MacarthurCook Property Securities (MPS)

[propertyinvestor]

If Laxey is involved, you can be sure that MPS is holding on to some valuable stuff. You need a shrewed person to deal with another shrewed person. I dont trust the AIMS people. Whats this, George Wang kept building up his stake and now he calls for a rights issue?

[KopiKat]

Unfortunately at the moment I feel like the circling vultures is eyeing the flesh of my bone-thin body.

Given the steep discount to the current price; and an even steeper discount to my initial purchase, I will take the opportunity to average down in a significant manner. A case of desperation and throwing bad money after bad money? Maybe. We shall see how it goes.

In any case, the rights may not go forward if AIMS can't make a case.

Oops.. my sincere apologies to all who are vested.

If it's any consolation, I was vested since '07 and only divested in Feb-12. After seeing how the NTA seems to get halved every year from '08 onwards, I kind of came to a similar conclusion as Blackwall and decided to bite the bullet.

During Q112, I must have gone crazy as I finally plucked up enough courage to cut off a lot of my past follies eg. 90s Follies - Goldtron, IPC, Acma (now ChinaACorp) and 00s Follies - MPS, FSL, Rickmers, GTC. I still have a few that are economically not feasible to sell as the amount realised is lower than the sales proceeds ie. I have to top up to pay the broking charges if I were to sell.

I have convinced myself that I have now grown a bit more matured as an investor and I no longer need all these 'battle scars' to remind me not to commit similar follies (I hope).

Very painful for the heart to see me set a record in 'Realised Losses'. Fortunately, no impact on my own Total Net Worth as it'd always been computed using Market Valuations. Will work hard to make sure my Realised P/L + Dividends will end the year on a positive note even though I'm at this point in time, on par with STI performance for the year.

PS. I've asked my vultures to stop circling...

[swakoo]

In fact, I made a comment on AK71's blog the other day that everything linked to Australia (be it asset or personnel or company) seems destined for doomness.

When I read this last year, I couldn't help but concur after nearly getting burnt myself twice years ago with instruments originating from down under, and watching others bite the dust one by one.....

[propertyinvestor]

What about AIMSAMP REIT? Surely that one is good right?

[Zelphon]

What about AIMSAMP REIT? Surely that one is good right?

That depends on point of entry..

There was a fiasco between AIMS AMP REITS and CAMBRIDGE REIT about 2 yrs back..

I think you can goggle out the details easily..

From that turn of events, it appears that AIMS AMP REITS management is not fantastic and destroyed much of the value when they brought in AMP as the white knights...

I am still vested in AIMS AMP REITS..

But I will run when i see any signs of trouble..

[propertyinvestor]

In fact, I made a comment on AK71's blog the other day that everything linked to Australia (be it asset or personnel or company) seems destined for doomness.

When I read this last year, I couldn't help but concur after nearly getting burnt myself twice years ago with instruments originating from down under, and watching others bite the dust one by one.....

So Babcock and Brown, Macquarie, AIMS and AMP all cant be trusted?

[lonewolf]

During Q112, I must have gone crazy as I finally plucked up enough courage to cut off a lot of my past follies eg. 90s Follies - Goldtron, IPC, Acma (now ChinaACorp) and 00s Follies - MPS, FSL, Rickmers, GTC.

Oh.. I did the same thing last yr by clearing a lot of my non-performing stocks or past follies as you called it. Hindsight has proven that it was the correct decision to make as they have all fallen from my divested price despite the market being generally bullish.

What about AIMSAMP REIT? Surely that one is good right?

That depends on point of entry..

There was a fiasco between AIMS AMP REITS and CAMBRIDGE REIT about 2 yrs back..

I think you can goggle out the details easily..

From that turn of events, it appears that AIMS AMP REITS management is not fantastic and destroyed much of the value when they brought in AMP as the white knights...

I am still vested in AIMS AMP REITS..

But I will run when i see any signs of trouble..

Actually regardless of the baggage that was MI-REIT, I think you have to give AIMSAMP some credit for turning it around. Yes they did a lot of bad when they came on board, but they had also been doing some good things too.

When I divested from Cambridge to average down on AIMSAMP in July last year, I estimate it would take me 2 yrs to get back my investment. I was wrong; becos the rise in unit price, I am now positive on my investment in AIMSAMP. But like you, I'm looking closely for any signs of trouble.

[KopiKat]

Getting interesting... suspended again!

I went to check ASX Announcements and found one dated 26-Apr which may be the trigger? A complaint on their Rights Issue to the Australia Government - Takeover Panel, so not sure if MPS can proceed.

Link : ASX

[lonewolf]

Hmm.. wait a minute.

As disclosed by MPS in SGX announcement on 23 Apr , there is an application by Laxey to the Takeovers Panel 'seeking a declaration of unacceptable circumstances in relation to the Entitlement Offer.'

And now Perlous is doing the same thing?

Honestly the underwriting arrangement is one of the most complex I ever seen. And now that two rather big unitholders has make an application to the Australia Takeover panels, I think its fair to say that there's a chance the rights issue wont go forward.

*psst.. pass the popcorn.. where's my coke>?*

[KopiKat]

Halt lifted, latest SGX Annc.

Summary of SGX Annc,

1. Entitlement Offer (Rights Issue) withdrawn but will be re-launched asap with changes in terms listed in Annc - all shareholders will be entitled to apply for excess arising from non-Eligible ones instead of all flowing directly to (sub+)underwriters.

2. Laxley problem resolved by AIMS buying over their entire stake. AIMS will have 19.99%.

3. Pelorus complaint still outstanding. Pelorus will be offered opportunity as sub-underwriter and the Takover panel will try to resolve this complaint subject to the above and other conditions.

... Here's the popcorn... and the coke is already in your hands! Don't get too excited....