Metro Holdings

[Big Toe]

Maybe it's time to change their names,
Jopie wrong, dennis fool....

[Blackjack]

I saw that post on sammyboy forum... Lol... Wait, don't ask me what i was doing there...

LOL. nice.

[tonylim]

METRO HOLDINGS LIMITED

INTENT TO DIVEST IN THE ORDINARY COURSE OF BUSINESS BY METRO
HOLDINGS LTD GROUP OF ITS INVESTMENT IN JOINTLY CONTROLLED
ENTITY OWNING METROCITY BEIJING

The Board of Directors of Metro Holdings Limited (“Metro” or the “Company”)
wishes to announce that Metro City Beijing Pte Ltd (“MCBPL”), a wholly-owned
subsidiary of Metro China Holdings Pte Ltd who in turn is a wholly-owned
subsidiary of the Company, has with China National Arts & Crafts (Group) Corp
(“CNAC”), placed their respective 50% equity interest in Beijing Huamao Property
Co Ltd (“Huamao”) on the China Beijing Equity Exchange (“CBEX”) for tendering
and bidding under the rules of CBEX for state-owned equity transfers. Huamao
owns the retail property known as MetroCity Beijing.
The Company wishes to clarify that the placing by CNAC of its 50% equity interest
in Huamao on the CBEX is in compliance with its obligations as a state-owned
enterprise. The Metro Group intends to divest its 50% equity interest in Huamao at
the same time and on similar terms.
The Company also wishes to inform that there is no assurance that the bidding
process will lead to a sale of the Metro Group’s 50% equity interest in Huamao.
Accordingly, shareholders of the Company are advised to exercise caution in their
dealings in the shares of the Company.
The Company will release the relevant announcement when further material
developments occur.
By Order of the Board
Tan Ching Chek and Lee Chin Yin
Joint Company Secretaries
14 April 2011

[dydx]

Metro has just released a set of good FY11 (ended 31Mar11) full-year results and is rewarding shareholders with (a) a total $0.03/share in Final+Special dividends, (b) a 1-for-5 bonus issue, and © as a extra special treat - the new bonus shares will likely be entitled to the total $0.03/share dividends as well (Reference: p4 para 4 of the press release).....
http://info.sgx.com/webcoranncatth.nsf/V...B00387DB3/$file/fullyearesults.pdf?openelement [Results announcement]
http://info.sgx.com/webcoranncatth.nsf/V...B0034F111/$file/AnnOnBonusIssue.pdf?openelement [Bonus announcement]
http://info.sgx.com/webcoranncatth.nsf/V...B003C2EA1/$file/pressreleasefullyearresults.pdf?openelement [Press release]
http://info.sgx.com/webcoranncatth.nsf/V...5002392CB/$file/AnnOn26May11.pdf?openelement [Latest valuation of property portfolio]

Time to pop a bottle of champagne!

[valuehunter]

The company has a history of issuing bonus shares. What is more gratifying is that these bonus shares are also entitled to the dividends! This indeed is a pleasant surprise!

Taking into account the current NAV of 155.4c and its net cash position, together with the quality of its properties, a pertinent question is whether the company is valued fairly by Mr Market. My opinion is that Metro is still viewed (rightly or wrongly) by many as being in the retail industry when in fact it is the property segment that is bringing in most of the money.

[ngcheeki]

I'm actually looking forward of the sale of metro City beijing, as stated in the press release document (pg 5 of 7)

"Rental income from the Group’s investment properties is expected to remain stable,
subject to the impact of any disposal of Metro City Beijing materialising further to the
announcement of the intent to divest dated April 14, 2011."

What will be the price tag?? It should be at least S$337 million. This means metro Holding cash level will increase S$168 million. There should be more dividend coming in the coming half year result if the sale goes through.

Based on the AR2010, the valuation of the Metro City Beijing is approximately S$337 millions. The following is the further detail of the property.

Metro City, Beijing is a 5-storey, 2-basement retail mall with almost
117,000 square metres of nett lettable area. It is located in East Beijing,
in the Chaoyang District, a major district with a population of over 1.7
million.

Metro City, Beijing, which is still undergoing adjustments of its retail
tenant mix, achieved an occupancy rate of 74.6% as at March 31, 2010.

% owned by Group 50%
Site area (sqm) 32,484
Lettable Area (sqm) 116,973
Tenure 40 year term from 2004
No. of Tenants 14
Occupancy Rate (%) 74.6
Valuation (100%) S$337 million

vested.

[tonylim]

Strong buying continues.

[dydx]

Per today's (17Jun11) announcement, Metro has contracted to sell - under a conditional equity transfer framework agreement - its 50% interest in the retail complex Metro City Beijing for Rmb688.5 (approx. $132.0m) in cash.....
http://info.sgx.com/webcoranncatth.nsf/V...200425705/$file/divestmentmetrocitybeijing.pdf?openelement
When completed, this disposal will bring in new cash of approx. $132.0m and a gain of approx. $87.4m, to Metro.

As at 31Mar11, Metro had outstanding 651.56m issued shares (excluding 2.469m treasury shares) and 39.825m warrants (expiry: 22Sep11) convertible into new shares at $0.63/warrant. NAV/share stood at $1.554. Assuming all the warrants are converted into new shares soon, Metro's issued shares base will increase to 691.385m, and NAV/share will be revised downwards to $1.50.

Based on the enlarged issued share base of 691.385m shares, the disposal of Metro City Beijing, when completed, will have a huge $0.1264/share positive impact on Metro's EPS and NAV/share, on top of adding new cash of $0.1909/share.

I guess Mr Market should be enthusiastic about Metro and this event come Monday and most of next week, bearing in mind the still fresh attraction of the declared (a) total $0.03/share in Final+Special dividends, and (b) 1-for-5 bonus share issue, which will also be entitled to the total $0.03/share dividends.

[tonylim]

Do not think the 1 for 5 bonus shares are entitled to the coming 3 cents dividend which was just declared.

[Nick]

Do not think the 1 for 5 bonus shares are entitled to the coming 3 cents dividend which was just declared.

Metro FY Press Release:

In addition, to reward its loyal shareholders and increase trading liquidity, the Group
is proposing a 1 for 5 bonus issue. The actual number of bonus shares will depend
on the total number of issued shares as at books closure date (“BCD”). Accordingly,
the bonus shares will be issued to entitled shareholders pari passu (equably) in all
respects with the existing issued shares of the Group. Consequently, the total payout
ratio may increase should the date of issue of the bonus shares fall before the record
date for dividends as at BCD, whereby shareholders of bonus shares will be entitled
to a dividend payout. For illustrative purpose, based on 651,910,193 issued shares
(excluding treasury shares) and as at the date of this Announcement, assuming that
none of the outstanding warrants are converted into new shares, 130,382,038 bonus
shares will be issued.

http://info.sgx.com/webcoranncatth.nsf/V...penelement [Full Press Release]