Perennial China Retail Trust

[greengiraffe]

NEWS SNIPPETS from Lim & Tan Securities, on 26 Mar 2014

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The 3rd largest shareholder (Nan Fung Group)
of Perennial China Retail Trust (PCRT) (53.5
cents, unchanged) continues to pare down their
stake in the company with yesterday’s disclosure of
them having sold another 1,274,000 shares at 54
cents each, reducing their stake to 101,964,000
shares or 8.9% of the company. On 17 Mar’14,
they had sold 29,593,000 shares at 56 cents each.
This is not good as it signals that Nan Fung Group
(helmed by Chen Wai Wai, Lee Pui Ling, Wong Suk
Han and Wong Wai Pat) is not confident that the
pre-conditional takeover offer of PCRT by SGXlisted
ST James at 70 cents a share (equivalent)
can succeed.

Ref: http://remisiers.org/cms_images/research...326_LT.pdf

NF sells but others buy. Those who buy have confident that the Takeover offer can succeed.

NF's remaining 100m shares is a spanner in Pua's works. In hindsight, my assumptions that he had consulted all his IPO cornerstone appears flawed.

Whatever it is, while we have confidence that Pua and his partners will eventually deliver, the immediate tasks appear to be to find a strong hand to takeover the overhang.

Until then, the next step will just be plans on paper and speculation on our part.

Divested (ouch)
GG