Sabana Shari'ah REIT

[ghchua]

If I remember correctly off-record, one property had been vacant and therefore no tenant.

[stam]

this REIT had been going downhill for the past few years.

[Gaudente]

http://infopub.sgx.com/FileOpen/20160722...eID=413852 quarterly DPU further down to 1.22 cents , NAV further down to 81 cents due to another portfolio devaluation ... these guys are on their way to win the prize for worst REIT ever 

[cyclone]

Underwritten and Renounceable Rights Issue to Raise Gross Proceeds of approximately S$80.2 million
Highlights :
* The rights issue will be offered on the basis of 42 Rights Units for every 100 Existing Units
* Deep discount to the closing price of S$0.505 per unit on 19 December 2016 (approximately 48.9%)
* Approximately S$76.8 million will be used to partially finance the acquisition by Sabana REIT of the three properties (approximately 95.8% of the gross proceeds) 
* The 3 properties are  (i) 107 Eunos Avenue 3, Singapore 409837  (ii) 72 Eunos Avenue 7, Singapore 409570 (iii) 47 Changi South Avenue 2, Singapore 486148
* Approximately S$3.4 million  will be used to pay for the total costs and expenses relating to the rights issue (approximately 4.2% of the gross proceeds)

More details in http://infopub.sgx.com/FileOpen/Sabana_R...eID=433514

[tonylim]

The manager is the only winner in this reit at the expense of the unitholders.

[Caelitus]

From SIAS website:

"a resolution may be put forward for voting at a general meeting if a requisition is made in writing by (i) shareholders holding not less than 5% of the voting rights, or (ii) not less than 100 shareholders holding shares in the company on which there has been paid up an average sum, per shareholder, of not less than $500.00."

'If the acquisitions are not yield-accretive (illogical) and the manager is seen to be making acquisitions senselessly (to churn fees), we just need 100 shareholders who can satisfy (ii) to make a statement to management.

[tonylim]

if they want to skin a cat , there are many way . Just avoid such management !

[Stephen]

Normally historically does price correct to terp price after date of announcement of rights or date of ex rights?

I know for dividends , price corrects on date of ex div..

[investor101]

Normally historically does price correct to terp price after date of announcement of rights or date of ex rights?

I know for dividends , price corrects on date of ex div..

Share price dropped from $0.50 to $0.44 since the announcement. Looks like shareholders think this is a bad deal and are bailing.

[specuvestor]

Amazing. Resorting to these kind of Yuzoo announcements for their rights issue

http://infopub.sgx.com/FileOpen/20161227...eID=434151