Soilbuild Business Space REIT

[KopiKat]

Sometime I wonder if the biggest uniholders are more important than sponsor. For sabana, if they go for rights, the sposonor and their bosses account for only 10-15% iirc of the uniholders. I remembered HSBC nominee holding 19%, dun know if its the Kua family and associates?

For better chances of prices not falling below IPO price during 1st days of listing, the lower the free float, the better. Better still if sponsor retains the bigger % for longer term price stability.

For Sabana, the total Kua family direct + deemed is max. 10%+ since IPO. Started with only ~6% during IPO.

For SPH, they will have to call 70% if there is a rights call, so I guess when they start selling, it's high time to get out of SpH REIT.

I'm more inclined to think there's a very high chance that SPH will give out SPH REIT units as Dividends-in-specie to their shareholders, something like what KepCorp did with their KepREIT units (started with 71%+, at peak holding 77%+ after a few rights issues, now 46%+)

Also, the trustee hold the properties, nôt the sponsor, and manager can get voted out. So I guess even if freight links get into troubles, the most pain would be 15% stake hold. Not sure how much of macauthorcook limited stake of MI, will find out tonight. Not sure how the trustee deed will be affected when manager is changed thou, anyone knows?

IIRC, there were complaints that it's not easy to vote out them out. For eg., some disincentive strategy involves having the REIT borrowings tied to the condition that they continue to stay as mgr.

If my records are correct plus I interprete correctly (recorded too long ago), MacArthurCook started with 5% and progressively increased to 16%+ (Fees + Open mkt purchase). Some cornerstones were Lion Capital (5.6%), UBS (11%+), Indus (5.75%), USS (5.76%)