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http://www.todayonline.com/business/fore...-trust-ipo

PUBLISHED: JULY 1, 4:03 AM
SINGAPORE — Japan’s Accordia Golf is looking to list its golf course assets in Singapore using the business trust model, aiming to raise as much as S$782 million, its prospectus showed.

The first business trust in Asia to contain golf courses, Accordia Golf Trust’s initial public offering will sell 782 million units at an indicative price range of between S$0.97 and S$1 a unit. Accordia Golf forecasts an annual yield excluding some items of 6.8 per cent to 7 per cent for the financial year ending March next year, the prospectus said.

The plans come as Singapore’s IPO market is witnessing its slowest start since the first half of 2012, managing to list just six companies from January to June 20. This is fewer than Thailand and Bangladesh, which have had nine each, and far behind Hong Kong, which has had 30, showed Thomson Reuters data.

First-time share sales in Singapore have raised US$686 million (S$856 million) this year, down from US$3 billion during the same period last year, data compiled by Bloomberg showed.

The trust will acquire 89 golf courses from Tokyo-based Accordia Golf, the prospectus said. It plans to price the offering on July 24 and start trading on Aug 1.
http://www.businesstimes.com.sg/premium/...h-20140722

PUBLISHED JULY 22, 2014
Accordia Golf Trust units from S$0.97 each
BYCARINE LEE
carinel@sph.com.sg @CarineLeeBT

ACCORDIA Golf Trust (AG Trust), a business trust owning golf courses in Japan, has launched its initial public offering for a Singapore listing to raise gross proceeds of up to S$782 million, the biggest IPO on the Singapore Exchange so far this year.
The trust is offering 782,025,000 new units at between S$0.97 and S$1 per unit, with the Singapore public offering taking up 41,163,000 units. The majority of the units are offered to Japanese investors "by way of public offer without listing in Japan", said the trust.
AG Trust intends to distribute 100 per cent of its distributable income to unitholders from the date of listing to March 31, 2015, and at least 90 per cent of its distributable income thereafter.
This translates to an annual distribution yield of up to 9.1 per cent for the forecast year 2015, and normalised distribution yield (excluding non-recurring items) of up to 7 per cent.
The ballot result is out and the public offer has been undersubscribed.

AG Trust Ballot Result

Quote:At the close of the Singapore Public Offering at 4.00 p.m. on 24 July 2014, there was a total of 1,246 applications for an aggregate of 29,275,000 Units received for the Singapore Public Offering. A total of 28,839,000 Units were allocated to all applicants who have submitted valid applications for the Units under the Singapore Public Offering.

Excluding applications from connected persons (as defined in the Listing Manual) and persons mentioned in Rule 240 of the Listing Manual, based on the number of Units available for subscription under the Singapore Public Offering and the number of valid applications received, the Singapore Public Offering was approximately 0.7 times subscribed.

And worst, there will be no stabilising manager because no over-allotment option was exercised.

Can u imagine the chap who applied 50 lots thinking he will get 4-5 lots as per usual IPO? He will get a nice surprise when he's allotted in full! Big Grin

Can't remember the last time an IPO was undersubscribed. I remember that ThaiBev IPO was quite close but was low 1.x times over-subscribed.

Will be fun to see how much the price will fare especially without SM doing some support.
Luckily i did not apply for this ipo. This ipo will probably put a dent to business trusts eyeing for an ipo in Singapore. I think it will loss some 20% when it debuts on 1 Oct reaching 80cents or below. It wil interesting to watch the action. More exciting than watching world cup.
Yes, remembered IPO candidates like Asian Pay TV Tr, Religare Tr, HPH Tr etc where the first days trading tanked. But who knows, if one hv the holding power, should able to reap good dividends following listing but this isn't good strategy.
Did poorly today. Any buddies bought some ?

(Not Vested)
Wait for it to hit 50cts? :p
I was trading it yesterday. Daiwa was dumping the shares in loads. Jap investors cutting losses?
The dividend yield is quite good. Anybody has an idea that why market dislike this trust?
(03-08-2014, 06:17 PM)liphuang Wrote: [ -> ]The dividend yield is quite good. Anybody has an idea that why market dislike this trust?

I think there is a question of whether the yield is sustainable in a few years time?
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