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This CEO Kelvin fellow was formally from Cambridge reit, that reit was almost collapsed few years ago when he was still there.
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The manager just want to increase the AUM to earn more management fees, this will not be the first and last private share placement.
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This transaction is remarkable in the following ways:
1) Very fast placement.
Launch: 1.44am
Close: 2.06am
Probably due to small placement size but still a record to beat - 22 minutes only!
No need for trading halt.
2) Rationale for acquisition of property is qualitative only.
No quantitative rationale eg. yield accretion.
In fact, I couldn't find details of the income of the acquired property in the notice of acquisition!
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13-09-2013, 10:00 AM
(This post was last modified: 13-09-2013, 10:02 AM by felixleong.)
the gearing was pretty high at around 37%, therefore a rights or placement eventually had to come
what we were expecting was around $1.05 placement
but maybe due to the poor market sentiments (recent decline in reits prices)
the price end up at $1.00 which is pretty weak
sabana investors react poorly and sold down their holdings
it fell 4% to $1.08
if they had done a rights issue for $1.00, 1 rights for every 2-5 shares, would you pick up? would it been more fair to investors this way?
on side note, whats the adjusted nav now? I think should be around $1.00 right?
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Based on the issued units and price, the 40M new units should not dilute the share by such an amount. Worked out to be around $1.09. Likely it due to weak market sentiment.
Why don't they issue it to me? At $1, I gladly take. Now already 7% profit.
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Angry!!
I want to participate in the rights issue, why do selfish private placement!!
life goes in cycles, predictable yet uncontrollable; just like the markets, but markets give you a second chance
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Think someone mentioned before, placement is fast, easy and don't have to go through much process.
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I think sabana management is making any shareholders angry
2 years ++ since ipo and it seems to be going back to where it started... $1.05
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