Mapletree North Asia Commercial Trust

(01-11-2013, 12:38 PM)kagemusha Wrote: I am happy.

Me too, the Mapletree pedigree has delivered once again

Happy hunting. Below IPO price by approximately 10%.

Chairman Frank Wong and 2 other directors bought shares in recent months.

http://infopub.sgx.com/FileOpen/MGCCT_Fo...eID=273767
http://infopub.sgx.com/FileOpen/Form1_CT...eID=272979
http://infopub.sgx.com/FileOpen/MGCCT_Fo...eID=262560

140217 Group CEO of Sponsor, Mr Hiew Yoon Khong bought 310,000units@$0.805, spent $249,550, direct 0.03%, deemed 0.06% to 0.08% (AC held thru nominee)

140207 Non-Exec Chairman Frank Kwong Shing Wong bought 625,000units@$0.80, cost $500,000 via nominee AC, deemed 0.02% to 0.04% (AC held thru nominee)

140129 Non-Exec Director Chua Tiow Chye bought 300,000units@$0.805, spent $241,500; direct 0.03% to 0.04%

Indeed, loaded up on this, might be a good opportunity with this few days pull back [see "China Stocks Drop as Property Shares Plunge Most in Eight Months "
http://www.bloomberg.com/news/2014-02-24...cerns.html]

It will be super fortunate if can load up on same costs as these Board of Directors, though one might not wana risk missing the boat. After all, these directors are certainly aiming for probably 50% return to spend their money on this REIT that they oversee.

(15-02-2014, 11:40 PM)touzi Wrote: Chairman Frank Wong and 2 other directors bought shares in recent months.

http://infopub.sgx.com/FileOpen/MGCCT_Fo...eID=273767
http://infopub.sgx.com/FileOpen/Form1_CT...eID=272979
http://infopub.sgx.com/FileOpen/MGCCT_Fo...eID=262560

http://www.businesstimes.com.sg/companie...ntal-boost

MGCCT's Q2 DPU up 10.4% on rental boost
By
Kenneth Limkenlim@sph.com.sg@KennethLimBT
25 Oct5:50 AM
Singapore

MAPLETREE Greater China Commercial Trust has posted an 11.9 per cent increase in distributable income for its fiscal second quarter on the back of higher rentals.

The real estate investment trust's income available for distribution to unitholders rose to S$43.5 million

Purchase by insider of 100,000 shares.

On the back of a rise from 87 cents to 96 cents.

Purchase done at 96 cents.

Past sales by Norges Bank could have caused a decline, so, will this purchase spark an increase to 1.1 SGD levels?

(22-10-2015, 01:51 PM)Shrivathsa Wrote: Purchase by insider of 100,000 shares.

On the back of a rise from 87 cents to 96 cents.

Purchase done at 96 cents.

Past sales by Norges Bank could have caused a decline, so, will this purchase spark an increase to 1.1 SGD levels?

I believe it was a sale of 100,000 shares and NOT a purchase.

The holdings went from 390,000 to 290,000.

Well, I am pretty sure Quarz knows how this game is played (the only numbers that has compounded at double digits annually would be the property management fees) but they also have to play to their script (of defending sale prices). More activism is welcomed than not, on the local scene.

Activist shareholder Quarz opposes terms of $3 bln Singapore REIT merger

Quarz, which has previously been successful in blocking a Singapore REIT deal, says it and its affiliates hold stakes that rank them among the top 10 unitholders of MNACT.

https://www.reuters.com/business/exclusi...022-02-10/

---------------------------

Quarz Capital's full letter: https://en.prnasia.com/releases/apac/qua...1103.shtml

We invite all MNACT unitholders to visit and register at the website WWW.BETTERMNACT.COM

A Fair Offer Price Above MNACT's NAV will Reflect Mapletree's Strong Protection of Minority Interest and Emphasize on Corporate Governance

Quarz and its affiliates have high regards for the experienced management and board of the enlarged entity. With a higher and fairer merger offer for MNACT, we can be counted on to support the merger offer, take up the scrip-only offer and remain as supportive long-term unitholders of Mapletree Pan Asia Commercial Trust.

Hi weijian,

I disagree with most of Quarz's views in their letter. I won't debate point by point, but will put out some for argument.

1. With MCT's price correction, the implied scheme consideration for MNACT is now at a significantly lower level of ~S$1.08-S$1.10 (from S$1.1949).

The original merger price was near NAV, but the lower MCT unit price after the announcement was no fault of MCT or MNACT board. But now you are using the lower implied unit price to say that the offer is much lower than NAV. It is market forces in play.

2. MCT unit price has however corrected to a more realistic level of S$1.82[2] since the proposed merger announcement (~8% premium to NAV), in line with the valuation of its peers. Investors now understand that despite MCT's resilient portfolio, it has limited growth opportunities in Singapore.

I thought the correction is due to the fact that MCT unitholders do not like the deal? They prefer a stable all Singapore portfolio rather than taking on risk in overseas assets. Reits with only local assets normally trades at a premium from those with overseas assets.

3. The implied merger offer is at a massive ~12% discount to an already 'abruptly' lowered MNACT NAV of S$1.23 in Oct 2021. The offer price is at an even larger ~14% and ~23% discounts to MNACT's NAV of S$1.27 and S$1.41 in Mar 2021 and Mar 2020, respectively.

Come on. The decrease in NAV of MNACT is justified due to the negative rental reversion of Festival Walk. Average rental reversion for retail leases at Festival Walk was as much as -34 per cent in Q1. Average rental reversion at Gateway Plaza was also negative at 27 per cent in Q1. It is not abrupt as Quarz had claimed.

Brokers' take: Analysts trim target prices for MNACT amid weaker rental reversions
https://www.businesstimes.com.sg/stocks/...reversions

I concur with GH view. I am a MCT holder and actually dun like this merger. If this merger is being call off, I will be much more happier.