Stabilisating Action Day 11 (Jun 12)
3,954,000 units purchased at $0.865 - $0.875
Total units purchased to date: 36,481,000
Total stabilising units left: 35,359,000
Price bought is dropping. More than 50% bullets gone. Still around 19 days of stabilising to go. Will JPM run out of bullets before then? Stay tune!
[/quote]
Haha, don't underestimate JPM, this is part of financial engineering, they know the timing and how much bullets
Stabilisating Action Day 12 (Jun 13)
7,642,000 units purchased at $0.855 - $0.87
Total units purchased to date: 44,123,000
Total stabilising units left: 27,717,000
Nearly double the no of units purchased over the previous day. Wow.
No matter what, stabilising manager will have to exhaust all bullets to return the shares borrowed
Stabilising manager very rewarding this time round
(14-06-2013, 09:37 AM)propertyinvestor Wrote: [ -> ]No matter what, stabilising manager will have to exhaust all bullets to return the shares borrowed
(14-06-2013, 10:11 AM)greengiraffe Wrote: [ -> ]Stabilising manager very rewarding this time round
(14-06-2013, 09:37 AM)propertyinvestor Wrote: [ -> ]No matter what, stabilising manager will have to exhaust all bullets to return the shares borrowed
Stabilising Manager is a sure win thing as they can exercise the Over Allotment option if they're unable to buy back units in a rising share price environment.
I was reading pg 141 of the prospectus about the New Debt Facility and it mentioned:
Quote:The outstanding loan amount under the Term Loan Facility will be amortised, on a quarterly basis,
over a period of seven years in accordance with an agreed amortisation schedule with a final
repayment of all outstanding principal on the final maturity date, which will equal 44.5% of the total
loan amount drawn under the Term Loan Facility. Any outstanding amount under the Revolving
Facility must be repaid by the final maturity date. The New Debt Facilities may also be voluntarily
prepaid or cancelled without any penalties.
I was wondering how will it be possible for the Trust to repay the debt in 2014 when the bulk of the cash-flow is being projected to be used for capex and dividend payment ? I don't recall the forecast cash-flow statement mentioning debt repayment in 2014. How will they fulfill the quarterly loan repayment post 2014 ? Any ideas ? Or will they refinance the repayments with new loans ? If this is mentioned in the Prospectus, will be grateful if a buddy could point out the page number. Thanks.
(Not Vested)
(05-06-2013, 12:18 PM)KopiKat Wrote: [ -> ]Since I'm spending so much time here, I decided to take a small short term tikam position @ $0.91. Am hoping that it's a special enough situation where many MIIF shareholders who'd opted for APTT shares are selling when they see mkt situation is weak (plus possibly private placees, IPO risk takers/bettors,...)... Am also betting that the new SGX Annc data on substantial shareholding (total ~34%) means liquidity is not overly too high. But, note that this includes those held by JPM (Stabilising Mgr) and for other 3 (Prudential, Morgan Stanley, Credit Suisse), many were from IPO and held as deemed interest, likely for their managed clients' accts. Will also be betting that $0.905 may be a "stabilised" price and Stabilising Mgr will try to push it towards IPO price within the constraints of their ammo levels which is kindly being monitored by 'lonewolf'...
Don't try this at home unless you're an experienced tikam-buddy... I'll not be posting updates after this... I'm doing it more for my own hands-on case study analysis... 
After almost 2 weeks, I ended my little "experiment" on the 18th @ $0.92 (couldn't post earlier as VB was down). Some comments,
1. It looked like a Special Situation (I imagined it's a sell off by MIIF shareholders who'd opted for APTT shares) to me
2. Stabilising activities appeared to be working (lower Qty purchased by Stabilising Mgr + Prices looks stabilised)
3. Unfortunately, STI was on a -ve run for a few days
4. Many other "Special Situations" appeared on my radar screen...
IMO, the mkt had too suddenly deteriorated too fast, which makes it too risky for me to continue with my "experiment". Further, many other alternatives has also appeared, which requires my full attention. I'm glad for that 3 days of mkt rebound, which allowed me to conclude with a tiny profit.
Lastly, Thank you "lonewolf" for posting the daily Stabilising Action data, which I'd relied on during my "experiment"...
Stabilisating Action Day 16 (Jun 19)
7,128,000 units purchased at $0.905 - $0.92
Total units purchased to date: 57,532,000
Total stabilising units left: 14,308,000
On average, JPM has purchased over 3.8 million units a day. If they continue at this rate, they are going to run out of their purchasing mandates.