Croesus Retail Trust

[Nick]

The DRP price for the recent dividend has been set at $0.7675. This translates to 45 scrip shares per 1,000 shares.

http://infopub.sgx.com/FileOpen/CRT_DRP_...eID=390288

(Vested)

[starcraft_76]

What could have cause a trading Halt for this?

[mon]

There was an announcement made last night...
LAUNCH OF PRIVATE PLACEMENT TO RAISE GROSS PROCEEDS OF UP TO
S$53.9 MILLION (INCLUDING THE UPSIZE OPTION)

[starcraft_76]

The Trustee-Manager send notices of its intent to purchase to the vendor of Mallage Saga, in order to extend its first right to negotiate or the purchase of the property until June 2016.

http://www.croesusretailtrust.com/attach...780_en.pdf

[cyclone]

New structure as compared to other listed REITs and business trusts, which are under the external management model.

Proposed Internalisation of Trustee-Manager

Key rationale for the proposed Internalisation
1, Cost Savings. Post Internalisation, CRT is expected to realise annual cost savings from the elimination of management fees, including any acquisition or divestment fees, effectively lowering the transaction costs from future investments or divestments, and enhancing the potential accretion from such transactions. The financial benefits to Unitholders will become more significant as CRT continues to grow its portfolio of assets post Internalisation.

2 Stronger alignment of interests between the board of directors, management and Unitholders. The beneficial ownership and control of the Trustee-Manager will belong to the Unitholders post Internalisation. This will result in Unitholders gaining the right to endorse the appointment of the Trustee-Manager’s directors, strengthening the alignment of interests between all parties.

More details in : http://infopub.sgx.com/FileOpen/CRT_Inte...eID=408606

[sykn]

I tried reading the announcement a few times over but I cannot make sense of what they are trying to say. Is there someone who does and can you share with the rest of us please? Thanks in advance.

[AQ.]

I tried reading the announcement a few times over but I cannot make sense of what they are trying to say. Is there someone who does and can you share with the rest of us please? Thanks in advance

All reits in Sg employ an external manager i.e. the P&L of the manager belongs to another party.
E.g. Manager buys Japanese mall for CRT and gets $1mio as fees. The $1mio goes to manager.

Now CRT wants to buy over the manager so essentially it is internally owned i.e. P&L of manager belongs to CRT now.
In the above scenario, the manager still gets $1mio fee. But since CRT owns the manager, the fees go back to CRT and is eliminated on a group level.

This comes at a price of course - CRT is doing a 1 for 22 rights issue to fund the acquisition of the manager for ard $50mio.

[punklitez]

the Manager has been very competent in the area of A&A. Mallage shobu is a great success story as written in this initiation report. 

https://heartlandboy.com/initiation-repo...ail-trust/

in its latest results, the Manager mentioned that it is negotiating with potential tenants for new building plans at Torius. Occupancy at Feeeal Asahikawa has also gone up in the latest quarter. mgmt also guided that the internalisation has led to greater cost savings than forecasted. currency hedging will be at more attractive rates from June 2017 onwards. 

think there will be more DPU uplift in the quarters to come.

http://infopub.sgx.com/FileOpen/CRT_2QFY...eID=439021

[cyclone]

Croesus Retail Asset Management Pte. Ltd. (the “Trustee-Manager”), as trustee-manager of Croesus Retail Trust (“CRT”), announced that it has been approached in connection with a potential transaction which may or may not lead to an acquisition of all the issued units in CRT (“Units”). Discussions are preliminary and there is no certainty or assurance whatsoever that these discussions will result in any transaction. The Trustee-Manager has appointed Citigroup Global Markets Singapore Pte. Ltd. as its financial adviser in connection with such approach.

[cyclone]

Net Asset Value per Unit as at 31 December 2016 = JPY 77.89 ~ SGD 0.97

Last trading price as at 26/04/2017 14:47 GMT+8 is SGD 0.98