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Latest Forum Topics / Eagle HTrust USD    Last:0.137 --  Post Reply
EAGLE Hosp Reit US$ @$0.780 cents
Goldfinger
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02-Nov-2019 13:50     
 
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 Alert Admin 		Yup - good to wait. Although I am worried the Manager. Could attempt to release good news to support the share price. I need to accumulate another 100 - 200 lots to pass my retirement fund.
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m2d4pc
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02-Nov-2019 13:48     
 
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 Alert Admin 		all the assets are in USA, the SSH are mostly non-singaporeans, nobody know what is going on with limited information ???.....
How much is the asset worth ?

what is worrying is the SSH are selling in a hurry and at depressed price......

wait for few weeks to see what will happen before making guess/analysis...

 

CheeryVGoh      ( Date: 02-Nov-2019 13:02) Posted:

Think there will not be V-shape type of price recovery anytime soon.

Perhaps it is wiser to wait for even lower, 40 to 45cts,  as the story unfolds & price may melt more.......

Goldfinger      ( Date: 02-Nov-2019 10:24) Posted:

Yes - I am waiting patiently for 50cents too
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m2d4pc
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02-Nov-2019 13:40     
 
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 Alert Admin 		But there is no need to sell in a hurry, they can still wait patiently to unload graduately, this kind of selling spree will depress the share price....why ????

These people are smart businessmen, these little business knowledge they should have...

CheeryVGoh      ( Date: 02-Nov-2019 12:44) Posted:

Could this be one of the reasons for the Big Boys to reduce their holdings at cheap price?

From Eagle' s website :

U.S. Taxation



Distributions will be reduced for Stapled Securityholders who are non-U.S. persons who own 10% or more interest in the Stapled Securities.

Stapled Securityholders who do not submit the required U.S. IRS tax forms and the tax compliance certificate will be subject to U.S. withholding tax on distributions payment when due to them and may not receive the full amount of their entitlement to distributions.

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raptor87
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02-Nov-2019 13:34     
 
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 Alert Admin 		Isn' t this already known from the outset? 

CheeryVGoh      ( Date: 02-Nov-2019 12:44) Posted:

Could this be one of the reasons for the Big Boys to reduce their holdings at cheap price?

From Eagle' s website :

U.S. Taxation



Distributions will be reduced for Stapled Securityholders who are non-U.S. persons who own 10% or more interest in the Stapled Securities.

Stapled Securityholders who do not submit the required U.S. IRS tax forms and the tax compliance certificate will be subject to U.S. withholding tax on distributions payment when due to them and may not receive the full amount of their entitlement to distributions.

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CheeryVGoh
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02-Nov-2019 13:02     
 
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 Alert Admin 		Think there will not be V-shape type of price recovery anytime soon.

Perhaps it is wiser to wait for even lower, 40 to 45cts,  as the story unfolds & price may melt more.......

Goldfinger      ( Date: 02-Nov-2019 10:24) Posted:

Yes - I am waiting patiently for 50cents too.

shk363      ( Date: 02-Nov-2019 10:11) Posted:

so long the properties are there it is good for us retail investors got chance to pick up at 50 or even 40 cts.


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CheeryVGoh
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02-Nov-2019 12:44     
 
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 Alert Admin

Could this be one of the reasons for the Big Boys to reduce their holdings at cheap price?

From Eagle' s website :

U.S. Taxation



Distributions will be reduced for Stapled Securityholders who are non-U.S. persons who own 10% or more interest in the Stapled Securities.

Stapled Securityholders who do not submit the required U.S. IRS tax forms and the tax compliance certificate will be subject to U.S. withholding tax on distributions payment when due to them and may not receive the full amount of their entitlement to distributions.
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CheeryVGoh
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02-Nov-2019 12:28     
 
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 Alert Admin 		RESPONSE TO THE SGX-ST&rsquo S QUERIES

Eagle Hospitality REIT Management Pte. Ltd., as manager of Eagle Hospitality Real Estate Investment Trust (&ldquo EH-REIT&rdquo , and the manager of EH-REIT, the &ldquo REIT Manager&rdquo ), and Eagle Hospitality Business Trust Management Pte. Ltd., as trustee-manager of Eagle Hospitality Business Trust (&ldquo EH-BT&rdquo , and the trusteemanager of EH-BT, the &ldquo Trustee-Manager&rdquo , and collectively with the REIT Manager, the &ldquo Managers&rdquo ), wish to announce the following in response to queries raised by Singapore Exchange Securities Trading Limited (the &ldquo SGX-ST&rdquo ) on 1 November 2019:
Queries from the SGX-ST:

We refer to the Business Times article with the headlines &ldquo EHT says no requirement to disclose sponsor&rsquo s links to its largest investor&rdquo and &ldquo Frank Yuan' s firm sold six hotels to the sponsor' s founders, who then injected them into the 18-hotel portfolio that forms the IPO&rdquo . Please provide clarification on the following matters:
  1. When did the Sponsor acquire the six hotels from ASAP Holdings (&ldquo ASAP&rdquo ) and when were these injected into Eagle Hospitality Trust (&ldquo EHT&rdquo or the &ldquo Trust&rdquo ). Please disclose the dates.
 
Answer: The Sponsor entered into the purchase agreements to acquire the six hotels from the Third Party ASAP6 Portfolio Vendors (as defined in the prospectus of EHT dated 16 May 2019 (the &ldquo Prospectus&rdquo )), i.e. ASAP, on 12 March 2019 and they were acquired by EHT from the Sponsor on 24 May 2019, being the listing date of EHT (&ldquo Listing Date&rdquo ). 2 As stated at page 276 of the Prospectus: &ldquo Prior to the Listing Date, the ASAP6 Portfolio Vendors have acquired the ASAP6 Portfolio from the Third Party ASAP6 Portfolio Vendors...&rdquo The definitions of the defined terms are set out in the Prospectus.
 
  1. What was the reason for the above arrangement as opposed to a direct sale of the hotels to the Trust? Was the payment to ASAP fully received in cash at the point of sale? Were the two transactions made at the same price and if not, were there any reasons for the differences in the consideration for the six hotels?
Answer: ASAP is independent from the Sponsor and the Managers. ASAP sold the ASAP6 Portfolio to the Sponsor prior to the IPO in order to gain transaction certainty independent of the IPO process.
 
As disclosed at page 276 of the Prospectus: &ldquo Prior to the Listing Date, the ASAP6 Portfolio Vendors have acquired the ASAP6 Portfolio from the Third Party ASAP6 Portfolio Vendors in consideration for, among others, promissory notes issued by Cayman Corp 2 and repayment of the existing debt relating to the ASAP6 Portfolio (save for the ASAP Mortgage Loans), which will be fully settled on the Listing Date with part of the proceeds from the Offering and the issuance of the Cornerstone Stapled Securities.&rdquo
 
The purchase consideration for the Sponsor&rsquo s acquisition from ASAP and for EHT&rsquo s acquisition from the Sponsor was different as the Sponsor would put in place master lease arrangements and incurred other additional costs. As disclosed at page 276 of the Prospectus: &ldquo The purchase consideration paid by the ASAP6 Portfolio Vendors to the Third Party ASAP6 Portfolio Vendors does not include primarily the following: (i) the value of the Master Lease Agreements provided by the Master Lessees to EH-REIT (ii) the prepayment penalties for the prepayment of certain existing indebtedness and the Interest Differential Amount set aside in the Interest Reserve Account in view of the higher interest cost of the ASAP Mortgage Loans vis-à -vis the New Term Loan Facilities (iii) the capital expenditure to be completed post-listing for Crowne Plaza Dallas near Galleria-Addison, Sheraton Denver Tech Center, Hilton Houston Galleria Area and Doubletree Salt Lake City Airport and (iv) the payment to the relevant Hotel Franchisors to effect a change in control of the ASAP6 Portfolio.&rdquo
 
  1. Who are the beneficial shareholders and directors of ASAP? Do they have any relationships with the Sponsor, the Trust and their respective directors, substantial shareholders and key management? Please disclose specific information on these relationships, if any and how were they known to the Sponsor.
 
Answer: The REIT Manager understands that ASAP is run by Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan, among others. ASAP is a California-based acquisition advisory and asset management firm specialising in hotel assets, which has had known business dealings with the Sponsor in the past. As stated at page 130 of the prospectus: &ldquo The Third Party ASAP6 Portfolio Vendors are unrelated to the Sponsor.&rdquo In addition, ASAP is not related to EHT, the Managers and the Managers&rsquo respective directors, key management and other substantial stapled securityholders of EHT (&ldquo Stapled Securityholders&rdquo ).
 
  1. Please advise if there are any relationships between Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan of ASAP. Please advise the aggregate shareholding interest they and their family hold in the Trust, if any. 3
 
Answer: Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan have a family relationship. The respective interests of Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan was disclosed in the Rule 240 announcement issued on 24 May 2019 (&ldquo Rule 240 Announcement&rdquo ) prior to the listing of EHT as summarised in the table below:
 
Direct Stapled Securityholder Shareholder and ultimate beneficial owner Allocation of stapled securities of EHT (&ldquo Stapled Securities&rdquo ) Claydon Hill Investments Ltd Mr Frank Yuan 141,440,000 Stapled Securities Compass Cove Assets Limited Mr Norbert Yuan 120,000,000 Stapled Securities Bounty Green Assets Limited Mr Jerome Yuan 28,300,000 Stapled Securities While a total of 289,740,000 Stapled Securities comprising 33.4% of the total number of Stapled Securities in issue on the Listing Date was allocated to Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan, based on the substantial stapled securityholding notifications filed by the relevant parties, each of them is not deemed to be interested in the stapled securityholdings of the other two parties (i.e. Mr Frank Yuan is not deemed to be interested in the stapled securityholdings of Mr Norbert Yuan and Mr Jerome Yuan, and so on).
 
  1. Please advise why Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan (the &ldquo Yuans&rdquo ) did not invest in the Trust prior to IPO but only took up the placement units at IPO. Were they independently identified by the placement agent(s) or introduced by the Sponsor? Please disclose the circumstances how the placements to them were determined.
 
Answer: Mr Frank Yuan, Mr Norbert Yuan and Mr Jerome Yuan were introduced by the Sponsor to the placement agents during the bookbuilding process for the IPO and subscribed for Stapled Securities in the placement tranche at the IPO price of US$0.78 per Stapled Security as part of a bookbuilding process by the placement agents.
 
  1. Please disclose whether, at any time, the relationships between the Yuans, ASAP, the six hotel assets held by the Trust and the aggregate percentage IPO placement to the Yuans were disclosed. If so, please provide details.
 
Answer: It was disclosed in the Prospectus that EHT acquired the ASAP6 Portfolio directly from the Sponsor which had acquired the ASAP6 Portfolio from ASAP prior to the Listing Date. In any event, as mentioned above, ASAP is not related to the Sponsor, EHT, the Managers and their respective directors, key management and other substantial Stapled Securityholders.
 
Each of Mr Frank Yuan&rsquo s, Mr Norbert Yuan&rsquo s and Mr Jerome Yuan&rsquo s respective stapled securityholding interest was subsequently disclosed in the Rule 240 Announcement prior to listing as stated above.
 
Given that ASAP is unrelated to the Sponsor and the Managers and that EHT acquired the ASAP6 Portfolio from the Sponsor (not ASAP), there was no requirement to disclose the Yuans&rsquo relationship to the ASAP6 Portfolio. 4 For and on behalf of the Board Salvatore G. Takoushian Chief Executive Officer Eagle Hospitality REIT Management Pte. Ltd. (Company Registration No.: 201829789W) as manager of Eagle Hospitality Real Estate Investment Trust Eagle Hospitality Business Trust Management Pte. Ltd. (Company Registration No.: 201829816K) as trustee-manager of Eagle Hospitality Business Trust 2 November 2019

ysh2006      ( Date: 02-Nov-2019 07:53) Posted:

There is a report announcement in Sgx all answeresd can find.

jamesng      ( Date: 02-Nov-2019 05:37) Posted:

Could it be he want back the hotels? Push the price down and buy the shares at a much lower price........just a guess...

Valuation of the hotels are there.......should not be too much difference......
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cavdinsg
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02-Nov-2019 12:14     
 
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 Alert Admin 		I don' t know much about the US hospitality market vauation but to be fair the price differenciation between the purchase by the reit from the sponsor and by the sponsor from ASAP was mentioned in the IPO prospectus and reiterated by EHT in the response to SGX:
  &ldquo The purchase consideration paid by the ASAP6 Portfolio Vendors to the Third Party ASAP6 Portfolio Vendors does not include primarily the following: (i) the value of the Master Lease Agreements provided by the Master Lessees to EH-REIT (ii) the prepayment penalties for the prepayment of certain existing indebtedness and the Interest Differential Amount set aside in the Interest Reserve Account in view of the higher interest cost of the ASAP Mortgage Loans vis-à -vis the New Term Loan Facilities (iii) the capital expenditure to be completed post-listing for Crowne Plaza Dallas near Galleria-Addison, Sheraton Denver Tech Center, Hilton Houston Galleria Area and Doubletree Salt Lake City Airport and (iv) the payment to the relevant Hotel Franchisors to effect a change in control of the ASAP6 Portfolio.&rdquo  

It is very possible that the hotel have been grossly overvalued but from a hospitality REIT perspective what really matter as well is the details of the master lease and they seem to offer a dencent fixed and variable rent over a long tenure that would tend to support the valuation. Unless of course the lessees are not able to meet their obligation...

m2d4pc      ( Date: 02-Nov-2019 11:30) Posted:

..........................................Now that we know effectively all EHT' s hotels are bought from the Yuans.  EHT paid 1.2b for 18 hotels, whereas Yuan said his " total asset value" of 32 hotels was 1.2bln.  So the Yuans made almost 100% profit on the 18 hotels..................................

according to the analysis above................
So the hotels assets are bought at wrong value, at inflated price, they are worth much less.....

so what is the real value of all the hotel assets ?????
 

uk1234      ( Date: 02-Nov-2019 11:17) Posted:

> Very hard to understand

Now that we know effectively all EHT' s hotels are bought from the Yuans.  EHT paid 1.2b for 18 hotels, whereas Yuan said his " total asset value" of 32 hotels was 1.2bln.  So the Yuans made almost 100% profit on the 18 hotels.
So he can even sell at 50% discount (of 0.78) and still not making any real loss.  (cash on hand is always better than valuation).

See the last EHT response to SGX: the Yuans had a 33% stake in EHT upon IPO.  The single biggest shareholder.   

I guess during book building process, the institutional/placement cannot be filled, so the Yuans are asked to come up to subscribe as they made the most money on this exercise.  They end up with 33%, probably not something they like.  I would sell down too.  If you noticed, many of the sell are married trades, looks like they find parties willing to take a position.

As I said before, every asset has a fair price.  78c for this is overpriced, 55c to me is fair value. (close to 50% book value, which was the " asset value" in the 1st place).

This should still overshoot some more, to me I will take it as buying opportunity.  Unless the accounts of the hotels are fraudulent, the revenues are real, this is not best world. 


 


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CheeryVGoh
Supreme
02-Nov-2019 12:04     
 
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 Alert Admin 		Short sell volume yesterday very small.
 
Stock Last Traded Price Range Total Short Sell Short Sell Short Sell Avg
on on Vol (k) Vol (k) Vol Value Short Sell
1-Nov 1-Nov on on % SGD (k) Price
    1-Nov 1-Nov   on  
          1-Nov  
               
EAGLE HOSP USD 0.525 0.515 - 0.555 26,325.80 80 0.3 57 0.522
               
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uk1234
Member
02-Nov-2019 11:51     
 
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 Alert Admin 		> what is the real value of all the hotel assets

" as valuated by independent valuation agent" . This is always the game of REITS.  They will find a property consulting/valuation firm to value at whatever price you give them. :)  The whole point of listing a REIT is for sponsor to offload pties at high valuation price (and exit).  For EHT it' s " HVS" + Colliers.

You can study in real detail the valuation summary (in the IPO prospectus it lists valuation for each hotel).  If you are in this trade, you can verify yourself.  Retail investors are not in this trade, we sometimes make best effor guesstimate.  To me, I just roughly compare EHT' s hotel valuation to ARAs' : not much diff, they are all based on RevPAR. With a weak sponsor, I give it another 40-50% discount.  Beyond that, it' s fraud territory. 
 
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m2d4pc
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02-Nov-2019 11:30     
 
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 Alert Admin 		..........................................Now that we know effectively all EHT' s hotels are bought from the Yuans.  EHT paid 1.2b for 18 hotels, whereas Yuan said his " total asset value" of 32 hotels was 1.2bln.  So the Yuans made almost 100% profit on the 18 hotels..................................

according to the analysis above................
So the hotels assets are bought at wrong value, at inflated price, they are worth much less.....

so what is the real value of all the hotel assets ?????
 

uk1234      ( Date: 02-Nov-2019 11:17) Posted:

> Very hard to understand

Now that we know effectively all EHT' s hotels are bought from the Yuans.  EHT paid 1.2b for 18 hotels, whereas Yuan said his " total asset value" of 32 hotels was 1.2bln.  So the Yuans made almost 100% profit on the 18 hotels.
So he can even sell at 50% discount (of 0.78) and still not making any real loss.  (cash on hand is always better than valuation).

See the last EHT response to SGX: the Yuans had a 33% stake in EHT upon IPO.  The single biggest shareholder.   

I guess during book building process, the institutional/placement cannot be filled, so the Yuans are asked to come up to subscribe as they made the most money on this exercise.  They end up with 33%, probably not something they like.  I would sell down too.  If you noticed, many of the sell are married trades, looks like they find parties willing to take a position.

As I said before, every asset has a fair price.  78c for this is overpriced, 55c to me is fair value. (close to 50% book value, which was the " asset value" in the 1st place).

This should still overshoot some more, to me I will take it as buying opportunity.  Unless the accounts of the hotels are fraudulent, the revenues are real, this is not best world. 


 

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Goldfinger
Supreme
02-Nov-2019 11:28     
 
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 Alert Admin 		To be fair - most REITs allow the sponsor to exit handsomely, no?

Dusktilldawn      ( Date: 02-Nov-2019 11:05) Posted:

--- Post Removed by User ---
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m2d4pc
Senior
02-Nov-2019 11:23     
 
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 Alert Admin 		There is a Fourth possibility that there will be a right issue soon, if the right issue price is low, it is better to sell now.

onegun      ( Date: 02-Nov-2019 10:21) Posted:

I guess urban commons are not the real sponsor. They may be the white glove of Frank Yuan. So Frank yuan actually owns more share than just the stack of SSH. And due to the low subscription of EHT, it is hence unstandable that the Frank Yuan wants to sell his share in the open market. But why now. 1. His share is dirt cheap base on what mention above 2. There are more buying interest when EHT is low so easier for him to get rid of share 3. Maybe there is new acquisition needed by ASAP especially when his portfolio is "shrunk"

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uk1234
Member
02-Nov-2019 11:17     
 
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 Alert Admin 		> Very hard to understand

Now that we know effectively all EHT' s hotels are bought from the Yuans.  EHT paid 1.2b for 18 hotels, whereas Yuan said his " total asset value" of 32 hotels was 1.2bln.  So the Yuans made almost 100% profit on the 18 hotels.
So he can even sell at 50% discount (of 0.78) and still not making any real loss.  (cash on hand is always better than valuation).

See the last EHT response to SGX: the Yuans had a 33% stake in EHT upon IPO.  The single biggest shareholder.   

I guess during book building process, the institutional/placement cannot be filled, so the Yuans are asked to come up to subscribe as they made the most money on this exercise.  They end up with 33%, probably not something they like.  I would sell down too.  If you noticed, many of the sell are married trades, looks like they find parties willing to take a position.

As I said before, every asset has a fair price.  78c for this is overpriced, 55c to me is fair value. (close to 50% book value, which was the " asset value" in the 1st place).

This should still overshoot some more, to me I will take it as buying opportunity.  Unless the accounts of the hotels are fraudulent, the revenues are real, this is not best world. 


 
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Goldfinger
Supreme
02-Nov-2019 10:24     
 
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 Alert Admin 		Yes - I am waiting patiently for 50cents too.

shk363      ( Date: 02-Nov-2019 10:11) Posted:

so long the properties are there it is good for us retail investors got chance to pick up at 50 or even 40 cts.

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onegun
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02-Nov-2019 10:21     
 
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 Alert Admin 		I guess urban commons are not the real sponsor. They may be the white glove of Frank Yuan. So Frank yuan actually owns more share than just the stack of SSH. And due to the low subscription of EHT, it is hence unstandable that the Frank Yuan wants to sell his share in the open market. But why now. 1. His share is dirt cheap base on what mention above 2. There are more buying interest when EHT is low so easier for him to get rid of share 3. Maybe there is new acquisition needed by ASAP especially when his portfolio is "shrunk"
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shk363
Elite
02-Nov-2019 10:11     
 
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 Alert Admin 		so long the properties are there it is good for us retail investors got chance to pick up at 50 or even 40 cts.
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m2d4pc
Senior
02-Nov-2019 09:33     
 
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 Alert Admin

Two of Eagle Hospitality Trust&rsquo s large unitholders have sold part of their stakes, while remaining above the 5 percent threshold to be considered &ldquo substantial&rdquo stakeholders, filings to SGX said Friday.

Claydon Hill Investments disposed of 1.26 million Eagle Hospitality Trust units in a market transaction at US$0.659 each on 25 October, Frank Shih Chi Yuan said in a filing to SGX. Claydon Hill Investments is wholly owned by Frank Yuan, the filing said.

The company&rsquo s direct interest and Frank Yuan&rsquo s deemed interest each fell to 14.99 percent from 15.13 percent due to the transaction, the filing said.

On Friday,  the Business Times reported  Frank Yuan, Eagle Hospitality Trust&rsquo s largest unitholder, was also the CEO of ASAP Holdings, which sold six hotels to the founders of the trust&rsquo s sponsor, who then injected them into the REIT. ASAP Holdings has also advised Eagle Hospitality Trust&rsquo s sponsor on at least five other hotel acquisitions, the article said. The relationships were disclosed previously, although the parties said they weren&rsquo t required to do so, the Business Times reported.

In addition, Compass Cove Assets disposed of 2.53 million units at US$0.58 in a market transaction on 29 October, Norbert Shih Hau Yuan said in a separate filing to SGX. Compass Cove Assets is wholly owned by Norbert Yuan, the filing said.

Compass Cove Assets&rsquo direct interest and Norbert Yuan&rsquo s deemed interest each fell to 11.71 percent from 12 percent previously, due to the transaction, the filing said.

In a later filing, Norbert Yuan said Compass Cove disposed of 2.09 million units at US$0.558 each in a market transaction on 30 October.

As a result, Compass Cove Assets&rsquo direct interest and Norbert Yuan&rsquo s deemed interest each fell to 10.85 percent from 11.09 percent previously, the later filing said.
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m2d4pc
Senior
02-Nov-2019 09:29     
 
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 Alert Admin 		Is he mad to sell down the share ? he stand to lose a lot...if he think the price will rebound, why sell now ?

To sell down and buy back the hotel is not possible as retail investors only holding about 30% plus shares now.

jamesng      ( Date: 02-Nov-2019 05:37) Posted:

Could it be he want back the hotels? Push the price down and buy the shares at a much lower price........just a guess...

Valuation of the hotels are there.......should not be too much difference.......

m2d4pc      ( Date: 01-Nov-2019 23:44) Posted:

...............If ASAPH had made a very good profit on selling the 6 hotels @290m, this Frank Yuan has enough margin to sell his stake at 40% discount.  This is the guy that has the capacity to sell at low..........

Very hard to understand, this guy is cash rich with $290 million, he is not short of cash, then why he is in a hurry to sell ?

Why ? Can' t he wait  ?  wait for a better price to sell, ?? Unless he think the price will go lower very soon.... very soon ???

dont understand......
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ysh2006
Supreme
02-Nov-2019 07:53     
 
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 Alert Admin 		There is a report announcement in Sgx all answeresd can find.

jamesng      ( Date: 02-Nov-2019 05:37) Posted:

Could it be he want back the hotels? Push the price down and buy the shares at a much lower price........just a guess...

Valuation of the hotels are there.......should not be too much difference.......

m2d4pc      ( Date: 01-Nov-2019 23:44) Posted:

...............If ASAPH had made a very good profit on selling the 6 hotels @290m, this Frank Yuan has enough margin to sell his stake at 40% discount.  This is the guy that has the capacity to sell at low..........

Very hard to understand, this guy is cash rich with $290 million, he is not short of cash, then why he is in a hurry to sell ?

Why ? Can' t he wait  ?  wait for a better price to sell, ?? Unless he think the price will go lower very soon.... very soon ???

dont understand......
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