LTC Corp (prev. Lion Teck Chiang)

How valuable is LTC's 12,234.8 sm freehold industrial properties and land plots next to the MacPherson MRT interchange station if the site is redeveloped under a revised URA master plan? Would it be just the nice number of $118m as suggested by Knight Frank, or a lot more? Summary details of the properties are contained in Appendix III, p81, in the recent circular to LTC shareholders..
http://infopub.sgx.com/FileOpen/LTC%20Of...eID=492608

I am no property expert, but my gut feel tells me the site is worth a lot more, and I feel URA would agree with my view that it will be a big pity if the site and the adjoining areas (http://www.streetdirectory.com/sg/lion-i...53513.html) remain un-redeveloped in the next 5 years.

As an indication of how valuable freehold industrial land near MRT stations is, I like to highlight Far East Group's recent sale of its HQ property (land area : 1,936 sm) at 112 Lavender St (which is approx. 300 metres from the nearest Bendemeer MRT station) for a cool $27.0m..
http://infopub.sgx.com/FileOpen/Proposed...eID=494077

Just using the same unit land price, LTC's site would have a derived simple fair market value of $170m. Simple logic will tell us that this figure is likely still unrealistically low, as the LTC's site is much bigger (over 6x) therefore with much more redevelopment possibilities, and is just next to the MacPherson MRT station, which is an important interchange station for the Downtown and Circle lines.

(02-06-2018, 08:11 AM)weijian Wrote: hi pianist,

I have moderated your last post at my discretion. IMO, it contains some personal attacks that does not add value to the thread. Apologize for not sending you a PM informing u on it. But normally a PM comes with a last warning or a time ban.

A call out to all VBs to focus on topic and avoid getting personal/offensive on vb.com.

Moderator

was pianist's post offensive to anyone here?
Obviously few ppl have read it, but I'd have loved to read his compilation of events from start to finish.
Pity it got deleted.

On a related note, does anyone know the SGX rules regarding how many "time extensions" they can conjure up?
It's getting a bit ridiculous tbh...
I'd have thought the offer is done and completed.
Surely they can't keep extending infinitely........... or can they?
I'm no longer vested, but just watching this from the perspective of an interested party.
This surely is the most "extended" offer I've seen so far.... it's almost like they're trying to wear down the minorities.
Make you so tired of their offer letters and saga that u give up.

toward the end, the Chengs are dealing with hard-core minorities liao... those that wants to sell has certainly sold... left those hard-core value minorities holding the fort...

:O :O :O

(02-06-2018, 03:01 PM)TTTI Wrote: was pianist's post offensive to anyone here?
Obviously few ppl have read it, but I'd have loved to read his compilation of events from start to finish.
Pity it got deleted.

hi TTTI,
To clarify, pianist's post was not offensive to forumers. But it was deemed to have elements of "personal attacks" to other parties.

In addition, take note that Moderators will only delete entire post if we deem none of its parts has value. If we deem parts of the post has value, then to the best of our ability, we would try to make some modifications by removing those offensive words/sentences, while keeping/maintaining to the spirit and the message that the author is portray.

Moderator

Today and last seven daily announcements on their expensive newspaper publication on the offer reminder but no day end announcement on their resultant holding %. Is it because there is no change in holdings? Kekeke

Today (25Jun18) is the final closing date, and the final count is that after all the multiple extensions and expensive newspaper advertisements, the Chengs have managed to secure 88.44% of LTC Corp...
http://infopub.sgx.com/FileOpen/Mountbat...eID=511906

So the minority shareholders have prevailed, and technically LTC will remain a listed enterprise.

(25-06-2018, 09:17 PM)dydx Wrote: Today (25Jun18) is the final closing date, and the final count is that after all the multiple extensions and expensive newspaper advertisements, the Chengs have managed to secure 88.44% of LTC Corp...
http://infopub.sgx.com/FileOpen/Mountbat...eID=511906

So the minority shareholders have prevailed, and technically LTC will remain a listed enterprise.

The minorities may have "prevailed", but I'm not so sure if this is a win for them...
Putting aside principles, ethics, opinion, ego, sense of righteousness.... in the world of investing, only the figures count.
Don't slap your face to spite your foot.

its really nice to see the final closing of the general offer lasting almost half a year long..
and delighted to able to have my humble minority shares squeezed & tagged along with the wise big brother in a business whose calculation and estimation of the figures easily show that it is deeply undervalued

does anyone know if between now and the coming delisting exercise, can the big brother based on the rules do a private share placement to an unknown 3rd party? ... hopefully the watchdogs can monitor

Whether the Chengs and the remaining minority shareholders of LTC Corp can together make a lot of money in the hopefully not too distant future would depend on the redevelopment potential - including for alternative use and combining with the adjoining empty government land fronting Paya Lebar Rd - of the combined freehold land plot next to the Macpherson MRT (interchange) station.

My simple visual survey by using Google Map shows the combined freehold land plot owned by LTC Corp has a total land area of approx. 170,000sf. Anyone familiar with land planning and property development able to help do some scenario planning to estimate the potential development value of a new integrated commercial/industrial project for the site?

(26-06-2018, 07:12 AM)pianist Wrote: its really nice to see the final closing of the general offer lasting almost half a year long..
and delighted to able to have my humble minority shares squeezed & tagged along with the wise big brother in a business whose calculation and estimation of the figures easily show that it is deeply undervalued

does anyone know if between now and the coming delisting exercise, can the big brother based on the rules do a private share placement to an unknown 3rd party? ... hopefully the watchdogs can monitor

Under the by-law , when can the Chengs make another G.O. ?