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Accordia Golf Trusts
29-11-2019, 03:57 PM.
Post: #71
RE: Accordia Golf Trusts
Who is the party that has made the non-binding proposal to acquire AGT's golf courses?
Either MBK or someone else. If it is someone else, maybe MBK will be putting up a fight unless they are well rewarded, including the golf assets they had acquired past few years (Accordia and orix). I never know why they wait till now (even 2 years ago when they took accordia) when they were already looking at the whole package even before 2014 IPO of AGT. A change in the business or the environment?

I will not try to estimate the proposed price here as it will surely be revealed shortly when the AGT board engage an adviser and announce the details.
But I am feeling a bit cheated that this happened shortly after they had a downward -20% revaluation of their NAV. A potential flood prevention project by authority was given as reason for the greatly decreased value of a course. Few details were provided.
Overall the business seems stabilized and there are some positive factors due to olympics and golf being an event, and japan boosting tourism through integrated resorts. All these were visible when the units were for sale at 50 to 60c per piece.

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29-11-2019, 07:28 PM.
Post: #72
RE: Accordia Golf Trusts
(29-11-2019, 03:57 PM)Mushy Wrote: Who is the party that has made the non-binding proposal to acquire AGT's golf courses?
Either MBK or someone else. If it is someone else, maybe MBK will be putting up a fight unless they are well rewarded, including the golf assets they had acquired past few years (Accordia and orix). I never know why they wait till now (even 2 years ago when they took accordia) when they were already looking at the whole package even before 2014 IPO of AGT. A change in the business or the environment?

I will not try to estimate the proposed price here as it will surely be revealed shortly when the AGT board engage an adviser and announce the details.
But I am feeling a bit cheated that this happened shortly after they had a downward -20% revaluation of their NAV. A potential flood prevention project by authority was given as reason for the greatly decreased value of a course. Few details were provided.
Overall the business seems stabilized and there are some positive factors due to olympics and golf being an event, and japan boosting tourism through integrated resorts. All these were visible when the units were for sale at 50 to 60c per piece.

Downgrade 20%? 

In fact the NAV has increase by 7% from Mar 71c to Sep 76c.

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29-11-2019, 09:44 PM.
Post: #73
RE: Accordia Golf Trusts
(29-11-2019, 07:28 PM)Ray168 Wrote:
(29-11-2019, 03:57 PM)Mushy Wrote: Who is the party that has made the non-binding proposal to acquire AGT's golf courses?
Either MBK or someone else. If it is someone else, maybe MBK will be putting up a fight unless they are well rewarded, including the golf assets they had acquired past few years (Accordia and orix). I never know why they wait till now (even 2 years ago when they took accordia) when they were already looking at the whole package even before 2014 IPO of AGT. A change in the business or the environment?

I will not try to estimate the proposed price here as it will surely be revealed shortly when the AGT board engage an adviser and announce the details.
But I am feeling a bit cheated that this happened shortly after they had a downward -20% revaluation of their NAV. A potential flood prevention project by authority was given as reason for the greatly decreased value of a course. Few details were provided.
Overall the business seems stabilized and there are some positive factors due to olympics and golf being an event, and japan boosting tourism through integrated resorts. All these were visible when the units were for sale at 50 to 60c per piece.

Downgrade 20%? 

In fact the NAV has increase by 7% from Mar 71c to Sep 76c.

Sorry, i used ballpark figure. The actual NAV decrease during that "bad" quarter was 23.7%.
NAV/unit as at 31 Dec 2018 was 0.93SGD (Ref Financial Results for 3Q FY18/19)
NAV/unit as at 31 Mar 2019 was 0.71SGD (Ref Financial Results for 4Q and Full Year FY18/19)
I was referring to this sudden decrease of NAV by 23.7% 3 months later without much explanations. I tried to work out the numbers but could not add up to this amount of 23.7% decrease.

With today's activities, AGT has become 35% of my stocks portfolio, scaring me.

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01-12-2019, 09:35 PM.
Post: #74
RE: Accordia Golf Trusts
Can a lowball offer succeed?
The public float had been increasing last 2 years.
Info from AR:
2015 45.9%
2016 41.72%
2017 41.08%
2018 51.2%
2019 58.95%

Back in 2016 agm, I asked one of the directors how much of the trust units are held by Singaporean and Japanese investors. My original intention was to determine why they were hesitant do to currency hedge. He gave me 2 numbers. Singaporean 15%, Japanese 17%. I wonder how much have changed now.

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