Eastern Holdings

[smallcaps]

Came across this mongolia real estate company website that states EHL as its client:

http://www.murundevelopment.com/clients.html

[yeokiwi]

http://info.sgx.com/webcoranncatth.nsf/V...A00328901/$file/EHL-Ann_26Mar13.pdf?openelement

"Great".......Now Eastern holding becomes a feeder fund.

[smallcaps]

http://info.sgx.com/webcoranncatth.nsf/V...A00328901/$file/EHL-Ann_26Mar13.pdf?openelement

"Great".......Now Eastern holding becomes a feeder fund.

This makes it $20 mil. Makes me wonder how much more 'dormant funds' does it currently have...

[opmi]

When u buy unit trust in millions, usually no commission/front end fees.
These unit trusts can be redeemed in 1-2 days with capital gains/losses.

The timing of doing this just before FY end. Movement on balance sheet from cash to financial assets available for sale.

Feels like ST will make an offer soon. Likely to be delisting EGM with Exit Offer.

[valuenewb]

If Eastern is valued at $100m mkt cap (33 cts per share), it only costs $18m cash to buy out all minority shareholders.
There is >$18m cash in the company.

hi opmi,

that option, unfortunately, is only available to ST.

As for compulsory acquistion - I have always thought that 90% is the magical mark.

But it seems that under Companies Act S215, it's like what you have pointed out. 90% of o/s shares (excluding those already held).

So that 90% magical mark is to force a delisting.

Once ST hits 90%, he can offer to delist. And if I read the rules correctly, he has to make an offer to the remaining shareholders. He can't compulsorily acquire the shares yet. So if you don't want to be stuck as a shareholder of an unlisted company, you throw your shares in disgust to him.

But I wonder if there is another way by going through a scheme of arrangement. I would have to check it out.

In any case, I have long lost trust in ST.
http://www.channelnewsasia.com/stories/s...51/1/.html

Now that they have put away $20m and suspended dividends last year, it seems like they are attempting to frustrate the minority shareholders to give up.

Furthurmore, while they wait, they get to enjoy all kinds of private benefits. For example, I'm sure they get dined and wined by CS. That "privilege" extends to the Tay family as HNWIs. and so on....

In a bad spot.. but luckily, not a big holding here. just trying to get the most out of a sh itty situation....

opmi, smallcaps, you seem to be doing a lot of research. I do hope that it won't be in vain.

good luck to us all..

[opmi]

Scheme of Arrangement not so effective to privatisation eg Neratel. Majority in numbers can defeat the delisting resolutions. So unlikely ST will use this route.

[smallcaps]

opmi, smallcaps, you seem to be doing a lot of research. I do hope that it won't be in vain.

dun worry about it, I kinda like the process of doing research on companies, very interesting...keeps me from feeling bored...

[smallcaps]

According to this ad, one of the semi-detach has been sold:

http://singapore.gumtree.sg/c-Apartment-...Z467877785

Hope more to come soon, if all sold the cash flows from Grove Residences alone would be quite substantial since completion is expected in 2014

Seems like another 2 sold... landed freehold still in demand I guess...

http://www.propertyguru.com.sg/listing/1...-residence
http://www.propertyguru.com.sg/listing/1...-residence

[smallcaps]

According to this ad, one of the semi-detach has been sold:

http://singapore.gumtree.sg/c-Apartment-...Z467877785

Hope more to come soon, if all sold the cash flows from Grove Residences alone would be quite substantial since completion is expected in 2014

Seems like another 2 sold... landed freehold still in demand I guess...

http://www.propertyguru.com.sg/listing/1...-residence
http://www.propertyguru.com.sg/listing/1...-residence

Grove Residence developer sales for march:

------------ 1 sold for 2,462 psf ------------

Assuming it's the one stated below in the agent's ad, then it was sold for 5.8 mil.

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

http://leoriccheok.wix.com/eraleoriccheok#!page2/cjg9

Grove Residence Land ( sqft) Build up(sqft) Land psf Build up (psf) Price list
Plot 1 -House 81 2356sqft 3946 Sold
Plot 1 -House 83 2190sqft 3522 2,635 1,638 $5,770,000
Plot 1 -House 85 2254sqft 3613 2,612 1,629 $5,888,000
Plot 1 -House 87 3126sqft 4780 2,491 1,629 $7,788,000
Plot 1 -House 89 3318sqft 4805 2,407 1,662 $7,988,000
Plot 1 -House 99 2507sqft 3721 2,536 1,708 $6,358,000

[smallcaps]

According to this ad, one of the semi-detach has been sold:

http://singapore.gumtree.sg/c-Apartment-...Z467877785

Hope more to come soon, if all sold the cash flows from Grove Residences alone would be quite substantial since completion is expected in 2014

Seems like another 2 sold... landed freehold still in demand I guess...

http://www.propertyguru.com.sg/listing/1...-residence
http://www.propertyguru.com.sg/listing/1...-residence

Grove Residence developer sales for march:

------------ 1 sold for 2,462 psf ------------

Assuming it's the one stated below in the agent's ad, then it was sold for 5.8 mil.

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

http://leoriccheok.wix.com/eraleoriccheok#!page2/cjg9

Grove Residence Land ( sqft) Build up(sqft) Land psf Build up (psf) Price list
Plot 1 -House 81 2356sqft 3946 Sold
Plot 1 -House 83 2190sqft 3522 2,635 1,638 $5,770,000
Plot 1 -House 85 2254sqft 3613 2,612 1,629 $5,888,000
Plot 1 -House 87 3126sqft 4780 2,491 1,629 $7,788,000
Plot 1 -House 89 3318sqft 4805 2,407 1,662 $7,988,000
Plot 1 -House 99 2507sqft 3721 2,536 1,708 $6,358,000

Asking prices on the remaining 3 units seems to have been up-ed by 5%:

Grove Residence Land ( sqft) Build up Price list
Plot 1 -House 87 3126sqft 4780 $8,188,000
Plot 1 -House 89 3318sqft 4805 $8,388,000
Plot 1 -House 99 2507sqft 3721 $6,680,000