Frasers Property (formerly: Frasers Cpt (FCL))

(05-08-2014, 06:13 PM)greengiraffe Wrote: The bid for ALZ remains conditional on the offer being accepted from at least 50.1% of shareholders by 7 Aug 14 which is 2 days away.

Hopefully, the bid fails and FCL can go look elsewhere for possibly better deals such as Leighton Holdings divestment of non-core assets.

Vested
GG

(05-08-2014, 04:51 PM)piggo Wrote: Finally FCL becoming substantial shareholder 2.9% to 8.94%.

http://phx.corporate-ir.net/External.Fil...lwZT0z&t=1

I also hope the deal fails. Btw, is there any penalty on FCL if the deal fails?

(Vested)

GG's opinion changed? I recalled you had high regard on the ALZ deal? May be I didn't follow this thread close enough, and missed key post from you. What trigger the change?

(vested)

(05-08-2014, 06:13 PM)greengiraffe Wrote: The bid for ALZ remains conditional on the offer being accepted from at least 50.1% of shareholders by 7 Aug 14 which is 2 days away.

Hopefully, the bid fails and FCL can go look elsewhere for possibly better deals such as Leighton Holdings divestment of non-core assets.

Vested
GG

(05-08-2014, 04:51 PM)piggo Wrote: Finally FCL becoming substantial shareholder 2.9% to 8.94%.

http://phx.corporate-ir.net/External.Fil...lwZT0z&t=1

I have not changed my views on ALZ, I strongly believe that Towkay knows what he is doing and has plans to extract good value via his strategic partners.

However, in view of the drag and the emergence of alternatives, FCL's decisiveness to have a firm resolution to the ALZ saga is good so that everyone can move on - it is indicative that FCL will only pay one price and in no way subjected to threads by any other parties.

Anyway, I have enclosed the latest announcement by ALZ:

http://member.afraccess.com/media?id=CMN...540176.pdf

Vested
GG

(05-08-2014, 09:00 PM)CityFarmer Wrote: GG's opinion changed? I recalled you had high regard on the ALZ deal? May be I didn't follow this thread close enough, and missed key post from you. What trigger the change?

(vested)

(05-08-2014, 06:13 PM)greengiraffe Wrote: The bid for ALZ remains conditional on the offer being accepted from at least 50.1% of shareholders by 7 Aug 14 which is 2 days away.

Hopefully, the bid fails and FCL can go look elsewhere for possibly better deals such as Leighton Holdings divestment of non-core assets.

Vested
GG

(05-08-2014, 04:51 PM)piggo Wrote: Finally FCL becoming substantial shareholder 2.9% to 8.94%.

http://phx.corporate-ir.net/External.Fil...lwZT0z&t=1

Frasers sweats on its ‘final’ Australand bid

THE AUSTRALIAN AUGUST 06, 2014 12:00AM

Sarah Danckert

Property Reporter
Melbourne
FRASERS Centrepoint’s $2.6 billion takeover of Australand hangs in the balance, with speculation mounting that Stockland might be waiting in the wings with a revised offer for the company if Frasers can’t get its deal over the line.

Hedge funds stacking the Australand register — including a fund linked to the Myer family-backed OC Capital and New York hedge fund specialist Millennium Management — appeared yesterday to still be holding out for a higher deal.

A hedge fund managed by Pacific Alliance Group has also popped up on Australand’s register as a significant shareholder, raising eyebrows and pulses in the investment banking community. PAG was previously reported to have shown an interest in taking over the company in March, ahead of both Stockland and Frasers making their respective offers.

The speculation of Stockland returning with a new offer for Australand comes as acceptances for Frasers’ bid remain a still anaemic 8.9 per cent. Last week Frasers declared its $4.48-a-share cash offer for Australand final, declining to extend the offer of 50.1 per cent if shareholders did not accept the deal by this Thursday.

Frasers yesterday again urged investors to accept the offer.

A failed tilt by Frasers will be seen as a loss of face for the company that has the backing the support of one of Thailand’s richest men, Chang Beer baron Charoen Sirivadhanabhakdi.

Stockland owns 19.9 per cent of Australand and had made a scrip-and-cash bid valuing the company at $2.6bn based on its share price yesterday.

As to what will happen over the next couple of days, one scenario is that Stockland will fold at the last minute after the hedge funds accept the offer. Another would see Stockland make a revised offer ahead of the Frasers deal lapsing this week.

Stockland, which has declined to comment, has the capacity to pay up to $4.65 per share for Australand, according to analysts at CLSA.

Noted, thanks. The reason seems is the emerging of better option...

(vested)

(05-08-2014, 10:02 PM)greengiraffe Wrote: I have not changed my views on ALZ, I strongly believe that Towkay knows what he is doing and has plans to extract good value via his strategic partners.

However, in view of the drag and the emergence of alternatives, FCL's decisiveness to have a firm resolution to the ALZ saga is good so that everyone can move on - it is indicative that FCL will only pay one price and in no way subjected to threads by any other parties.

Anyway, I have enclosed the latest announcement by ALZ:

http://member.afraccess.com/media?id=CMN...540176.pdf

Vested
GG

(05-08-2014, 09:00 PM)CityFarmer Wrote: GG's opinion changed? I recalled you had high regard on the ALZ deal? May be I didn't follow this thread close enough, and missed key post from you. What trigger the change?

(vested)

(05-08-2014, 06:13 PM)greengiraffe Wrote: The bid for ALZ remains conditional on the offer being accepted from at least 50.1% of shareholders by 7 Aug 14 which is 2 days away.

Hopefully, the bid fails and FCL can go look elsewhere for possibly better deals such as Leighton Holdings divestment of non-core assets.

Vested
GG

(05-08-2014, 04:51 PM)piggo Wrote: Finally FCL becoming substantial shareholder 2.9% to 8.94%.

http://phx.corporate-ir.net/External.Fil...lwZT0z&t=1

ALZ, IMHO remains the better sizable option. Leighton Properties is much smaller and less heard of Down Under.

Unfortunately due to murky waters notwithstanding ALZ's board endorsement, its better to draw the clear line and move on.

However, if ALZ shares price since Monday were any indications, we may just get some positive last minute news unless Stockland really pulls a last minute rabbit. I personally do not think SGP will allow the ghost of the past to come back and haunt them again via aggressive acquisitions.

Whatever it is, FCL remains one of the better listed property counters around on SGX.

Vested
GG

(06-08-2014, 09:28 AM)CityFarmer Wrote: Noted, thanks. The reason seems is the emerging of better option...

(vested)

(05-08-2014, 10:02 PM)greengiraffe Wrote: I have not changed my views on ALZ, I strongly believe that Towkay knows what he is doing and has plans to extract good value via his strategic partners.

However, in view of the drag and the emergence of alternatives, FCL's decisiveness to have a firm resolution to the ALZ saga is good so that everyone can move on - it is indicative that FCL will only pay one price and in no way subjected to threads by any other parties.

Anyway, I have enclosed the latest announcement by ALZ:

http://member.afraccess.com/media?id=CMN...540176.pdf

Vested
GG

(05-08-2014, 09:00 PM)CityFarmer Wrote: GG's opinion changed? I recalled you had high regard on the ALZ deal? May be I didn't follow this thread close enough, and missed key post from you. What trigger the change?

(vested)

(05-08-2014, 06:13 PM)greengiraffe Wrote: The bid for ALZ remains conditional on the offer being accepted from at least 50.1% of shareholders by 7 Aug 14 which is 2 days away.

Hopefully, the bid fails and FCL can go look elsewhere for possibly better deals such as Leighton Holdings divestment of non-core assets.

Vested
GG

(05-08-2014, 04:51 PM)piggo Wrote: Finally FCL becoming substantial shareholder 2.9% to 8.94%.

http://phx.corporate-ir.net/External.Fil...lwZT0z&t=1

From 8.94% to 14.79% now, just one more day to go... Frasers might end up with a substantial stake in ALZ, but no majority.

What happens then?

Since its conditional, they will return acceptance to holders that tendered their offer... that simple... only loses investment banker fees that's all and time...

(06-08-2014, 12:22 PM)piggo Wrote: From 8.94% to 14.79% now, just one more day to go... Frasers might end up with a substantial stake in ALZ, but no majority.

What happens then?

http://infopub.sgx.com/FileOpen/Frasers_...eID=308617

28.65%!!!

With 21 more hours to go before the close. What would you do if you are a shareholder of FCT ?

Do you think that at $1.715, the mkt have factored in that the deal will go through and FCT will end up with a mountain of debts or
that the market think that it is fair value for a company that have pulled all the rabbits out of hat ?

Personally, I feel that in term of valuation, it is not any superior or undervalued as compared to capitaland, kep land. In fact, with so much shares and near absolute control under a single shareholder, whose personal motivation cannot be easily understood, a deeper discount might be necessary.