CWT

[lonewolf]

89.68% as of 16 Oct. The war is lost. Might as well tender my shares now. *sigh* 

But it's been a good ride. So can't really complain. But what to do with the money and where can I invest to replicate the performance of this company? 

HNA BELT AND ROAD INVESTMENTS (SINGAPORE) PTE. LTD. AND ITS CONCERT PARTIES OWN, CONTROL OR HAVE AGREED TO ACQUIRE 89.68% OF CWT LIMITED

[specuvestor]

89.68% as of 16 Oct. The war is lost. Might as well tender my shares now. *sigh* 

But it's been a good ride. So can't really complain. But what to do with the money and where can I invest to replicate the performance of this company? 

HNA BELT AND ROAD INVESTMENTS (SINGAPORE) PTE. LTD. AND ITS CONCERT PARTIES OWN, CONTROL OR HAVE AGREED TO ACQUIRE 89.68% OF CWT LIMITED

An example of why the Structure in the A-B-S framework is important... good business can fall foul to the vested interest of the owner... to avoid confusion CWT International was formerly HNA Holding the acquirer, former listco CWT Limited is now CWT Pte Ltd:

(Bloomberg) -- 
CWT International has failed to pay accrued interests and fees of ~HK$63m to lenders under a HK$1.4b facility agreement, it says in statement to Hong Kong stock exchange.

• Lenders have demanded co. for payment of overdue sum and have declared that all of the loan in principal amount of HK$1.4b, together with accrued interest and all other amounts accrued or outstanding under the facility agreement be immediately due and payable, and that the security under the security documents relating to the facility agreement become enforceable
  
• Lenders have said if outstanding amounts are not repaid by 9am on April 17, they will enforce the security and obtain possession of all charged assets without any further notice, will appoint a receiver and manager for the charged assets
  • The security includes its shareholding of CWT Pte. Ltd., investment properties in the U.K. and the U.S., and golf courses in China
    
• Default has triggered cross default under a term loan facility; outstanding amount due under the facility is ~HK$766m
  • If lenders proceed to take enforcement actions over its shareholding of CWT Pte., co.’s operations will be “considerably impacted” and sale of such shareholding will lead to change of control of CWT Pte., which may in turn breach covenants in some loan facilities of CWT Pte. and its subsidiaries, resulting in cross defaults of those facilities
    

[lonewolf]

According to this article dayed Sep 2018:

The group (HNA) completed the acquisition of Singapore-based CWT in December last year via a wholly owned subsidiary - HNA Belt and Road Investments Singapore.

The CWT business, spread across 90 countries, was folded into one of HNA’s listed units in Hong Kong that was renamed CWT International Ltd (0521.HK)

This news is having an impact on some of the listed REITs with CWT as its tenants.

Cache Logistics Trust (down 5.3% today) counts CWT as its largest tenant (20.6% rental income as of Dec 2018). Mapletree Logistics Trust (down 4% today) has CWT accounting for 9.5% of its rental income.