OUE (formerly: Overseas Union Enterprise)

[cyclone]

OUE unveils OUE Skyspace LA and firstof-its-kind Skyslide at U.S. Bank Tower

OUE Limited held a ribbon-cutting ceremony to launch the much-anticipated OUE Skyspace LA at the iconic U.S. Bank Tower.

The all-new OUE Skyspace LA is California's tallest open-air observation deck at almost 1,000 feet above downtown Los Angeles, and the premiere destination for 360-degree views of the city, stretching from the Hollywood Hills to the Pacific Ocean.

The OUE Skyspace LA experience includes a variety of interactive visitor touch points on floors 2, 54, 69 and 70. Besides taking in the spectacular panoramas from the two-storey observation deck on the upper floors, visitors can view the city like never before on the thrilling Skyslide attraction. Made entirely of clear glass, 1¼ inches thick, the Skyslide is a first-of-its-kind outdoor glass slide affixed to the exterior of U.S. Bank Tower, extending 45 feet long from floor 70 to floor 69, offering visitors a truly unparalleled experience.

[Image: skyslide.jpg]
Image Source : skyspace-la.com

[bardsmanship]

OUE Limited - OCBC Investment 2016-09-16: Share buybacks in the open market

OUE has been conducting company share buybacks in the open market and has so far has gone into the market on 8 occasions to purchase some 1.05m shares for S$1.7m, which translates to an average price of S$1.58 per share.

We believe that these share buybacks are accretive to shareholders at currently undervalued share prices, particularly after recent encouraging sales at OUE Twin Peaks after the group’s marketing efforts and the implementation of a deferred payment scheme. These sales at OUE Twin Peaks will significantly reduce the risk in the group’s asset valuations, in our view, and we see longterm value in OUE shares at current levels.

Looking ahead, we expect sales at Twin Peaks to continue into 2H16 and also look forward to the completion of asset enhancement works at OUE Downtown which is on track to complete by end 2016.

Maintain BUY with an unchanged fair value estimate of S$2.17.

[bardsmanship]

OUE Limited - OCBC Investment 2016-09-22: Attractive risk-reward at current prices

We believe that OUE’s shares offer attractive risk-reward at current levels, now trading at steep 63% discount to book value and some 8.5% above its 12 month low of S$1.47.

While the company does face headwinds in a muted property market, we see current share prices to be overly pessimistic.

The group’s recent efforts to market its OUE Twin Peaks project have met with significant success, with over 265 units sold out of 462 total units at an ASP above S$2.5k psf, which will significantly reduce the risk in the group’s asset valuations in our view.

Looking ahead, we expect sales at Twin Peaks to continue into 2H16 and also look forward to the completion of asset enhancement works at OUE Downtown which is on track to complete by end 2016.

Maintain BUY with an unchanged fair value estimate of S$2.17.

[cyclone]

Acqusition of shares in International Healthway Corporation Limited

OUE Investments Pte. Ltd., a wholy-owned subsidiary of OUE, has today acquired an aggregate of 208,070,058 ordinary shares in International Healthway Corporation Limited ("IHC") for a consideration of $0.077 per share for investment purposes.

IHC is listed on Singapore Exchange Securities Trading Limited. Following the acquisition, OUE now holds 12.54% of the total number of issued ordinary shares in IHC.

[cyclone]

154,133,950 * 0.077 = 11,868,314

Today, OUE Investments Pte. Ltd. acquired 154,133,950 shares in International Healthway Corporation for a consideration of S$0.077  per share.
Following this further acquisition, OUE now holds a resultant 21,83% of the total number of issued ordinary shares in IHC.

NAV per share of IHC = 0.1352 as at 30 Septermber 2016

[weijian]

Interesting. The Oxleys are loaning IHC money in the form of convertible loans and could end up owning having another effective 35.2% (excluding their existing stake, which will be slightly reduced if converted to shares). Are the Riadys and Oxley guys in good terms or suspicious of each others' intent instead? The party who makes another move to increase stake may actually trigger the mandatory G.O (>30%, under rule14 of the takeover code)

http://infopub.sgx.com/FileOpen/Updates....eID=438271

[YMPL]

Interesting. The Oxleys are loaning IHC money in the form of convertible loans and could end up owning having another effective 35.2% (excluding their existing stake, which will be slightly reduced if converted to shares). Are the Riadys and Oxley guys in good terms or suspicious of each others' intent instead? The party who makes another move to increase stake may actually trigger the mandatory G.O (>30%, under rule14 of the takeover code)

http://infopub.sgx.com/FileOpen/Announce...eID=438317

http://www.theedgemarkets.com.sg/article...-corp-2183

"The acquisition is widely seen as a move to protect its interest ahead of an extraordinary general meeting to be convened to vote on the proposed issuance of convertible loan facilities totaling $55 million at a 6% interest rate per annum to the IHC by Oxley Holdings and its controlling shareholders Ching Chiat Kwong and Low See Ching."

It seems more of "suspicious of each others' intent"...

[cyclone]

Proposed Issue of Convertible Bonds and Exchangeable Bonds

The company has priced a concurrent offering to institutional and other investors of:

1. S$154,750,000 1.50% convertible bonds due 2023 (the "Convertible Bonds"), convertible into ordinary shares in the capital of the Company @S$2.112 for each Conversion Share.

2. S$150,000,000 3.00% exchangeable bonds due 2023 (the "Exchangeable Bonds"), exchangeable into stapled securities of OUE Hospitality Trust @S$0.957 for each Stapled Security, each comprising one unit in OUE Hospitality Real Estate Investment Trust (“OUE H-REIT”) and one unit in OUE Hospitality Business Trust (“OUE H-BT”), stapled together pursuant to the terms of the stapling deed dated 10 July 2013.

The Convertible Bonds and Exchangeable Bonds will be issued in registered form in denominations of S$250,000 each.

More details in http://infopub.sgx.com/FileOpen/OUE_Prop...eID=492726

OUE last traded price as at March 14, 2018, 15:00 GMT+8 was S$1.88
OUE H-REIT last traded price as at March 14, 2018, 15:00 GMT+8 was S$0.85

[cyclone]

OUE Announces Succession Plan for Management Team
* Dr Stephen Riady, who is the Executive Chairman of the Company, will expand his existing role and become the Group Chief Executive Officer with effect from 1 January 2020
* Mr Brian Riady, currently the Chief Executive Officer, Hospitality Division of the Company, will be promoted to Deputy Chief Executive Officer of the Company with effect from 1 January 2020
* With effect from 15 October 2019, the Company has appointed Mr Chen Yi Chung, Isaac as the Chief Operating Officer of the Company.

More details in https://links.sgx.com/FileOpen/OUE_Succe...eID=581726

[¯|_(ツ)_/¯]

17 July 2020 Selling of U.S. Bank Tower below valuation OUE

OUE granted right of first refusal to OUE C-REIT to acquire U.S. Bank Tower at USD430m (click for details)

OUE C-REIT considered and decided to decline the offer as the proposed terms would not be accretive to OUE C-REIT's distribution per unit.
(click for details)

Sold to USBT Property Owner LP at $430m (below valuation of $650m) due to current market condition
(click for details)
The disposal will benefit OUE and its shareholders: 
a. longer term outlook of the US property market may not be favorable (reduced tenants, temporary closed down affect rental income), this divestment will enable OUE to recycle its capital for better opportunities
b. in the absence of opportunistic acquisition targets, will increase cash reserves, improve net gearing by paring down debts and remain nible in current uncertain global economic climate

Not expected to have material impact on NTA for FY ending 31 Dec 2020.
Expecting S$0.35 reduce in EPS - mainly non-cash due to differences of book value.

Wear mask and keep your social distance, everyone.