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This good piece of journalism has uncovered important facts.
1) So the two Yuans who have been selling their stake were also the previous owners of at least 6 of EHT's assets. And also possibly the previous owners of 5 more, indirectly, since they advised UC on the acquisition of 5 other hotels.
2) The last known transaction for QM was US$43m, in 2007.
Questions for investors:
1) So now you have a "sponsor's sponsor" who is also a cornerstone investor. What is the nature of relationship between UC and the Yuans? Are they in it together, or was UC double-crossed?
2) UC couldn't have paid much more than US$43m for QM. More likely, they would have paid less, since it was a distressed sale. And so, UC's valuation of QM at US$159m is probably too rich. Was the difference of US$116m spent to improve QM?
It looks like more of the 'cockroaches' which some have mentioned earlier, has appeared.
THE man who became Eagle Hospitality Trust's (EHT) single largest shareholder during its lukewarm initial public offering (IPO) was also the man who sold EHT's sponsor six of the 18 hotels that eventually formed its IPO portfolio, EHT confirmed on Thursday.
But as the seller, ASAP Holdings, had sold the six hotels to the sponsor's founders, who subsequently injected them into EHT soon after, there is no legal requirement to disclose their relationship, EHT also said.
Frank Yuan is EHT's largest shareholder and the chief executive of ASAP, a California-based acquisition advisory and asset management firm specialising in hotel assets.
Apart from the six hotels it sold, ASAP has also advised EHT sponsor Urban Commons on at least five other hotel acquisitions, said its website.
https://www.businesstimes.com.sg/compani...t-investor
For the complete article:
https://twitter.com/@MarissaLeeBT
Insider selling continues.
https://links.sgx.com/FileOpen/_Form%203...eID=583940
https://links.sgx.com/FileOpen/_Form%203...eID=583942
1) So the two Yuans who have been selling their stake were also the previous owners of at least 6 of EHT's assets. And also possibly the previous owners of 5 more, indirectly, since they advised UC on the acquisition of 5 other hotels.
2) The last known transaction for QM was US$43m, in 2007.
Questions for investors:
1) So now you have a "sponsor's sponsor" who is also a cornerstone investor. What is the nature of relationship between UC and the Yuans? Are they in it together, or was UC double-crossed?
2) UC couldn't have paid much more than US$43m for QM. More likely, they would have paid less, since it was a distressed sale. And so, UC's valuation of QM at US$159m is probably too rich. Was the difference of US$116m spent to improve QM?
It looks like more of the 'cockroaches' which some have mentioned earlier, has appeared.
THE man who became Eagle Hospitality Trust's (EHT) single largest shareholder during its lukewarm initial public offering (IPO) was also the man who sold EHT's sponsor six of the 18 hotels that eventually formed its IPO portfolio, EHT confirmed on Thursday.
But as the seller, ASAP Holdings, had sold the six hotels to the sponsor's founders, who subsequently injected them into EHT soon after, there is no legal requirement to disclose their relationship, EHT also said.
Frank Yuan is EHT's largest shareholder and the chief executive of ASAP, a California-based acquisition advisory and asset management firm specialising in hotel assets.
Apart from the six hotels it sold, ASAP has also advised EHT sponsor Urban Commons on at least five other hotel acquisitions, said its website.
https://www.businesstimes.com.sg/compani...t-investor
For the complete article:
https://twitter.com/@MarissaLeeBT
Insider selling continues.
https://links.sgx.com/FileOpen/_Form%203...eID=583940
https://links.sgx.com/FileOpen/_Form%203...eID=583942