(08-04-2013, 08:48 AM)Nick Wrote: [ -> ]Quote:Greater Execution Certainty
Any divestment which involves a change of control of TBC, including a trade sale, would require formal approvals from the Taiwanese regulatory authorities.
The Proposed Divestment would not require formal approvals from the Taiwan regulatory authorities as there is no change of control or owner of TBC, given the Trustee-Manager of APTT will continue to be a wholly-owned subsidiary of Macquarie Group Limited and Macquarie Group Limited will continue to hold an investment in TBC through APTT. As a result, the Proposed Divestment is expected to provide Shareholders with greater execution certainty.
http://info.sgx.com/webcoranncatth.nsf/V...600434E34/$file/MIIFSGMCircular08042013.pdf?openelement [MIIF SGM Circular]
(Not Vested)
Actually if you look at it carefully, this excercise by MIIF is what the "Teo Chiew people say: "LPPL"
No one beats me on MIIF - I got a share cert in MIIF with the signatures from the former MD and John Roberts.
I remember telling the blokes that I hope that MIIF will replicate MacBank's track record in creating wealth.
Unfortunately, MIIf was the last listing of infrastructure funds within the MacBank Gp and I was so lucky to avoid the big con due to my huge commitments prior to GFC.
As for the cert, it will be a memory for the con job. In fact, a friend of mine warned me of the high fee structure that these clever investment bankers has created to reward themselves. However, I did not heed his advice.
My opinion is very simple - if they can sell, they would have sold it outright. There is no need to create so much pattern to unlock value and revised their compensation structure.
Their track record has been lousy - may be they are being conned as well - expressway in China and the high price they paid to Pan United for their port...
I wont dare touch the upcoming listing in TBC - sure to dip notwithstanding the yield.
(09-04-2013, 09:05 PM)Temperament Wrote: [ -> ]Actually if you look at it carefully, this excercise by MIIF is what the "Teo Chiew people say: "LPPL"
Spot on!
Currently, MIMAL charges 1.5% of market cap (minus cash), contrast this with what mutual funds commonly charge, ie. 1%. This does NOT include director fees and also misc fees (eg. travel expenses to look for new investments) that MIMAL seperately charges to the books. Add in the fat 15mil divestment fee (~ equivalent to 2years of mgt fees) for selling at NAV! (trust them to justify this by benching it as a 30% premium over market prices before the strategic review was made).
MIMAL will be the trustee manager for APTT. I wonder how will they charge new fee structure, as they continue to hang onto their 'golden goose'.
(09-04-2013, 10:02 PM)greengiraffe Wrote: [ -> ]No one beats me on MIIF - I got a share cert in MIIF with the signatures from the former MD and John Roberts.
I remember telling the blokes that I hope that MIIF will replicate MacBank's track record in creating wealth.
Unfortunately, MIIf was the last listing of infrastructure funds within the MacBank Gp and I was so lucky to avoid the big con due to my huge commitments prior to GFC.
As for the cert, it will be a memory for the con job. In fact, a friend of mine warned me of the high fee structure that these clever investment bankers has created to reward themselves. However, I did not heed his advice.
My opinion is very simple - if they can sell, they would have sold it outright. There is no need to create so much pattern to unlock value and revised their compensation structure.
Their track record has been lousy - may be they are being conned as well - expressway in China and the high price they paid to Pan United for their port...
I wont dare touch the upcoming listing in TBC - sure to dip notwithstanding the yield.
I was so happy I divested at a loss for this counter.
IMO, the single and most important factor of a successful company/venture is the
managers. And MIMAL have proven time and again that they are not the honest and competent ones that we all hope they are.
Interesting discussion. What I'm curious to know is how do these guys compare to ARA
Asset Value voted with their feet..
Reduced their stake from 8.19% to 7.6% on 8-Apr-13 [
SGX Annc]
so tbc is the lao sai from miif divestment?
MIIF ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2013
Key Highlights
• Net income of S$5.1 million
• Net Asset Value of S$754.3 million or S$0.66 per share
• Robust operational performance across the portfolio, however the adverse impact of the toll revisions at Hua Nan Expressway will continue
• Good progress made on the implementation of the initiatives as a result of the strategic review undertaken in 2012, to maximise and return value to shareholders
http://info.sgx.com/webcorannc.nsf/Annou...endocument [1Q Results]
THE PROPOSED DIVESTMENT OF TAIWAN BROADBAND COMMUNICATIONS AND THE PROPOSED OFFERING AND LISTING OF ASIAN PAY TELEVISION TRUST
http://info.sgx.com/webcoranncatth.nsf/V...D003DC40D/$file/MIIFAPTTBCD300413.pdf?openelement
Looking at pg 5, the time table estimates the date of listing of APTT will be on 29 May 2013.
(Not Vested)
I will give everything a miss. If it is so good, it would have been an outright sale...
GG
(01-05-2013, 11:21 AM)Nick Wrote: [ -> ]MIIF ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2013
Key Highlights
• Net income of S$5.1 million
• Net Asset Value of S$754.3 million or S$0.66 per share
• Robust operational performance across the portfolio, however the adverse impact of the toll revisions at Hua Nan Expressway will continue
• Good progress made on the implementation of the initiatives as a result of the strategic review undertaken in 2012, to maximise and return value to shareholders
http://info.sgx.com/webcorannc.nsf/Annou...endocument [1Q Results]
THE PROPOSED DIVESTMENT OF TAIWAN BROADBAND COMMUNICATIONS AND THE PROPOSED OFFERING AND LISTING OF ASIAN PAY TELEVISION TRUST
http://info.sgx.com/webcoranncatth.nsf/V...D003DC40D/$file/MIIFAPTTBCD300413.pdf?openelement
Looking at pg 5, the time table estimates the date of listing of APTT will be on 29 May 2013.
(Not Vested)
- Latest results indicate that TBC's distributions dropped by ~68% (16mil) to 7.2mil, in a bid to 'conserve cash for divestment'. With the 15mil of divestment bonus at stake, i can't really blame them for acting rationally.
- Looking ahead, CXP/HNE should be distributing ~18mil in 3Q2013.
- It will be burning cash at ~1.5mil/quarter.
Was still hoping for MIIF to continue to give some dividends while the asset sales continued, but looks like there wouldn't be much, after they budget for their FAT 15mil bonus.