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09-11-2015, 12:12 PM
Even though share price has gone up over 20% this morning after the following announcement, if the deal could be completed as outlined, estimated net proceed from the sale would amount to about SGD 1.76 per share, which is close to the current share price......................
http://infopub.sgx.com/FileOpen/IPC_Anno...eID=376948
PROPOSED DISPOSAL OF SEVEN HOTELS IN JAPAN
“Following Completion, the Board intends to distribute the net proceeds from the Proposed Disposal to Shareholders by way of a capital reduction exercise. The Company will update Shareholders in due course and make further announcements as and when details of the capital reduction are finalised. “
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Here is my interpretation. Comments are most welcomed.
As at 30-Sep-2015:
Total Assets ( SGD million) :
Cash and Cash Equivalent = 71.969 (or SGD 0.84 per share)
Investment properties = 122.224
Financial assets, available for sale = 20.295
Other assets = 98.316
Total Assets = 312.804
Total Liabilities (SGD million) :
Borrowings (current + non-current) = 83.242
Other Liabilities = 13.414
Total Liabilities = 96.656
Net Assets = (Total Assets) – (Total Liabilities) = 216.148 million (or SGD 2.48 per share, of which cash per share = SGD 0.84)
After the sale of investment properties:
Estimated sale proceed after tax = 119.43 + 31.12 = 150.55 m ( or SGD 1.76 per share)
Total Assets ( SGD million) :
Cash and Cash Equivalent = 222.519 ( or SGD 2.61 per share )
Investment properties = 0.00
Financial assets, available for sale = 20.295
Other assets = 98.316
Total Assets = 341.13
Total Liabilities (SGD million) :
Borrowings (current + non-current) = 83.242 (or SGD 0.98 per share )
Other Liabilities = 13.414
Total Liabilities = 96.656
Net Assets = (Total Assets) – (Total Liabilities) = 244.474 million ( or SGD 2.86 per share, of which cash per share = SGD 2.61 )
If all borrowings were to be paid off after the sale of investment properties:
Total Assets ( SGD million) :
Cash and Cash Equivalent = 139.277 ( or SGD 1.63 per share )
Investment properties = 0.00
Financial assets, available for sale = 20.295
Other assets = 98.316
Total Assets = 257.888
Total Liabilities (SGD million) :
Borrowings (current + non-current) = 0.00
Other Liabilities = 13.414
Total Liabilities = 13.414
Net Assets = (Total Assets) – (Total Liabilities) = 244.474 million ( or SGD 2.86 per share, of which cash per share = SGD 1.63 )
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http://infopub.sgx.com/FileOpen/IPC_Anno...eID=376948
PROPOSED DISPOSAL OF SEVEN HOTELS IN JAPAN
“Following Completion, the Board intends to distribute the net proceeds from the Proposed Disposal to Shareholders by way of a capital reduction exercise. The Company will update Shareholders in due course and make further announcements as and when details of the capital reduction are finalised. “
___________________________________________________________________________________________________________________________________
Here is my interpretation. Comments are most welcomed.
As at 30-Sep-2015:
Total Assets ( SGD million) :
Cash and Cash Equivalent = 71.969 (or SGD 0.84 per share)
Investment properties = 122.224
Financial assets, available for sale = 20.295
Other assets = 98.316
Total Assets = 312.804
Total Liabilities (SGD million) :
Borrowings (current + non-current) = 83.242
Other Liabilities = 13.414
Total Liabilities = 96.656
Net Assets = (Total Assets) – (Total Liabilities) = 216.148 million (or SGD 2.48 per share, of which cash per share = SGD 0.84)
After the sale of investment properties:
Estimated sale proceed after tax = 119.43 + 31.12 = 150.55 m ( or SGD 1.76 per share)
Total Assets ( SGD million) :
Cash and Cash Equivalent = 222.519 ( or SGD 2.61 per share )
Investment properties = 0.00
Financial assets, available for sale = 20.295
Other assets = 98.316
Total Assets = 341.13
Total Liabilities (SGD million) :
Borrowings (current + non-current) = 83.242 (or SGD 0.98 per share )
Other Liabilities = 13.414
Total Liabilities = 96.656
Net Assets = (Total Assets) – (Total Liabilities) = 244.474 million ( or SGD 2.86 per share, of which cash per share = SGD 2.61 )
If all borrowings were to be paid off after the sale of investment properties:
Total Assets ( SGD million) :
Cash and Cash Equivalent = 139.277 ( or SGD 1.63 per share )
Investment properties = 0.00
Financial assets, available for sale = 20.295
Other assets = 98.316
Total Assets = 257.888
Total Liabilities (SGD million) :
Borrowings (current + non-current) = 0.00
Other Liabilities = 13.414
Total Liabilities = 13.414
Net Assets = (Total Assets) – (Total Liabilities) = 244.474 million ( or SGD 2.86 per share, of which cash per share = SGD 1.63 )
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Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.
