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09-06-2014, 10:13 PM
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GL Limited (formerly: Guoco Leisure)
GL Limited (formerly: Guoco Leisure)
GL Limited (formerly: Guoco Leisure)
19-09-2014, 04:01 PM
http://infopub.sgx.com/Apps?A=COW_CorpAn...esults.pdf
Wah say... so long noone updated on Guoco Leisure... 10. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months The planned refurbishment programme for our hotels is in progress and is expected to continue over the next 12 months. The impact of rooms not available for sale due to the refurbishment will continue to be felt over this period. The London market is expected to continue to grow over the next few quarters, albeit at a slower pace, with most, if not all, of the growth likely coming through rising average daily rate as occupancy levels have peaked across the city. The group is on track to complete the refurbishment and open the first hotels under its new brands - ‘Amba’ and ‘every’ at the end of 2014. With Scottish Independence out of the way and UK hospitality market remaining fundamentally strong and share price retraced to a more sensible levels, Guoco Leisure is worth revisiting... Vested GG
20-09-2014, 08:57 PM
Sterling roars back to life as kingdom remains united
Currencies Jared Lynch 553 words 20 Sep 2014 The Australian Financial Review AFNR English Copyright 2014. Fairfax Media Management Pty Limited. Sterling has roared back to life, soaring to a two-year high against the euro and a two-week peak against the US currency, after traders flocked back to the pound as exit polls from the Scottish referendum foreshadowed the United Kingdom would remain intact. Nervous traders began selling the pound earlier this month as polls narrowed. On Friday, Australian time, the pound leapt 0.8 per cent against the US dollar to a touch over $US1.65, before easing slightly in late afternoon trade. The Australian dollar, meanwhile, slipped to a six-month low against the pound, to fetch 54.12p. Against the US dollar, the Aussie traded below US90¢ for the second day in a row. It hit as low as US89.37¢ before hanging just above US89.6¢ in late trade on Friday, as the greenback weighed down on the local currency. The robust US dollar also saw the yen hit a fresh six-year low against the currency, buying US91.60¢ on Friday afternoon, signalling growing confidence in the US economy. "Sterling is well supported on the vote, and this is having an impact on the crosses," said Hamish Pepper, a currency strategist at Barclays Capital in Singapore. But it would take a brave investor to bet on further gains, according to Westpac Banking Corp currency strategist Sean Callow. He said traders began selling sterling about $US1.66 and it was close to clawing back its losses. "This time next week probably nobody is going to be talking about Scotland," Mr Callow said. "If you have a look at Scotland on Twitter or Google trends, it would be through the roof, the highest ever right now, but give it a few days, people will move along and when you move along you see a UK economy that's still fairly patchy really." Sterling had enjoyed a strong rally from September last year, when it was fetching $US1.4856 until July when it peaked at $US1.7161. Since then it has gradually drifted lower before falling sharply late last month, when the Scottish yes vote began to gain traction. Mr Callow attributed the currency's weakness in past months to confusing comments from the Bank of England, soft economic data, and a "strong US dollar environment". "One of the trades of the first half of the year was to buy sterling. The UK was producing some strong economic data at that point and there were expectations from the Bank of England to tighten polish soon," Mr Callow said. "And then the UK started to falter on the economic data and Bank of England governor [Mark] Carney said some surprising things on the economic outlook that really cooled enthusiasm." The Bank of England surprised the market last month when it indicated it would keep interest rates at historical lows until next year, saying that it did not expect strong earnings growth. Mr Callow said inflation had also cooled, adding to the BoE's reluctance to lift rates. "It's still an open question whether the BoE is the first central bank since the global financial crisis to pursue quantitative easing, print money, and then raise interest rates. Still no one has done that," he said. with Reuters
29-09-2014, 06:56 PM
http://infopub.sgx.com/Apps?A=COW_CorpAn...eac5d97e78
Annual General Makan @ 1130 Orchard Hotel 17 Oct (Friday)
30-09-2014, 04:32 PM
11-10-2014, 10:55 PM
(This post was last modified: 11-10-2014, 10:56 PM by greengiraffe.)
Had a chance to review Guoco Leisure's changes of guards at its core UK Hospitality division:
http://infopub.sgx.com/FileOpen/GL_TSRsg...leID=72440 Former CEO left on 30 April 12 and duties were handed to Premod Paul Thomas. PP Thomas was subsequently granted 5m share options alongside other employees amounting to a total of 79.9m exercisable @$0.86 through to 2018/19 upon meeting certain performance milestones on 13 May 13: http://infopub.sgx.com/FileOpen/GrantofS...leID=14264 A rare analysts briefing was held on 9 June 14: http://infopub.sgx.com/FileOpen/glh%20An...eID=300653 1 Aug 14: Change of guards once again at UK Hospitality Division: http://infopub.sgx.com/Apps?A=COW_CorpAn...8224975da5 PP Thomas retired and his 5m options as well http://infopub.sgx.com/Apps?A=COW_CorpAn...a61fcbce39 Ex GSIC man now at the helm Ho Kah Meng: http://infopub.sgx.com/FileOpen/HKM_Past...eID=307856 Guoco Leisure maintained a positive outlook for its UK Hospitality Division: http://infopub.sgx.com/FileOpen/GL-FY30J...eID=312745 The planned refurbishment programme for our hotels is in progress and is expected to continue over the next 12 months. The impact of rooms not available for sale due to the refurbishment will continue to be felt over this period. The London market is expected to continue to grow over the next few quarters, albeit at a slower pace, with most, if not all, of the growth likely coming through rising average daily rate as occupancy levels have peaked across the city. The group is on track to complete the refurbishment and open the first hotels under its new brands - ‘Amba’ and ‘every’ at the end of 2014. Since Quek's failed attempt to delist parent holding co Guoco Group in HK, there was no corporate activities apart from the continued changes at the helm of the asset heavy but traditionally low returns UK hotels. http://www.valuebuddies.com/thread-1908-...l#pid84072 Latest annual report also confirmed my previous postings on the Bass Straits royalties with income streams expected to be sustained for another 25 years but with focus shifting from oil to gas. Share price has been holding well above 96, is something brewing at this undervalued UK Hotelier with cash royalities from down under and stalled assets of Molokai Ranch in Hawaii and resort assets in Fiji? Vested GG
14-10-2014, 10:13 AM
Long Post on Real value of Guoco Leisure
You read here first time as I do not think any analysts did a simple exercise based on official documents. 8.0 THE VALUATIONS We are of the opinion that the Market Values on the bases previously described of the freehold, long and short leasehold interests in the Properties in their current condition, Summaries of which are provided in the Appendix, as at 31 January 2013 are as follows: Market Value GB£ Freehold Properties Occupied for the Purposes of the Business The Tower – a Guoman Hotel, St Katharine’s Way, London E1W 1LD 230,000,000 Thistle Kensington Gardens, Bayswater Road, London W2 3HL 42,000,000 Total Freehold Properties 272,000,000 Long Leasehold Properties Occupied for the Purposes of the Business Royal Horseguards and One Whitehall Place – a Guoman Hotel, Whitehall Court, London SW1A 2EJ 140,000,000 Charing Cross – a Guoman Hotel, Strand, London WC2N 5HX 92,000,000 Thistle Heathrow, Bath Road, Longford, West Drayton UB7 OEQ 10,000,000 Thistle Marble Arch, Bryanston Street, Marble Arch, London W1H 7EH 235,000,000 The Grosvenor – a Guoman Hotel, Buckingham Palace Road, London SW1W OSJ 105,000,000 Total Long Leasehold Properties 582,000,000 Short Leasehold Properties Occupied for the Purposes of the Business The Cumberland – a Guoman Hotel, Marble Arch, London W1A 4RF 15,000,000 Thistle Trafalgar Square, Whitcomb Street, Trafalgar Square, London WC2H 7HG 5,400,000 Bloomsbury Park, 126 Southampton Row, London WC1B 5AD 3,000,000 Thistle City Barbican, 120 Central Street, London EC1V 8DS 2,000,000 Thistle Edinburgh, 107 Leith Street, Edinburgh EH1 3SW Nil Thistle Euston, Cardington Street, London NW1 2LP 9,500,000 Thistle Hyde Park, Hyde Park, Lancaster Gate, London W2 3NR Nil Thistle Piccadilly, Coventry Street, London W1D 6BZ 1,500,000 Stephenson House, 67-87 Hampstead Road & 146-162 Drummond Street, London NW1 2PL Nil Total Short Leasehold Properties 36,400,000 Aggregate Total 890,400,000 Source: Christie + Co The above aggregate total represents the sums of the Market Values ascribed to the individual Properties and should not necessarily be regarded as Valuation of the Properties as a whole or a portfolio in the context of a sale as a single lot. APPENDIX III PROPERTY VALUATION OF THE GUOCO GROUP – III-179 – GBP 890.4m @ 1.60 = US$1.4246bn, its 10.7% above latest book value of US$1.2868bn Table 1 MOLOKAI PROPERTIES LIMITED AGGREGATE PORTFOLIO VALUE Islands of Molokai and Oahu, Hawaii Asset Use Group Land Area Acres Concluded Values West Agricultural Lands 41,280.694 $78,434,000 Central Agricultural Lands 2,590.268 $4,921,000 Southeast Agricultural Lands 3,557.601 $6,759,000 Independent Conservation Lands 4,116.740 $2,470,000 Kaunakakai and Maunaloa Commercial Properties 28.825 $9,987,000 Kualapuu and Maunaloa Industrial Properties 84.751 $11,741,000 Maunaloa Residential Properties 21.502 $5,145,000 Residential Potential Urban Expansion lands 294.992 $9,940,000 Kaluakoi Interior Resort Lands 176.015 $25,060,000 Kaluakai Oceanfront Resort Land 100.575 $16,320,000 Kaluakoi Interior Expansion Lands 1,091.259 $4,580,000 Papohaku Ranch Lots and Kaupoa Beach Camp 841.959 $9,616,000 Maunaloa and Kaluakoi Hotel Properties 28.924 $14,890,000 Kaluakoi and Ironwood Golf Courses 222.327 $3,020,000 Infill Lots 2.619 $226,000 Contributory Value of Telecommunication Licenses – $3,858,000 Contributory Value of Other Lease Agreements – $103,000 Molokai Properties with No Market Value 197.033 $0 Honolulu Corporate Office Space (Rented) – $0 Aggregate Value of Various Asset Groups 54,636.084 $207,070,000 Less Estimated Cost of the Desalination Plant ($5,000,000) Concluded Retail Value of the Portfolio Assuming Multiple Buyers $202,070,000 Source: The Hallstrom Group, Inc., January 31, 2013. The Hallstrom Group, Inc. has previously appraised MPL’s real estate assets; our last prior valuation was as of December 31, 2005. At that time, MPL, also commonly referred to as Molokai Ranch, was managing a ranching operation, various tourist oriented facilities, including the refurbished Kaluakoi Golf Course, and several commercial and residential properties in Maunaloa Village. Some of the tourist oriented facilities, such as the Kaluakoi Hotel and the luxury Molokai Lodge had been shuttered. At the end of March 2008, following several years of delays from local opposition to then existing development plans for its beachfront La’au Point lands, Molokai Ranch closed active operations. Most recently, beginning in 2011, the firm has been addressing new plans for the ranch and resort that will focus on positively interfacing with the Molokai community. Included in this larger vision are expansion of animal husbandry alternatives; revisiting potential uses for the Kaluakoi Hotel and the Molokai Lodge facilities; considering biofuel development possibilities as a supplement to solar, and restoration of commercial uses in Maunaloa Village. New additional economic venues, such as hosted hunting, film production using the ranch as a movie venue, and a wind farm are also being explored. The ranch’s closure at the end of March 2008 occurred during a period of extended economic instability for the mainland United States and the State of Hawaii. Hawaii’s economy was in a contraction phase throughout 2008 and 2009, which was followed by a stabilization and recovery trend in 2010 and 2011. Forecasts for the current 2012 calendar year are for modest economic gains in certain sectors which have been largely fueled by the State’s fully recovered visitor industry. Although the ranch has not yet reopened many of its former operations, there is the expressed commitment of doing so. As an overlay for this valuation assignment, the appraisers have assumed implementation of a renewed vision for Molokai Ranch that will establish consumer confidence to the area. Based on our research and analysis, and subject to the limiting conditions and assumptions outlined in the body of this report, it is our opinion the aggregate retail value of the properties in the portfolio under the assumption of individual sale to multiple buyers, as of January 31, 2013, was: TWO HUNDRED TWO MILLION SEVENTY THOUSAND U.S. DOLLARS ($202,070,000) All values are expressed in United States dollars ($=U.S.D.) throughout the report. Respectfully submitted, THE HALLSTROM GROUP, INC. James E. Hallstrom, Jr., MAI, CRE I will leave Molokai alone as it appears to be a legacy from the BIL days that is unlikely to see any day light soon. Overall, RNAV should be at least US$1.03 based on the valuations done 18 months ago. However, the fact that the old guards at the UK hospitality has been constantly renewed means that Quek could be paying good attention to extract potential and value from the hotel arm there. Akan Datang Watch Quek's space GG
17-10-2014, 09:34 PM
http://infopub.sgx.com/FileOpen/GuocoLei...eID=318631
1Q results non event The refurbishment programme for our hotels is in progress and is expected to continue over the next 12 months. The impact of rooms not available for sale due to the refurbishment will continue to be felt over this period. The London hotel market is expected to continue to grow over the next year albeit at a slower pace, with most, if not all, of the growth likely coming through rising average daily rate as occupancy levels have peaked across the city. The soft launch of group’s first hotel under its new “Amba” brand will take place in the final quarter of 2014. The group is on track to complete the refurbishment and expects to open the first hotel under its new “every” brand in the first quarter of 2015.
17-10-2014, 11:02 PM
The rapid changes at the helm of Guoco Leisure's key UK unit especially since Apr 2012 could be indicative of Quek's focus to unlock value of the UK portfolio of hotels.
Vested GG ESOS and Change In Key Management Personnels: 16 Dec 2010: http://infopub.sgx.com/FileOpen/GL_Grant...eID=126726 5.3m exercisable @ 0.7149 expiring 16 Mar 14 of which 5.0m granted to CEO 14 Nov 2011: http://infopub.sgx.com/Apps?A=COW_CorpAn...8f31e6ee7d Mr Nicholas, who has led Molokai Properties Limited (MPL) since 2002 as its Executive Director, plans to retire from this role on 31 December 2011 but will continue to oversee the Companys investments in Fiji. As separately announced by the Company today, Mr Clay R. Rumbaoa has been appointed as Executive Director of MPL effective 14 November 2011 and will have a handover period with Mr Nicholas to facilitate a smooth transition. http://infopub.sgx.com/Apps?A=COW_CorpAn...168cdb8f88 As the Executive Director of Molokai Properties Limited, Mr Rumbaoa is responsible for the overall strategic and operational management of the Companys Molokai investment. http://infopub.sgx.com/Apps?A=COW_CorpAn...4a36f82fb9 Mr Scoble has over 20 years' experience in general and financial management in the hotel and restaurant sector, both in the UK and internationally. He is a qualified Chartered Accountant with the Institute of Chartered Accountants in England and Wales. Mr Scoble joined the Group in 2006 as Chief Executive Officer of Guoman Hotels and was subsequently appointed as Chief Executive Officer of the Group in January 2009. In a separate announcement to be issued by the Company today, Mr Scoble will relinquish his appointment as Chief Executive Officer of the Group and concurrently resign as an Executive Director of the Company. He will assume the role of Chief Executive Officer, GuocoLeisure, UK, so that he can focus his full time on managing the assets of the Group in the UK. Downgrade from CEO of GuocoLeisure to just UK... 2 Apr 2012: http://infopub.sgx.com/Apps?A=COW_CorpAn...d001c136dd Just few months after being relegated, Mr Scoble left due to personal reasons http://infopub.sgx.com/FileOpen/GL_TSRsg...leID=72440 Mr Premod P Thomas, an Executive Director assumed role as CEO of GL UK wef 1 May 2012 2 May 2013 http://infopub.sgx.com/Apps?A=COW_CorpAn...cc883c4b69 13 May 2013 http://infopub.sgx.com/FileOpen/GrantofS...leID=14264 79.9m ESOS of which 5.0m granted to CEO of GL UK, balance to employees exercisable @ $0.86 11 Jun 2013 NEWS RELEASE - "LAUNCH OF GLOBAL HOTEL COMPANY GLH. - LONDON'S LARGEST OWNER OPERATOR CHALLENGING THE STATUS QUO" http://infopub.sgx.com/Apps?A=COW_CorpAn...110613.pdf 1st major program under Premod P Thomas 9 Jun 2014 Rare Analyst Presentations focusing on GL UK: http://infopub.sgx.com/Apps?A=COW_CorpAn..._Jun14.pdf 1 Aug 2014 http://infopub.sgx.com/Apps?A=COW_CorpAn...2d9e46110f Retirement of Premod P Thomas. Premod P Thomas lasted 15 months in the position http://infopub.sgx.com/Apps?A=COW_CorpAn...a61fcbce39 This is an executive appointment. Mr Ho is appointed the Chief Financial Officer of the GuocoLeisure Limited Group responsible for the overall financial and management accounting functions of the Group. http://infopub.sgx.com/Apps?A=COW_CorpAn...ly2014.pdf
18-10-2014, 07:27 AM
I forgotten the latest change:
Michael Bernard DeNoma, 58. He has been awarded 25.0m ESOS alongside with others that were awarded 74.9m @ 0.86 back in May 2013. http://infopub.sgx.com/Apps?A=COW_CorpAn...a23b6e7d1a Mr DeNoma's appointment was approved by the Board of Directors upon the recommendation of the Nominating Committee ("NC"). The NC had reviewed the qualifications and experience of Mr DeNoma. Executive. He will be responsible for strategic direction, business development and overseeing the overall operation of the Group. Chief Executive Officer and Director 2012 to Present: Chief Executive Officer of GLH Hotels Limited, GL's UK subsidiary 2010 to 2012 : Chairman and Chief Executive Officer of CTBC Bank Co., Ltd 1999 to 2009: Chief Executive Officer of the Global Consumer Bank at Standard Chartered Bank. GuocoLeisure Limited: 100,000 shares Options to subscribe for 25,000,000 shares http://infopub.sgx.com/Apps?A=COW_CorpAn...rector.pdf GG (17-10-2014, 11:02 PM)greengiraffe Wrote: The rapid changes at the helm of Guoco Leisure's key UK unit especially since Apr 2012 could be indicative of Quek's focus to unlock value of the UK portfolio of hotels. |
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