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danger Supreme	29-Oct-2019 08:32        danger About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	THE EDGE REPORTED AGAIN EHT ' s manager says ship repair cost of US$235 million grossly inaccurate as units trade at huge discount to NAV EHT  &rsquo s manager replied on Oct 28 that &ldquo   the Marine Survey&rsquo s estimate of scope of work and costs was grossly inaccurate and does not reflect UC&rsquo s actual obligations at the property. UC has been working with the City since 2016 to address any needed repairs. Presently, the City only requires repairs with respect to the noted items, which have a total estimated cost of up to US$7 million, such items will be paid for by UC utilizing the multiple capital reserve mechanisms built into the leases . Analysts are estimating that should the value of the Queen Mary be written down to zero, and she no longer contributes to rental income, EHT&rsquo s FY2020 DPU would drop by 22% to 5.12 US cents from 6.6 US cents, and EHT&rsquo s NAV would drop to 69 US cents from 87 US cents. EHT last traded at 54 US cents, a discount of 21.7% to its lowered 69 US cents and at 37.9% to book NAV, and at a DPU yield of 9.48% based on its projected DPU excluding The Queen Mary
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Goldfinger Supreme	29-Oct-2019 07:08        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Wait and see - there could be a small spike up but the uncertainty will persist and may trend down as others take opportunity to exit IPO positions. jamesng      ( Date: 28-Oct-2019 23:39) Posted: Anyone buying tomorrow???
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investshare Supreme	29-Oct-2019 06:37        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Should the Trust now sue and ask for compensation from UC for failing to deliver the ship? That is the way to protect minorities.
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investshare Supreme	29-Oct-2019 06:29        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Goodwill? Contract signed means obligations. uk1234      ( Date: 28-Oct-2019 22:15) Posted: > it looks more like Long Beach is dependent on UC goodwill to keep runnin the Queen rather than the other way around. Yes I concur. UC paid 100m for this, I think City at that time said this was the best deal they can get.  After so many ppl have failed including Disney.  It' s lucky someone willing to pick up the tab.  However  the City now has a party with interest in it, he will always try to push maximum benefit out of it.  This will be tricky business.  Remember UC envisioned a 250m landside investment.  Seems it didn' t happen, probably due to the sour relationship.  This boat is going to be the Basslink of EHT for years to come.  In the meantime, it generates 10m FIXED rend a year for the Reit, plus another possible 2m variable. (Just think about it, 12mil a year, on 140m purchase price)  The city thinks UC is making too much money out of it without committing more investment. For The Edge, this is your problem: the city' s letter never linked anything to do with that 2017 report of 287m.  You go and link it yourself and imply this is a 287m imminent obligation.  If tomorrow the share jumps back 15%, I think no need any shareholder, SIAS will probably ask for a probe.
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chengwh1 Elite	29-Oct-2019 02:13        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Exhibit 2 (Letter from Council to UC) says Council staff are now getting their own consultant to verify everything UC has said and provided ! Sounds a lot like what Cityspring/KIT has done with Hydro Tasmania... and is still doing ! Cityspring was the first IPO I got when I first started investing back then. Hence, the memories...
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chengwh1 Elite	29-Oct-2019 02:01        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	We salute the actions by the regulators to protect investors. Goldfinger      ( Date: 28-Oct-2019 22:13) Posted: Good to see the proactive clarifications. Even though they should have picked this up earlier - hope they have learnt their lesson. Best World should learn from this.
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chengwh1 Elite	29-Oct-2019 00:55        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Well,... we can talk a bit of Sabana then. If I had held Sabana till today, I would have lost 50% of my value. I bought again at 57.52 when the investor Jerry started the activity to oust the former CEO, Kevin,.. and tofay, I have lost 20.03%. I have all the measurements. I wouldn' t call this good ! Yes, I did read two days ago the Q3 results of Sabana. It caught my eye too that the y-o-y dpu payout for Sabana for 3QFY19 rose minutely compared to the 3QFY18 dpu payout. Truly.... looks like a turnaround, until I read that this increase is because of some one-off thing. laksaman57      ( Date: 28-Oct-2019 13:02) Posted: Sabana reit latest result was very good. All metric 👍 AEI will further improve results. On track to CEO's strategy. Also looking forward to potential merger. laksaman57      ( Date: 28-Oct-2019 12:13) Posted: Holders of Sabana reit did quite well leh 😊
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jamesng Master	28-Oct-2019 23:39        jamesng About Contact  Quote this Post!
x 0   x 0  Alert Admin	Anyone buying tomorrow???
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jzjustin Member	28-Oct-2019 23:13        jzjustin About Contact  Quote this Post!
x 0   x 0  Alert Admin	On the reverse side, EHT didn?t make public the letter from Long Beach - despite explicit language it ?MAY? be a default by month end. I don?t know - but I guess I am most wary of companies which has a culture of hiding the bad stuff and dressing up the good stuff (not sure if EHT is, purely by way of thinking out loud)..
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Goldfinger Supreme	28-Oct-2019 22:57        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yes agree the fear of a potential rights issue will create unnecessary uncertainty - but the Edge still should not have blown a bigger alarm than seems to be the case? jzjustin      ( Date: 28-Oct-2019 22:30) Posted: I don' t think the saga will end .. It seems Long Beach is using a carrot and stick approach - threaten, and then cajole Asked if the city has concerns about Urban Commons&rsquo financial ability to maintain the ship and meet its leaseholder obligations, Vallejo pointed to the firm&rsquo s move to go public on the Singapore Stock Exchange. &ldquo We do believe that they have access to additional revenue and that the development plan is still on course,&rdquo he said. https://www.lbbusinessjournal.com/queen-mary-leaseholder-not-meeting-obligations-city-says/ Unfortunately, it seems like the City is looking to the investing public in SG/beyond to be a cash cow . Unless and until this dynamic reverse (and I don' t know how to be honest), this is a drag on the REIT.  I am also concerned about potential dilutive rights issue - UC is dependent on the City to avoid a meltdown in share price based on current machinations and reality.. it easy and convenient (and politically expeditious) for politicians to be popular by bashing an ' evil' corproate with public listing funds .
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jzjustin Member	28-Oct-2019 22:30        jzjustin About Contact  Quote this Post!
x 0   x 0  Alert Admin	I don' t think the saga will end .. It seems Long Beach is using a carrot and stick approach - threaten, and then cajole Asked if the city has concerns about Urban Commons&rsquo financial ability to maintain the ship and meet its leaseholder obligations, Vallejo pointed to the firm&rsquo s move to go public on the Singapore Stock Exchange. &ldquo We do believe that they have access to additional revenue and that the development plan is still on course,&rdquo he said. https://www.lbbusinessjournal.com/queen-mary-leaseholder-not-meeting-obligations-city-says/ Unfortunately, it seems like the City is looking to the investing public in SG/beyond to be a cash cow . Unless and until this dynamic reverse (and I don' t know how to be honest), this is a drag on the REIT.  I am also concerned about potential dilutive rights issue - UC is dependent on the City to avoid a meltdown in share price based on current machinations and reality.. it easy and convenient (and politically expeditious) for politicians to be popular by bashing an ' evil' corproate with public listing funds .
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Goldfinger Supreme	28-Oct-2019 22:28        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Who was the author of the Edge article? uk1234      ( Date: 28-Oct-2019 22:15) Posted: > it looks more like Long Beach is dependent on UC goodwill to keep runnin the Queen rather than the other way around. Yes I concur. UC paid 100m for this, I think City at that time said this was the best deal they can get.  After so many ppl have failed including Disney.  It' s lucky someone willing to pick up the tab.  However  the City now has a party with interest in it, he will always try to push maximum benefit out of it.  This will be tricky business.  Remember UC envisioned a 250m landside investment.  Seems it didn' t happen, probably due to the sour relationship.  This boat is going to be the Basslink of EHT for years to come.  In the meantime, it generates 10m FIXED rend a year for the Reit, plus another possible 2m variable. (Just think about it, 12mil a year, on 140m purchase price)  The city thinks UC is making too much money out of it without committing more investment. For The Edge, this is your problem: the city' s letter never linked anything to do with that 2017 report of 287m.  You go and link it yourself and imply this is a 287m imminent obligation.  If tomorrow the share jumps back 15%, I think no need any shareholder, SIAS will probably ask for a probe.
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danger Supreme	28-Oct-2019 22:19        danger About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Sponsor will pay for Queen Mary repairs, says Eagle Hospitality Trust danger      ( Date: 28-Oct-2019 22:09) Posted: OCT 28, 2019 07:19 PM URBAN Commons, the sponsor of Eagle Hospitality Trust (EHT), is responsible for all the repair work that EHT's Queen Mary floating hotel requires, and these expenses will not come out of EHT's own pocket, the trust clarified on Monday.  EHT said: "The Reit manager believes that the marine survey's estimate of scope of work and costs was grossly inaccurate and does not reflect Urban Commons' actual obligations at the property. Urban Commons has been working with the City (of Long Beach) since 2016 to address any needed repairs. In a letter that the City sent to Urban Commons on Oct 1, the City was concerned mainly with five "minor" items of work, EHT said. "Presently, the City only requires repairs with respect to the noted items, which have a total estimated cost of up to US$7 million, such items will be paid for by Urban Commons utilising the multiple capital-reserve mechanisms built into the leases
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uk1234 Member	28-Oct-2019 22:15        uk1234 About Contact  Quote this Post!
x 0   x 0  Alert Admin	> it looks more like Long Beach is dependent on UC goodwill to keep runnin the Queen rather than the other way around. Yes I concur. UC paid 100m for this, I think City at that time said this was the best deal they can get.  After so many ppl have failed including Disney.  It' s lucky someone willing to pick up the tab.  However  the City now has a party with interest in it, he will always try to push maximum benefit out of it.  This will be tricky business.  Remember UC envisioned a 250m landside investment.  Seems it didn' t happen, probably due to the sour relationship.  This boat is going to be the Basslink of EHT for years to come.  In the meantime, it generates 10m FIXED rend a year for the Reit, plus another possible 2m variable. (Just think about it, 12mil a year, on 140m purchase price)  The city thinks UC is making too much money out of it without committing more investment. For The Edge, this is your problem: the city' s letter never linked anything to do with that 2017 report of 287m.  You go and link it yourself and imply this is a 287m imminent obligation.  If tomorrow the share jumps back 15%, I think no need any shareholder, SIAS will probably ask for a probe.
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danger Supreme	28-Oct-2019 22:14        danger About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	The marine survey estimated the total cost for "urgent hull repairs" to be between US$175.4 million and US$212.7 million. Urban Commons was in fact able to address substantially all of such urgent hull repairs at a cost of less than US$1.1 million. The cost differential was attributable to a completely different scope of work and a more thorough and scientific analysis than the estimate for work purported to be required by the marine survey
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Goldfinger Supreme	28-Oct-2019 22:13        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Good to see the proactive clarifications. Even though they should have picked this up earlier - hope they have learnt their lesson. Best World should learn from this.
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danger Supreme	28-Oct-2019 22:11        danger About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	The City of Long Beach has clarified in a letter dated Oct 25 that the Oct 1 letter it had sent to Urban Commons should be considered "a formal request for information by the City and is not a notification of default EHT stressed on Monday that Urban Commons "has multiple capital-reserve mechanisms built into the leases to address the relatively minor list of repairs that are the current focus of the City". The current repair work is not expected to have any material adverse impact on the operations of the Queen Mary, and the ship remains operational and open to guests, EHT added. "The Reit manager does not believe that these repair costs have any negative impact on its valuation of the Queen Mary.
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danger Supreme	28-Oct-2019 22:09        danger About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	OCT 28, 2019 07:19 PM URBAN Commons, the sponsor of Eagle Hospitality Trust (EHT), is responsible for all the repair work that EHT's Queen Mary floating hotel requires, and these expenses will not come out of EHT's own pocket, the trust clarified on Monday.  EHT said: "The Reit manager believes that the marine survey's estimate of scope of work and costs was grossly inaccurate and does not reflect Urban Commons' actual obligations at the property. Urban Commons has been working with the City (of Long Beach) since 2016 to address any needed repairs. In a letter that the City sent to Urban Commons on Oct 1, the City was concerned mainly with five "minor" items of work, EHT said. "Presently, the City only requires repairs with respect to the noted items, which have a total estimated cost of up to US$7 million, such items will be paid for by Urban Commons utilising the multiple capital-reserve mechanisms built into the leases
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Goldfinger Supreme	28-Oct-2019 21:57        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	And thus it looks more like Long Beach is dependent on UC goodwill to keep runnin the Queen rather than the other way around.   I hope people were not misled by the article to sell their holdings.  Not saying it is a good time to buy, but to sell on possibly erroneous and outdated news is grevious. uk1234      ( Date: 28-Oct-2019 21:43) Posted: drama drama :) the UC clarification just posted today lah, before tomorrow open.  It' s in EHT website. the 2 letters from City look most interesting.  It is almost as if UC told the city to explicitly write a letter to rebut the  default  assertion.  " considered a request for information ..... formal documentation is .. normal practice of good lease management.. does not establish default" , so City has to write 2 letters, one just to confirm that the other is for the real business " we receive your quote,  we are consulting with 3rd party to verify" . The Edge was never known to be a reputable news source.  It linked a recent letter with a 2 yr old 287m assertion and made its own sensational reporting.
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Goldfinger Supreme	28-Oct-2019 21:46        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	The Edge is still arrogantly reporting today on negative analyst news - amazing and unrepentant.  Why on earth are they still banging on analyst reports which were made days before the latest revelation today?  This is awful. The letter from Long Beach is not in the tone near to saying they will default, and expresses appreciation for the cooperation rendered. Does that sound like a combative default situation to you? " Analysts are estimating that should the value of the Queen Mary be written down to zero, and she no longer contributes to rental income, EHT&rsquo s FY2020 DPU would drop by 22% to 5.12 US cents from 6.6 US cents, and EHT&rsquo s NAV would drop to 69 US cents from 87 US cents. EHT last traded at 54 US cents, a discount of 21.7% to its lowered 69 US cents and at 37.9% to book NAV, and at a DPU yield of 9.48% based on its projected DPU excluding The Queen Mary." learn2fish      ( Date: 28-Oct-2019 21:26) Posted: https://www.theedgesingapore.com/news/sgx-query/ehts-manager-says-ship-repair-cost-us235-million-grossly-inaccurate-units-trade-huge?fbclid=IwAR0tE1FeMS9ieugB3cosFlPaOzmLd9n1qzZ3p-PUiBagBlSdb0NXUaBijiE
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