LKT posted yet another set of good results for Q3-FY10, which makes interesting reading.....
http://info.sgx.com/webcoranncatth.nsf/V...8002F90AE/$file/September2010Results.pdf?openelement
LKT's share of total rental and related income derived from JP1 and JP2 continues to rise, and this is the result of the shopping mall's superb location and its good management by LKT and Guthrie GTS. Finally, LKT has decided to recognize some of the enhanced value of JP by booking a small $4.08m fair value gain, which has helped raised NAV/share to $0.6267.
On the very first market-day after LKT released its Q3-FY10 results on 11Nov10 (last Thursday), the controlling shareholder Lee Family via their private holding company Lee Kim Tah Investments P/L has on 12Nov10 (last Friday) resumed buying shares from the open-market. This time round, they added 105 lots at $0.53/share.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument
After this purchase, Lee Kim Tah Investment P/L now holds a direct interest of 65.48% in LKT. If we included the shareholdings held by the executive directors and other Lee Family members including those held by their other private investment holdingcompanies, the total shareholding of the enlarged Lee Family will be much higher than that. I think it pays for minority shareholders to review the latest FY09 AR to have a quick update on the total shareholdings of the enlarged Lee Family and others who are likely considered as concerted parties.....
http://info.sgx.com/listprosp.nsf/07aed3...50011cd11/$FILE/LKT%20AR2009.pdf
thanks for sharing i read e said AR and saw
Lee Kim Tah Investments Pte Ltd 65.24%
Lee Soon Teck (1) 2.85%
Edwin Lee Yong Chuan (2) 1.78%
Lee Soon Kiat, Deceased (3) 0.12%
Lee Siew Lian (4) 2.58%
if i were to add them up, it totals about 73%..which means public float is actually very small
More than that I think. Under their deemed interests (see p109 of the FY09 AR),
- Lee Soon Teck (Chairman) has an interest in the 1,443,430 shares (0.29%) held by his spouse, Tay Ngiat Fah Lois (listed as #16 in the "top 20 shareholders" listing in p108).
- Lee Soon Kiat, Deceased (and beneficiaries of his estate) has an interest in the 15,280,000 shares (3.02%) held by Lee Soon Kiat Holdings (Pte) Ltd (listed as the #5 largest shareholder in p108).
- Lee Siew Lian has an interest in 560,000 shares (0.11%) held by her spouse (name unknown).
In addition, there are 17,337,000 shares (3.43%) held by Lee Kim Tah Foundation (listed as the #4 largest shareholder in p108).
When I added up all the above, I got 79.66%.
Is it be rational to believe that at a certain point - where the Lee Family believes that by launching an privatization offer at a certain price, they will have a very good chance to raise their holdings above 90% - the Lee Family will strike against the minority shareholders?
(16-11-2010, 08:09 AM)dydx Wrote: [ -> ]More than that I think. Under their deemed interests (see p109 of the FY09 AR),
- Lee Soon Teck (Chairman) has an interest in the 1,443,430 shares (0.29%) held by his spouse, Tay Ngiat Fah Lois (listed as #16 in the "top 20 shareholders" listing in p108).
- Lee Soon Kiat, Deceased (and beneficiaries of his estate) has an interest in the 15,280,000 shares (3.02%) held by Lee Soon Kiat Holdings (Pte) Ltd (listed as the #5 largest shareholder in p108).
- Lee Siew Lian has an interest in 560,000 shares (0.11%) held by her spouse (name unknown).
In addition, there are 17,337,000 shares (3.43%) held by Lee Kim Tah Foundation (listed as the #4 largest shareholder in p108).
When I added up all the above, I got 79.66%.
Is it be rational to believe that at a certain point - where the Lee Family believes that by launching an privatization offer at a certain price, they will have a very good chance to raise their holdings above 90% - the Lee Family will strike against the minority shareholders?
hi dydx thanks & appreciate providing the a clearer more accurate estimation because i hadnt been able to correctly figure out how to read pg 108 and pg 09 of the AR..
Yesterday (9Dec10), the Lee Family via Lee Kim Tah Investments P/L added another 62 lots at an average price of $0.53121/share, and raised its shareholding to 65.59%.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument
Including the above, my counting shows that the total shareholding controlled by enlarged Lee Family now comes to 79.77%.
If the start of the apparent re-rating of Guthrie GTS - joint-owner (with LKT) of JP1, and 25%-owner of JP2 (with LKT owning another 25%, and the remaining 50% owned by a German property fund) - this afternoon (29Dec10) by Mr Market is anything to do with the company's substantial NAV/share of $0.66 (as at 30Sep10) vs. its current low share price (last done at $0.425), or its valuable ownership interests in JP1 and JP2, then I guess rationally speaking Mr Market ought to have the same motivation to re-rate LKT. No?
(29-12-2010, 04:24 PM)dydx Wrote: [ -> ]If the start of the apparent re-rating of Guthrie GTS - joint-owner (with LKT) of JP1, and 25%-owner of JP2 (with LKT owning another 25%, and the remaining 50% owned by a German property fund) - this afternoon (29Dec10) by Mr Market is anything to do with the company's substantial NAV/share of $0.66 (as at 30Sep10) vs. its current low share price (last done at $0.425), or its valuable ownership interests in JP1 and JP2, then I guess rationally speaking Mr Market ought to have the same motivation to re-rate LKT. No?
I think Guthrie GTS was more undervalued to begin with.
Having said that, why should an investor choose LKT over Guthrie if he is interested in JP?
(29-12-2010, 04:24 PM)dydx Wrote: [ -> ]If the start of the apparent re-rating of Guthrie GTS - joint-owner (with LKT) of JP1, and 25%-owner of JP2 (with LKT owning another 25%, and the remaining 50% owned by a German property fund) - this afternoon (29Dec10) by Mr Market is anything to do with the company's substantial NAV/share of $0.66 (as at 30Sep10) vs. its current low share price (last done at $0.425), or its valuable ownership interests in JP1 and JP2, then I guess rationally speaking Mr Market ought to have the same motivation to re-rate LKT. No?
I think Guthrie has more diversified income than LKT especially now with the addition of management income from Nex.
NEX
Guthrie is almost becoming like CMA..haha but with better value.
The JP1 and JP2 ownership is indeed valuable but I don't think these two companies are thinking of realising the actual valuation of JP?
Anyway, both are giving dividends(guthrie has a higher yield though) and probably it is worth sitting on them.