| Latest Forum Topics / ESR-REIT |
 Post Reply
|
|
Cambridge Ind Trust Results Announcement
|
|||||
|
luckyguy3
Master |
28-Jun-2023 20:08
|
||||
|
x 1
x 0 Alert Admin |
EX date should be end of July or Early August. Pay date Mid September. 0.42 cents was given for Jan-Feb due to the fund raising exercise. Usually half year dividend is about 1.5 cents. So expect about 0.8 to 1 cent dividend (by right should be about 1.1 cents but due to the dilution from the fund raising exercise, so expect slightly less dividend)
|
||||
| Useful To Me Not Useful To Me | |||||
|
MichaelSchenker
Master |
28-Jun-2023 17:08
|
||||
|
x 0
x 0 Alert Admin |
When is the next dividend due? Anybody familiar? Averagely, how many % per year? |
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Joelton
Supreme |
24-Jun-2023 10:48
|
||||
|
x 0
x 0 Alert Admin |
ESR-Logos Reit to divest seven industrial assets for S$337 million
ESR-LOGOS Reit : J91U -1.54% is divesting seven industrial properties in Singapore and Australia for about S$337 million in total, its manager said in a bourse filing on Friday (Jun 23).
The properties include a portfolio of five non-core assets in Singapore, which will be divested for S$313.5 million in total, representing a 5.1 per cent discount to the portfolio&rsquo s latest valuation of S$330.4 million.
Another property, 22 Chin Bee Drive, will be divested for S$13.8 million, or at a 6.2 per cent premium over the property&rsquo s valuation of S$13 million as at last Dec 31.
The property in Jurong has a gross floor area of 11,209 square metres (sq m). As at end-March, it had just under 12.5 years on its land lease.
Separately, the sale consideration of 51 Musgrave Road in Australia amounts to A$10.8 million (S$9.7 million), which represents a 2.4 per cent premium over its valuation of S$9.5 million as at Dec 31, 2022.
Sitting on freehold land, the property has a total net lettable area of 9,485 sq m.
The manager expects net proceeds after divestment costs for all seven properties to be S$322.4 million.
The net proceeds may also be recycled to fund higher-quality new-economy assets and upcoming asset-enhancement initiatives and redevelopment works, said the manager.
In February, the real estate investment trust (Reit) launched a S$300 million equity fundraising exercise to fund future acquisitions, redevelopments and asset-enhancement initiatives. It also divested Pandan Logistics Hub for S$43.5 million.
Assuming that net proceeds from its equity fundraising and divestments are fully used to repay existing debt, the Reit&rsquo s FY2022 pro forma gearing will fall to 33.6 per cent, from 41.8 per cent as at Dec 31, 2022.
This would also bring the Reit&rsquo s debt headroom to about S$996.4 million, from S$305 million as at Dec 31, 2022.
&ldquo This significant debt headroom would enable ESR-Logos Reit to recapitalise for growth in a timely environment, as asset valuations begin to correct and improve our portfolio quality with in-demand new-economy assets,&rdquo said Adrian Chui, chief executive officer and executive director of the manager.
The completion of the Reit&rsquo s proposed divestments would also result in its weighted average lease expiry as at Mar 31, 2023, to rise to 3.3 years, from 3.2 years.
Its portfolio weighted average land lease expiry will go up to 37.9 years, from 37.1 years as at Mar 31, 2023.
The manager said the proposed divestments of 22 Chin Bee Drive and 51 Musgrave Road will likely be completed in the third quarter of 2023.
Meanwhile, it expects the divestment of the following to be completed in Q3 2023: 3 Pioneer Sector 3 21 Changi North Way and 30 Toh Guan Road. The divestment for 4 and 6 Clementi Loop, and 6 Chin Bee Avenue will be completed in Q4 2023.
|
||||
| Useful To Me Not Useful To Me | |||||
|
Joelton
Supreme |
20-Jun-2023 09:47
|
||||
|
x 0
x 0 Alert Admin |
Sanli Environmental acquires ESR-LOGOS REIT&rsquo s property at 22 Chin Bee Drive for $13.8 mil
Sanli Environmental has proposed to acquire 22 Chin Bee Drive, one of the properties of ESR-LOGOS REIT J91U 1.54% (E-LOG) for $13.8 million.
The company&rsquo s wholly-owned subsidiary, entered into a sale and purchase agreement (SPA) with Perpetual (Asia), in its capacity as trustee of ESR-LOGOS REIT (E-LOG REIT) on June 19 in respect of the purchase.
The property is held by E-LOG on a 30-year lease granted by Jurong Town Corporation (JTC) as the head lessor commencing from Sept 16, 2005. The lease will expire on Sept 15, 2035.
The property is a four-storey single-user warehouse building with a six-storey ancillary office and a five-storey annexe building with a workers&rsquo dormitory. It has a net lettable area (NLA) of 11,209 sqm (120,652.672 sq ft).
The property&rsquo s open market valuation was $13.8 million as at May 10, according to Centuray 99, which was appointed by Sanli Environmental 1E3 0.00% to conduct an independent valuation on the property.
According to Sanli Environmental, Sanli M& E has been leasing the property from E-LOG since March 15 under the lease agreement dated March 16. Under the terms of the SPA, the lease agreement will be deemed terminated. The property, along with the plant and equipment, will be deemed to have been given to Sanli M& E.
The company means to acquire the property to consolidate its corporate office and workshops and house its foreign workers in a centralised location. This will also allow its management&rsquo s oversight of all the business units of the company, increase operational efficiencies, lower the overall operating costs and reduce reliance on the dormitory facilities provided by third parties, says Sanli Environmental.
The consideration of the property was arrived at on a willing-buyer willing-seller basis, after taking into the open market value of the Property based on the valuation report dated May 10.
The acquisition will be funded through internal resources and bank borrowings.
Sanli M& E has since paid 1% of the consideration with GST, at $149,040, as a deposit of good faith. The company will pay a further deposit of 9% of the consideration, or $1.24 million, within five business days of the SPA.
The balance will be paid upon the completion of the acquisition.
The SPA is conditional upon JTC&rsquo s approval that it has no objection to the transaction among other conditions. The acquisition will be completed around four weeks from JTC&rsquo s approval or another mutually-agreed-upon date.
On a pro forma basis, if the acquisition had been affected on April 1, 2021, Sanli Environmental&rsquo s earnings per share (EPS) for the FY2022 ended March 31, 2022, would have been at 0.19 cents, down from 0.67 cents originally. The company&rsquo s gearing would also increase to 0.59x on a pro forma basis, compared to 0.20x.
|
||||
| Useful To Me Not Useful To Me | |||||
|
Joelton
Supreme |
15-Jun-2023 10:22
|
||||
|
x 0
x 0 Alert Admin |
RHB lowers ESR-Logos Reit&rsquo s target price to S$0.40, keeps &lsquo buy&rsquo call
RHB Research has lowered its target price for ESR-Logos Reit : J91U +1.61% to S$0.40 from S$0.45, but maintained its &ldquo buy&rdquo call on the real estate investment trust (Reit).
This comes after the research company lowered its distribution per unit (DPU) estimates for FY2023 to FY2025 by 3 to 5 per cent. The research team factored in the recent equity fundraising that resulted in temporary earnings dilution for the Reit, it said in a report on Tuesday (Jun 13).
&ldquo However, this strengthened its balance sheet against an uncertain macro backdrop,&rdquo said RHB analyst Vijay Natarajan.
He remains positive on the mid- to long-term strategy portfolio plans for the Reit. He noted that the Reit is progressing with the redevelopment plans for three of its industrial assets, and plans to convert a logistics asset into a cold-storage logistics facility.
The Reit&rsquo s divestment plans are still ongoing, and due diligence is being carried out on its assets exclusively by a potential buyer. Natarajan believes the divestment will be done closer to book value or at a slight discount.
&ldquo We believe ESR-Logos Reit will likely use the proceeds to acquire assets from its sponsor&rsquo s pipeline, potentially in Singapore, where Logos has a few modern logistics assets,&rdquo RHB said.
Coupled with the Reit&rsquo s recent equity fundraising of S$300 million via private placements and preferential offerings, RHB estimates gearing to fall below 35 per cent, offering more than S$500 million in debt headroom.
RHB is also expecting positive rental reversions of 6 to 8 per cent for FY2023, driven by the high-specifications and logistics assets in the Reit&rsquo s portfolio, where demand remains resilient and is outpacing supply.
Although the Reit&rsquo s portfolio occupancy dipped 0.6 percentage points quarter-on-quarter to 92.1 per cent in Q1, due to the non-renewal of some assets, RHB still projects the overall occupancy level to remain stable.
While rising rates are of concern, RHB expects the capitalisation rate (cap rate) for Singapore industrial assets to remain stable, in line with continued investor demand.
Cap rates for the Reit&rsquo s Australian portfolio are likely to expand by 50 to 75 basis points. RHB anticipates the impact on valuation to be offset by the stronger rental growth for logistics assets due to increasing demand.
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Goldfinger
Supreme |
25-May-2023 12:10
|
||||
|
x 0
x 0 Alert Admin |
What Chiu doesn' t seem to talk about is the DPU to shareholders. And this is where growing DPU without constant placements and rights issues is going to be key to valuation. No one really cares about his transformation plans unless it translates to real growing DPU and increaseing share prices.
|
||||
| Useful To Me Not Useful To Me | |||||
|
Joelton
Supreme |
25-May-2023 12:07
|
||||
|
x 0
x 0 Alert Admin |
ESR-LOGOS REIT&rsquo s Chui: Logistics assets are not an alternative asset class
Managing real estate is all about anticipating evolving trends and needs of the tenants to reconstruct relevant properties. When it comes to REITs, there is an additional and increasingly important element to consider &mdash the state of financial or capital markets.
From an asset level perspective, having to navigate an intricate ecosystem of tenants, regulators and service providers, anticipating where might be the next emerging need and even identifying &ldquo sunset industries&rdquo , to taking into consideration the state of the financial markets to weigh out and make the most appropriate decisions &mdash it is something that continues to fascinate and keeps it going for Adrian Chui, CEO and executive director of ESR-LOGOS Funds Management, manager of ESR-LOGOS REIT (E-LOG), to this day.
For Chui, qualities like trust, respect and openness to views and criticisms within the E-LOG team are crucial. Armed with the belief that &ldquo no one knows everything&rdquo , the deal team&rsquo s collective view allows Chui to make better-informed and sometimes unpopular decisions. He adds: &ldquo What inspires me is to see a deal through to fruition and have each member know that they are and have contributed to the ecosystem, gaining new expertise and knowledge from their peers.&rdquo
Chui&rsquo s motivation stems from constantly anticipating trends and identifying opportunities. He also greatly emphasises teamwork to plan, negotiate and execute potential deals and transactions. By doing so, his team enables E-LOG to achieve sustainable growth mid to long-term while achieving the right risk-return metric rather than solely prioritising short-term gains.
&ldquo Managing uncertainties and accepting the right level of risks for the return required is always the hardest. With REITs, availability and certainty of funding are of utmost importance because, fundamentally, REITs do not retain any cash &mdash we pay out everything as dividends &mdash so the conditions or state of the financial markets can make or break a REIT if execution strategies are not carefully planned or evaluated&rdquo , says Chui.
Identifying potential areas of growth
Since 2000, Chui has had a front-row seat to witnessing Asia&rsquo s real estate market and REIT cycles. In his view, three &ldquo paradigm-shifting events&rdquo in the last 20 years have shaped Asia&rsquo s real estate market today.
One key event was China emerging as a core real estate market and making its mark on international investors &mdash &ldquo inevitable&rdquo given its mammoth population and economic size.
Secondly, the development and growth of S-REITs play to Singapore&rsquo s strengths as a global city with the rule of law and a business-friendly environment. What came as a surprise, however, was the pace of growth in depth and breadth, especially when considering the size of the Singapore real estate market relative to its regional peers. REITs have put the financial markets element into the real estate game and turbo-charged its growth by availing what used to be an illiquid asset class into the hands of many, observes Chui.
The third and most recent event was the growth of e-commerce and how the pandemic has fundamentally transformed how people produce, deliver and consume goods and services in their daily lives.
Such secular trends profoundly impact how logistics assets are viewed today as a sustainable asset class for investors, he says. Logistics assets were once viewed as an &ldquo alternative&rdquo or even visually unappealing investment class compared to swanky offices, retail malls and hotels. Logistics have become the backbone of the economy due to their importance to economic supply chains.
The outlook for this sector remains robust as more occupiers and industrialists build up inventories of just-in-case storage because of possible supply chain disruptions. New trends and segments have emerged in the logistics sector that challenges landlords to recalibrate their portfolio mix to capture emerging opportunities like cold stores and pharmaceutical logistics. Chui says this continues to underpin the higher demand for industrial and logistics space.
Under his leadership, E-LOG has grown to have some $5.7 billion in assets under management as of Dec 31. Its portfolio of 82 assets spans Singapore, Australia and Japan, with logistics assets and high-spec assets &mdash collectively known as New Economy Assets &mdash making up over 51% and 12% of the portfolio value. As a testament to the quality and focus on its New Economy Assets, the logistics and high specs segment enjoyed positive rental reversions at 15.7% and 12.3%, respectively, for FY2022. This helped lift overall portfolio rental reversion by 11.8%.
Despite the slowdown in the global economy, E-LOG sees &ldquo sustained growth&rdquo in the logistics segment primarily due to favourable demand-supply dynamics and secular trends. Chui says that E-LOG&rsquo s portfolio will be more pivoted towards these New Economy Assets, with logistics driving this pivot.
Expanding overseas
Beyond having the foresight to see the potential of the logistics sector, Chui&rsquo s new strategy is to diversify the company portfolio geographically. The main bugbear for Singapore&rsquo s industrial sector is that land leases are very short, with a maximum of 30 years. This results in a rapid land lease decay, thereby affecting the REIT&rsquo s net asset value. This short runway also does not allow the REIT to meaningfully redevelop or enhance the asset to meet the required returns.
Addressing this is important as the land lease decay problem will erode the REIT&rsquo s underlying value. The E-LOG team is now looking outwards and channelling its efforts into overseas acquisitions. As of FY2022, approximately 20% of the REIT&rsquo s assets by AUM are in Australia, and in October 2022, E-LOG marked its foray in Japan with the acquisition of the ESR Sakura Distribution Centre in Tokyo. The properties in Australia and Japan are either freehold or are on land leases longer than 30 years, lengthening the lease expiry profile of the portfolio.
In evaluating overseas acquisitions, Chui has laid out &ldquo fundamental criteria&rdquo &mdash there must be a rule of law, and funds must be able to flow freely in and out of the country to facilitate the payment of dividends. In addition, there should be good access to local currency funding, allowing capital and income FX risks to be managed. Finally, the market must be scalable, allowing the REIT to acquire and grow meaningfully. These markets are where its sponsor, ESR Group, already has a footprint, with trusted local colleagues to help manage the assets efficiently.
Having a strong team of professionals with a proven track record of value creation across the various real estate practices, from finance to asset management to investment management, has helped keep the REIT competitive, says Chui.
&ldquo 4R&rdquo growth strategy
To keep thriving, E-LOG has embarked on and successfully executed a 4R portfolio strategy: Rejuvenate, recycle, recapitalise, and reinforce.
The first, rejuvenation, covers three main areas, namely acquisitions of quality value-accretive assets redevelopment of older-specs assets into modern and future-ready properties and asset enhancement initiatives (AEI) to repurpose and rejuvenate dated assets to suit new demands. Acquisition of new assets involves a rigorous investment evaluation process to discover assets in high-growth industries, overseas sectors, or assets with long lease terms aligned with their strategy. The focus here will be on logistics assets. A periodic monitoring and assessment process will also identify mature assets needing refurbishment or redevelopment to attract tenants, says Chui. It will enhance and reposition a general industrial property to a high-spec property or redevelop a conventional warehouse into a coldstore facility. This will attract higher rent-paying tenants, providing a rental and valuation uplift. Another approach is to develop an unutilised plot ratio to &ldquo future ready&rdquo its properties and engage tenants in trending industries with long tailwinds.
The second portfolio initiative is &ldquo recycling&rdquo capital through divestments of non-core assets &mdash typically smaller-sized and with short land leases. Proceeds from the divestments can be used to pare down debt or be redeployed to the acquisitions of higher-quality assets. By doing so, the REIT can &ldquo recalibrate&rdquo its portfolio, says Chui.
He is also &ldquo recapitalising&rdquo E-LOG&rsquo s balance sheet for future growth &ndash part of his proactive approach to capital management. He maintains a well-spread-out and staggered debt maturity profile. With good financial flexibility to fund the REIT&rsquo s growth aspirations with adequate debt headroom, Chui can continue to focus on strengthening E-LOG&rsquo s financial position over the long term.
Finally, &ldquo reinforcing&rdquo sponsor support for quality growth. E-LOG will continue rejuvenating its portfolio by leveraging ESR Group&rsquo s network, footprint and local expertise, focusing on New Economy assets. To realise this, the firm can leverage its sponsor&rsquo s portfolio of over US$68 billion ($91 billion) in New Economy assets, with US$2 billion of the visible and executable pipeline for E-LOG. &ldquo This is a key differentiator for E-LOG in an increasingly scarce environment for logistics assets,&rdquo adds Chui.
Accepting criticisms and accolades
Outside of work, the 47-year-old is a father of three children, aged 12, 10 and 6. In his downtime, he plays squash and is a confessed foodie who enjoys checking out street food and fine dining.
Chui explains that his approach to food can also be applied to work: The quality of the work matters more than the optics and the presentation. He is aware there are different tastes and preferences. Some might wonder how could a restaurant win a Michelin star but others might think the same place deserves two stars.
In this spirit, Chui accepts criticisms and accolades for how E-LOG is run. Take his 4R strategy: For example, there is feedback that this approach is seemingly doing too many things at once and thus is creating too many uncertainties others want E-LOG to speed up instead and get that first mover advantage.
&ldquo Fundamentally, we need to ensure that the right risk-return metric is achieved and our assets remain relevant to tenants&rsquo space needs to ensure the REIT is run sustainably and not go for short-term gains,&rdquo says Chui.
Asked what lessons he would share with his staff and children, Chui dishes out one key piece of advice &mdash never give up. &ldquo We all go through highs and lows in life like property cycles. What matters most is how we make the most of it. Every time we come away from a difficult situation, we need to learn from it, not repeat mistakes and use that experience to anticipate or manage the situation the next time we are faced with a similar situation&rdquo .
|
||||
| Useful To Me Not Useful To Me | |||||
|
gowhere
Member |
28-Apr-2023 20:52
|
||||
|
x 0
x 0 Alert Admin |
today 28 apr. check your CDP. I have got mine
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
bobiewong
Member |
28-Apr-2023 08:58
Yells: "Good Time Ahead" |
||||
|
x 0
x 0 Alert Admin |
ESR-LOGOS REIT reports gross revenue of $97.7 mil in 1QFY2023, up 63.9% y-o-y  Felicia TanWed, Apr 26, 2023 &bull 08:45 AM GMT+08 &bull 2 days ago &bull 3 min read
         ESR-LOGOS REIT (E-LOG) J91U 0.00% has reported gross revenue of $97.7 million in the 1QFY2023 ended March, up 63.9% y-o-y.
The REIT&rsquo s net property income (NPI) rose by 78.2% y-o-y to $70.4 million. The higher gross revenue and NPI were mainly due to contributions from ARA-LOGOS Logistics Trust (ALOG Trust) after the merger in April 2022. During the 1QFY2023, net asset value (NAV) per unit, however, fell by 13.2% y-o-y to 34.8 cents, down from 40.1 cents as at 1QFY2022. This was attributable to the premium paid over ALOG Trust&rsquo s NAV and transaction costs that were incurred in relation to the merger being written off. In the 1QFY2023, E-LOG saw positive rental reversion of 7.3%, up from the 3.1% in the year before. During the period, the REIT&rsquo s logistics segment continued demonstrating rental upside and the segment is expected to continue driving positive rental reversions on the back of positive sector demand and supply dynamics. Its occupancy rate as at March 31 stood at 92.1%, up from the 91.5% in the previous year. Of its portfolio, 63.0% are new economy assets, up from the 42.2% in the 1QFY2022. See also: FCT reports 1HFY2023 DPU of 6.13 cents, down 0.1% y-o-y E-LOG&rsquo s gearing as at March 31 stood at 41.6% though its gearing will be reduced to around 38.0% upon the completion of its equity fund raising where the REIT sought to raise gross proceeds of around $300.0 million in February. As at March 31, E-LOG&rsquo s fixed rate debt stood at 72.7%. Looking ahead, the REIT notes that the ongoing macroeconomic headwinds such as high energy prices, interest rate hikes, geopolitical risks and others continue to pose threats in 2023 though some of these challenges look to be cushioned by signs of peaking inflation and plateauing interest rates. In Singapore, it expects its logistics segment to remain strong for storage space in ramp-up warehouses, while demand for cargo lifts assets seem to be increasing for smaller occupiers with less demanding requirements in order to save cost. |
||||
| Useful To Me Not Useful To Me | |||||
|
jcho1962
Member |
27-Apr-2023 22:27
Yells: "Don't Worry, Be Happy" |
||||
|
x 0
x 0 Alert Admin |
https://links.sgx.com/FileOpen/E-LOG%20-%20Results%20of%20Preferential%20Offering_final.ashx?App=Announcement& FileID=756407 QUOTE 4. STATUS OF THE PREFERENTIAL OFFERING UNITS The Manager expects the Preferential Offering Units to be listed and quoted on the Main Board of Singapore Exchange Securities Trading Limited (the &ldquo SGX-ST&rdquo ) with effect from 9.00 a.m. on 28 April 2023. The Preferential Offering Units to be issued will, upon issue and listing, rank pari passu in all respects with the Units in issue on the day immediately prior to the date on which the Preferential Offering Units are issued, including the right to distributions out of E-LOG&rsquo s distributable income from the date of issuance of the Preferential Offering Units as well as all distributions thereafter. UNQUOTE
|
||||
| Useful To Me Not Useful To Me | |||||
|
chanche2
Member |
27-Apr-2023 18:19
|
||||
|
x 0
x 0 Alert Admin |
We have subscribed to the rights issue, may I know when will the result of the subscription be out and when will the shares be credit to out CDP account ? |
||||
| Useful To Me Not Useful To Me | |||||
|
stockwatch8877
Senior |
26-Apr-2023 13:58
|
||||
|
x 0
x 0 Alert Admin |
https://www.theedgesingapore.com/capital/results/esr-logos-reit-reports-gross-revenue-977-mil-1qfy2023-639-y-o-y The news result is out. | ||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Goldfinger
Supreme |
24-Apr-2023 15:01
|
||||
|
x 0
x 0 Alert Admin |
The proof for this company is sustainable increase in absolute DPU, on a continuing basis. Percentage percentage numbers can confuse.
|
||||
| Useful To Me Not Useful To Me | |||||
|
luckyguy3
Master |
24-Apr-2023 12:30
|
||||
|
x 0
x 0 Alert Admin |
CEO already mentioned whenever during fund raising, share price will dip but later will recover.
|
||||
| Useful To Me Not Useful To Me | |||||
|
kt3152
Supreme |
24-Apr-2023 10:21
|
||||
|
x 0
x 0 Alert Admin |
Interesting today buy up to 335. Those apply excess rights now in the money... | ||||
| Useful To Me Not Useful To Me | |||||
|
luckyguy3
Master |
24-Apr-2023 07:24
|
||||
|
x 0
x 0 Alert Admin |
Q& A during the EGM CEO mentioned the following, circled in red. 
|
||||
| Useful To Me Not Useful To Me | |||||
|
stockwatch8877
Senior |
23-Apr-2023 16:56
|
||||
|
x 0
x 0 Alert Admin |
On Friday 22th, the stock price drops to 32.5cts after the rights placements on Thursday. There are more sellers than buyers.
Do not know whether the stock price will go down further in this coming general meeting on 26th Wednesday.
Is ESR Logo a good buy if the stock price drops further?
|
||||
| Useful To Me Not Useful To Me | |||||
|
stockwatch8877
Senior |
21-Apr-2023 13:51
|
||||
|
x 0
x 0 Alert Admin |
Next week 26th April, ESR Logo has a meeting. Hope to hear some good news.
|
||||
| Useful To Me Not Useful To Me | |||||
|
MichaelSchenker
Master |
21-Apr-2023 11:09
|
||||
|
x 0
x 0 Alert Admin |
I see. Thank You.
|
||||
| Useful To Me Not Useful To Me | |||||
|
kt3152
Supreme |
21-Apr-2023 08:35
|
||||
|
x 0
x 0 Alert Admin |
Rights subscription already closed yesterday night....
|
||||
| Useful To Me Not Useful To Me | |||||