K1 Ventures

(28-01-2016, 09:09 PM)CY09 Wrote: Suspicion is that Keppel Corp is milking them to ensure they have cash buffer within Keppel Group Level. M1 has transferred its cash reserves upwards, now K1's turn

Don't believe this is the correct observation. Since many years back K1 board has decided that they are on a liquidating mode and to return all the cash after liquidating from their investments to shareholders. Latest returns is just another step towards that goal. End goal is to delist after all investments is liquidated.

(28-01-2016, 09:09 PM)CY09 Wrote: Suspicion is that Keppel Corp is milking them to ensure they have cash buffer within Keppel Group Level. M1 has transferred its cash reserves upwards, now K1's turn

K1 is in liquidation mode even before the oil crisis, so just nice for keppel....

Mr Steven Jay Green retired from office as Chairman of the Board and Executive Director at the conclusion of the Annual General Meeting held on 27 October 2016. Mr Green also stepped down as Chief Executive Officer of the Company at the conclusion of the 2016 AGM.

Anyone updated the sum of the parts post consolidation and distribution. Thanks

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(19-12-2016, 04:41 PM)se2037 Wrote: Anyone updated the sum of the parts post consolidation and distribution. Thanks

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What is the right value of this share after all the capital reduction, special dividend and share consolidation?

Still wondering how much the KUE and Guggenheim exits would fetch to shareholders. Is it fair to use commercial RE appreciation in the US since investment by KONE and asset growth by Guggenheim as multiples for appreciation?

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when K1 invested us$100million in guggenheim in 2011 it was managing US$100+bn. today the latest from their website says it is managing US$260+bn. what they will get from their sale of Guggenheim is subjective but i think a logical conclusion would be 2.6x their investment wouldn't be too far off. so if we assume this then this(US$260m) is more than current existing mkt cap without including the KUE investment.

went in to pick up some yesterday.

not an inducement to buy. DYODD

I must add that my logic above could well be flawed as I don't know whether guggenheim might have raised a lot of capital between 2011 to 2017 to get to usd260bn. Having said that back in 2011 coming off GFC you could buy assets relatively cheap. For the same assets.now in a booming US economy you need to pay much more

Valuing Guggenheim at 2% of AUM, and assuming k1 interest at 3%, the Guggenheim investment is probably worth between S$200-220 million.
Add a 10% discount to make it attractive for prospective buyers (k1 seems rather keen to sell), the net shareholder value is probably closer to S$180 million.
Based on the book value of S$150 million, the upside may not be that significant.

(16-03-2017, 01:58 PM)Gin Wrote: Valuing Guggenheim at 2% of AUM, and assuming k1 interest at 3%, the Guggenheim investment is probably worth between S$200-220 million.
Add a 10% discount to make it attractive for prospective buyers (k1 seems rather keen to sell), the net shareholder value is probably closer to S$180 million.
Based on the book value of S$150 million, the upside may not be that significant.

Typically for asset gatherers/managers the rate is in the region of 5%(I got this number form John Lim of ARA before when i asked him how to value an asset manager). I think 2% is rather low. If you look at Value Partners valuation the mkt cap to AUM is even much higher. 

as for k1 interest of 3% where did you get this number from?