Asian Pay Television Trust (APTT)

[Temperament]

An article for those to read before considering investment into this IPO for the long run

http://www.marketwatch.com/story/why-the...e_carousel

Also relevant to Singtel & Starhub

HaH! Now i know why my son has stopped watching TV "long time ago". He can adapt to watch something "better" on his personal computer. But old folks like us still prefer to watch movies on normal TV screen though we read news and blog on our computer or tablet. So as more and more old folks like us are gone, then i believe what the article predict will come true. No one can stop the "Marching of TIME".

[Dividend Warrior]

An article for those to read before considering investment into this IPO for the long run

http://www.marketwatch.com/story/why-the...e_carousel

Also relevant to Singtel & Starhub

HaH! Now i know why my son has stopped watching TV "long time ago". He can adapt to watch something "better" on his personal computer. But old folks like us still prefer to watch movies on normal TV screen though we read news and blog on our computer or tablet. So as more and more old folks like us are gone, then i believe what the article predict will come true. No one can stop the "Marching of TIME".

Yes. The internet is going to be a big part of people's lives. In fact, it already is.

[CityFarmer]

good artile CY09. thanks for that.

i see what mediacorp wants to do with Toggle and how Netflix is modelling after HBO that the trend for Pay TV is to become an App that delivers exclusive content with some complementary ones that the users like to watch. It doesnt matter which device, as long as they have an account to Toggle.

Note that, like Newspapers, there might be localised cultural aspect. Taiwanese may be very traditional when it comes to how they consume that. Eventually, they can do a Toggle like service that rides on their infra.

TBC have a broadband component, and if their content is good, they would do ok since they own the pipe.

The broadband and fiber is still a must to deliver all these hd content.

Existing Pay-TV is a sunset business. Starhub's Pay-TV business is 16% of the overall sales, while Mio TV is less than 2% of SingTel's Singapore revenue. It seems the impact is much higher on Starhub

SingTel will invest 2 billion more into Digital Life group, which include the Mio TV business. SingTel may be able to turn the sunset business into a sunrise business...

[Nick]

http://info.sgx.com/webcoranncatth.nsf/V...90031896E/$file/AsianPayTVTrust_BallotingAnnouncement.pdf?openelement

Ballotting is out - looks very well subscribed considering the large public float.

(Not Vested)

[Temperament]

When will those opt for cash know how much they will get? Since subscription is successful, it should be good for this group who has opted for cash?
Even excess allotment:

Joint Bookrunners and Joint Underwriters”), has over-allotted an additional
71,840,000 Units (the “Additional Units”), all of which were allocated to the Placement.
Is this good news for people who opt for cash regardless of 1st day IPO trading price?

[Nick]

When will those opt for cash know how much they will get? Since subscription is successful, it should be good for this group who has opted for cash?
Even excess allotment:

Joint Bookrunners and Joint Underwriters”), has over-allotted an additional
71,840,000 Units (the “Additional Units”), all of which were allocated to the Placement.
Is this good news for people who opt for cash regardless of 1st day IPO trading price?

I thought MIIF already stated that the capital return from TBC sale is $0.4439 / unit ?

[Temperament]

When will those opt for cash know how much they will get? Since subscription is successful, it should be good for this group who has opted for cash?
Even excess allotment:

Joint Bookrunners and Joint Underwriters”), has over-allotted an additional
71,840,000 Units (the “Additional Units”), all of which were allocated to the Placement.
Is this good news for people who opt for cash regardless of 1st day IPO trading price?

I thought MIIF already stated that the capital return from TBC sale is $0.4439 / unit ?

I thought i read it where it stated it is an example only before IPO.

EXAMPLE: A Shareholder who holds 1,000 Shares as at the Record Date will receive a Cash Distribution of S$443.29 calculated as follows:
Entitlement = S x U
I
= 1,000 x 525,866,849
1,149,857,154
= 457 MIIF APTT Units (rounded down to the nearest whole number)
Cash Distribution = Entitlement x Final Offering Price
= 457 x S$0.97
= S$443.29

So if we take this example as "truth" for calculation of entitlement for those who opt for cash, isn't the extra allocations of APPT need to be taken into consideration also? Correct me if i am wrong?

[greengiraffe]

I have said this before... this is an unwanted offspring of MIIF. If it is good, it would have been trade saled.

For it to be IPO, it speaks of its trade salability.

Tomorrow, there will be tonnes of sellers - MIIF holders opting for APTT, staggers from both placement and public tranche. Just look at public tranche - 1m gets 750k if successful (36/50 chance)

Yield support here is a cold comfort if we look at Hutch Port.

Good luck to all.

Odd Lot Vested
GG

[weijian]

I thought MIIF already stated that the capital return from TBC sale is $0.4439 / unit ?

I thought i read it where it stated it is an example only before IPO.

So if we take this example as "truth" for calculation of entitlement for those who opt for cash, isn't the extra allocations of APPT need to be taken into consideration also? Correct me if i am wrong?

Hi Uncle Temperament, here is my understanding:

(1) The capital return is already fixed as mentioned by Nick. It is 443.29/lot. It is AN EXAMPLE for '1000units' calculation' but the return/share (ie. 443.29/lot) number is not an example.

(2) If u read the APTT pricing announcement again (1st few sentences of pg2), it has mentioned that there may be additional cash distribution (record date on 9th May) if the 'actual MIIF consideration payable' is more than the cash equivalent of MIIF APPT units'. I am not exactly sure what 'actual MIIF consideration payable' is, but it may mean the over-allocation portion that u have mentioned.

(3) If the over-allocation means returning this excess cash to shareholders and MIIF takes the cash for ~35mil shares (since it owns only half of TBC), then that is at least another cool 2cents/share?

---

I have said this before... this is an unwanted offspring of MIIF. If it is good, it would have been trade saled.

For it to be IPO, it speaks of its trade salability.

Tomorrow, there will be tonnes of sellers - MIIF holders opting for APTT, staggers from both placement and public tranche. Just look at public tranche - 1m gets 750k if successful (36/50 chance)

Yield support here is a cold comfort if we look at Hutch Port.

Good luck to all.

Odd Lot Vested
GG

Here are some statistics:

(1) Out of 525.8mil APTT units for MIIF, shareholders elected for 335.7mil APTT units. That is a 64% take-up rate. Taking away MIMAL's share, it is about evenly split between cash and scrip.

(2) Distribution of shares as below (estimation)
- Placement=530.5mil shares (~53%)
- MIIF holders=335.7mil shares (~33%)
- Public=70mil shares (7%)
- Over allocation=70mil shares (7%)

it does indeed look like there will be a supply gut tomorrow.

[xlandjy]

I have said this before... this is an unwanted offspring of MIIF. If it is good, it would have been trade saled.

For it to be IPO, it speaks of its trade salability.

Tomorrow, there will be tonnes of sellers - MIIF holders opting for APTT, staggers from both placement and public tranche. Just look at public tranche - 1m gets 750k if successful (36/50 chance)

Yield support here is a cold comfort if we look at Hutch Port.

Good luck to all.

Odd Lot Vested
GG

I am shocked. Those who applied 100 or 1000 lots are given more than 70% of the amount that they applied for. I cannot recall of such "GENEROSITY" in ipo allocation. for those who were allotted 700 lots, 1 cent down is $7,000 loss.