(04-11-2015, 11:40 AM)piggo Wrote: Actually 3.4% above NAV isn't much of a premium. Apart from the fire sales back during the financial crisis, Saizen's property sales have always been >10% above valuation... That being said, considering the mindset of shareholders and the prospect of unlocking "value", odds of it going through should be quite high.
Should be an easy minimum 10% profit for Lone Star fund just from taking the portfolio apart and selling it off one by one.
It might be easier and just as profitable to list the properties under another purely local REIT.
The Board of Directors of Japan Residential Assets Manager Limited, the Manager of Saizen
Real Estate Investment Trust (“Saizen REIT”), is pleased to announce that Saizen REIT’s
quarterly financial results for the period ended 31 December 2015 will be released before
market opens on Friday, 12 February 2016.
(07-02-2016, 12:20 PM)smalkmus Wrote: in their latest announcement, they are giving out a special dividend of $1.056, does that mean the share should be worth only $1.056?
Gong Xi Fai Cai!
The special dividend excludes the accrued income from July '15 and the leftover cash after paying for transaction related expenses. There should be another dividend for the distributable income and another for the leftover cash in December 2016.
(07-02-2016, 12:20 PM)smalkmus Wrote: in their latest announcement, they are giving out a special dividend of $1.056, does that mean the share should be worth only $1.056?
Gong Xi Fai Cai!
Here is a very rough break-down of what a Saizen shareholder will receive:
(07-02-2016, 12:20 PM)smalkmus Wrote: in their latest announcement, they are giving out a special dividend of $1.056, does that mean the share should be worth only $1.056?
Gong Xi Fai Cai!
The special dividend excludes the accrued income from July '15 and the leftover cash after paying for transaction related expenses. There should be another dividend for the distributable income and another for the leftover cash in December 2016.
RIP Saizen REIT
So should we hold till the special dividend? Cos there is an announcement mentioned after all this offer. This account will become a cash trust, without any operation. They have to compliant with SGX rule to continues listed in SGX, otherwise it will be delisted.
This should be interesting, Saizen is probably the first REIT (no pun intended) to be a cash trust on SGX, assuming the vote goes through. Think there are several companies that might be interested in an RTO - notably, Manulife, and a solar energy REIT. Just speculating, though.
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