price for the Property of S$402 million (the “Consideration”) was negotiated on a willing buyer willing seller basis taking into account various factors including an independent valuation of the Property by Colliers International Consultancy & Valuation (Singapore) Pte Ltd, commissioned by UEDA, which appraised the Property as at 12 September 2013 to have a market value of $415 million. The valuation was based on the Sales Comparison Method and Income Capitalisation Method.
If UE falls into Towkay Charoen hands eventually, FCL and FComm would have a sizable presence along Alexandra Road, opposite the old St Andrew's Junior College site and Gillman Village.
Sale of UE Biz Hub East for S$518m:
http://infopub.sgx.com/FileOpen/Ann_Dive...leID=30145
Now UE is largely clean with sharpened focus on core property asset investments in offices, hospitality, China properties via WBL and very few selected development assets.
6 weeks due diligence entered into on 27 August and will expire on 8 Oct 14.
Simply amazing process to unlock and realise value in a diversified conglomerate.
GG
In the end, BTC GG still got to summarise the time-line of events:
3 Oct 14: http://infopub.sgx.com/FileOpen/UEL%20An...eID=317192
Based on the Offer Price, the aggregate value of the consideration to be received by the Undertaking Shareholders for the Relevant Shares is approximately S$230.2 million in cash.
Book Value
Based on the Group’s unaudited consolidated financial statements for the six (6) months ended 30 June 2014 (“2Q FY2014”), the book value attributable to the Relevant Shares as at 30 June 2014, which constitutes approximately 68.2 per cent. interest in UE E&C as at the date of this Announcement, is approximately S$169.4 million.
Gain on disposal
Based on the Group’s unaudited consolidated financial statements for 2Q FY2014, the Group would expect to realise an attributable net disposal gain of approximately S$59.2 million and would expect to receive net proceeds of approximately S$228.7 million.
26 Aug 14: http://infopub.sgx.com/FileOpen/UE_Propo...eID=312330
http://infopub.sgx.com/FileOpen/Clarific...eID=314127
Gain on disposal
Based on the foregoing, the Group would expect to realise an attributable net disposal gain
of approximately $17.1 million, and receive net proceeds of approximately $292.1 million.
5 Aug 14:
http://infopub.sgx.com/FileOpen/UEL_Anno...eID=308513
United Engineers Limited (the “Company”, and together with its subsidiaries, the
“Group”) wishes to announce that its indirect subsidiary, MFS Technology Ltd (“MFS”),
has entered into a legally binding letter of offer with Novo Tellus PE Fund 1, L.P., a fund
advised by Novo Tellus Capital Partners and Navis Asia VII Management Company
Limited (on behalf of Navis Asia Fund VII, L.P. and Navis Capital Partners) for the
divestment of the assets and liabilities of MFS, including the entire issued share capital of
MFS Technology (S) Pte Ltd (“MFSS”) (together with MFSS' subsidiaries) (collectively,
the “Divestment Group”) for an aggregate cash consideration of S$124,152,000 (the
“Proposed Divestment”).
16 Sept 13:
http://infopub.sgx.com/FileOpen/Annctfor...leID=39755
HP Building at Alexandra bought after proposed sale of Changi Bizhub East -
The total purchase price for the Property of S$402 million (the “Consideration”) was negotiated on a willing buyer willing seller basis taking into account various factors including an independent valuation of the Property by Colliers International Consultancy & Valuation (Singapore) Pte Ltd, commissioned by UEDA, which appraised the Property as at 12 September 2013 to have a market value of $415 million. The valuation was based on the Sales Comparison Method and Income Capitalisation Method.
If UE falls into Towkay Charoen hands eventually, FCL and FComm would have a sizable presence along Alexandra Road, opposite the old St Andrew's Junior College site and Gillman Village.
Sale of UE Biz Hub East for S$518m:
http://infopub.sgx.com/FileOpen/Ann_Dive...leID=30145
Now UE is largely clean with sharpened focus on core property asset investments in offices, hospitality, China properties via WBL and very few selected development assets.
6 weeks due diligence entered into on 27 August and will expire on 8 Oct 14.
Simply amazing process to unlock and realise value in a diversified conglomerate.
GG