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Saizen Reits
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katak88
Master |
15-Aug-2016 18:07
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Sime Darby Property seeks listing via RTO of Saizen REITBy Goola Warden / theedgemarkets.com.sg  | August 15, 2016 : 5:06 PM MYT SINGAPORE (Aug 15): Saizen REIT announced on Monday it has entered into a framework agreement with Sime Darby Property Singapore and Hastings Deering (Australia) that could result in the first reverse takeover of a Singapore REIT. Under the agreement, Saizen will acquire an industrial portfolio in Australia from Hastings Deering for $300 million. The acquisition will be paid for with 8.61 billion Saizen units at 3.484 cents. The units will later be consolidated so that Saizen will trade at a minimum of 50 cents per unit. Sime Darby will then go ahead to acquire an 80% stake in Saizen&rsquo s manager Japan Residential Asset Management (JRAM), at a price of 80% of its net asset value plus US$1 million ($1.3 million). Two of the current shareholders of JRAM are Cheetah Investment Management, owned by Raymond Wong (currently executive director of JRAM) and Yeh V-Nee, and Altus Capital Management owned by Arnold Ip (chairman of JRAM). The remaining two current shareholders of JRAM are private investors. All four will retain a 20% stake in the manager of Saizen REIT. The transaction is subject to due diligence, a definitive agreement, unitholder approval in an EGM and regulatory approval. Saizen REIT' s entire portfolio of Japanese residential assets were sold to a US Fund on March 4 this year, and most of the proceeds were distributed to unitholders at $1.056 per unit. The REIT retained some cash for liquidation purposes, and plans to distribute a further 9.87 cents per unit post liquidation. This will be paid out before the Sime Darby RTO takes place. Units of Saizen REIT are trading 21.4% higher at 12 cents.
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katak88
Master |
15-Aug-2016 18:00
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Sime Darby to acquire Saizen Reit, inject Australian industrial properties in reverse takeoverAUG 15, 2016 Â 3:34 PM
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MALAYSIAN conglomerate Sime Darby will acquire a majority stake in Saizen Real Estate Investment Trust (Reit) through a reverse takeover and inject Australian industrial property into the trust, the Reit manager announced on Monday. Only a framework agreement has been reached parties are negotiating on the final terms and will conduct due diligence. Singapore-incorporated Sime Darby Property Singapore will hold 80 per cent of the Reit manager as a result of the planned transaction. The Australian assets will be acquired from the Sime Darby Group' s subsidiary Hastings Deering (Australia). Saizen Reit' s manager estimates that the market capitalisation of Saizen Reit should be at least S$300 million following the Sime Darby deal. Saizen Reit is currently a cash trust after its portfolio of Japanese properties were sold in March. Most of the proceeds from the disposal were paid out to unitholders in a S$1.056 per unit special distribution, and the total cash at liquidation as at July 15 stood at 9.87 Singapore cents per unit. Existing unitholders are expected to receive that liquidation distribution before the new shares are issued to Sime Darby. After the liquidation distribution, part of the consideration for the Australian properties will be fulfilled by issuing new Saizen Reit units at 3.484 Singapore cents apiece. Additional consideration amounts will be fulfilled by payment of cash proceeds from external bank financing, which Sime Darby will arrange. The framework agreement carries a long-stop date of Sept 30, 2016, after which Sime Darby will reimburse Saizen Reit for transaction expenses if no deal has been reached. Sime Darby will probably own more than 30 per cent of the Reit after the deal, and the group plans to seek a whitewash waiver to avoid having to make a general offer for the Reit. |
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SmallSmall
Supreme |
15-Aug-2016 15:10
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Cash distribution $0.0987 prior to RTO. Consideration shares to Sime DArby Property Singapore Ltd and Hastings Deering $0.03484. So technically share should be worth $0.0987 + $0.03484 =$0.13354 ?
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EddieLeong
Member |
15-Aug-2016 14:41
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Any expert to explain what does this mean? And why saizen share price increase with this news ?
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katak88
Master |
15-Aug-2016 14:41
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15-Aug-2016 13:30:26 Saizen REIT has entered into a framework agreement with Sime Darby Property Singapore Limited and Hastings Deering (Australia) Limited. http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content& B=AnnouncementTodaySecurity& F=FLFIUEBHYJ6GBI68& H=d89be1a64dedcb3faf672d3f0ae5a641a1a35f0bfecfb972c21ec50337266965& fileId=20160815_Framework_Agreement_for_Proposed_Acquisition_by_Saizen_REIT_of_Industrial_Properties_in_Australia.pdf |
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katak88
Master |
15-Aug-2016 14:31
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News: Sime Darby says units enters agreement with manager of Saizen REIT for properties disposalAug 15 (Reuters) - Sime Darby Bhd SIME.KL :
Source text ID: (http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=74256& name=EA_GA_ATTACHMENTS) [email protected] |
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