| Latest Forum Topics / EC World Reit Last:0.28 -- |
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Sanli forum after it ipo
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ipolaris
Senior |
15-Sep-2023 15:00
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' the Distributions will be duly paid to Unitholders (other than FIPL and FGPL) on 28 September 2023 as stated in the Notice of Record and Distribution Payment Date Announcement. ' | ||||
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Observers
Elite |
13-Sep-2023 20:35
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x 0 Alert Admin |
Aiyah, write off already liddat. | ||||
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shk363
Elite |
13-Sep-2023 19:05
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Otw to bankruptcy... | ||||
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Joelton
Supreme |
13-Sep-2023 09:11
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EC World Reit fails to top up interest reserve, at risk of immediate loan repayment demands
THE manager of EC World Real Estate Investment Trust : BWCU 0%(Reit) announced that the China-focused Reit has failed to top up the offshore interest reserve within the requisite five business days of its release.
If the Reit does not remedy the breach and top up that reserve within 10 business days, an event of default pursuant to the offshore facilities would arise and also trigger a cross-default under the existing onshore facilities of EC World Reit and its subsidiaries.
EC World Asset Management, in a bourse filing on Tuesday (Sep 12), provided the update to unitholders of the Reit, which invests in e-commerce, supply-chain management and logistics assets.
About S$3.4 million of the offshore interest reserve was used to fully repay the group&rsquo s interest expenses due end-August for existing offshore facilities.
The relevant lenders, as at the time of the announcement, were said to be in the process of reviewing the manager&rsquo s requests for an extension to top up the offshore interest reserve as well as not to accelerate repayments.
In addition, as units of the Reit have been suspended from trading for more than five consecutive trading days, the majority lenders under the offshore facilities have the right to declare all such loans and accrued interest immediately due and payable.
EC World Reit units last changed hands at S$0.28 on Aug 28. They have been suspended from trading since Aug 31.
As at the time of the bourse filing, the manager has not been informed by the relevant lenders that they intend to accelerate the offshore and onshore facilities, or require any mandatory prepayment as a result of the suspension of trading in the units.
EC World Reit and its subsidiaries are owed more than 145.8 million yuan (S$27.2 million) in overdue rent by their sponsor group Forchn Holdings and its subsidiaries. The manager had flagged a &ldquo high risk&rdquo of non-collection of the rent receivables.
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pirateboy
Member |
05-Sep-2023 12:00
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they will have to provide cooling tea for everyone including the board...! - 10.00 a.m. (Singapore time) on Thursday, 7 September 2023 The EGM will be held at Meeting Room 325-326, Level 3, Suntec Singapore Convention & Exhibition Centre, 1 Raffles Boulevard, Suntec City, Singapore 039593. Voting will be conducted by poll during the EGM for Unitholders or, where applicable, their appointed proxy(ies) attending the EGM. Unitholders, including CPF and SRS investors, or, where applicable, their appointed proxy(ies) who will be attending the EGM in person should bring along their NRIC/passport so as to enable the verification of their identity on the day of the EGM.
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sridharps7
Member |
05-Sep-2023 11:30
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Oh no. My money is locked, no wonder the share price was kept falling. Should not have bought this share at all. Bought at high price & now can' t even sell with huge loss.
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pirateboy
Member |
05-Sep-2023 11:06
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mr zhang there will be a big plus...
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Observers
Elite |
05-Sep-2023 09:14
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Can ask at their SGM. This thurs at Suntec.
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pirateboy
Member |
04-Sep-2023 21:36
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So basically we have to wait till 22nd Sept (5 + 10 biz days) to see if Sponsor is able to get cash during cure period. Does it go into suspension till then or later. No reason for suspension to be so long right? looking at dasin, they didn' t suspend even now. - The Manager wishes to update unitholders of EC World REIT (&ldquo Unitholders&rdquo ) that the Offshore Facility Agent has agreed to the request, and accordingly, approximately S$3.4 million of the Offshore Interest Reserve has been released and used to fully repay the ECW Group&rsquo s interest expenses due on 31 August 2023 pursuant to the Offshore Facilities. Pursuant to the terms of the Offshore Facilities, the Offshore Interest Reserve must be topped up by the ECW Group within five business days of its release. The breach of this requirement would, if not remedied within the agreed cure period0F 1, result in an event of default pursuant to the Offshore Facilities and also triggers a cross-default under the Onshore Facilities 1. Pursuant to the terms of the Offshore Facilities, in the event that the Offshore Interest Reserve is not topped up by the ECW Group within five business days of its release, the ECW Group would then have a cure period of ten business days to remedy its breach and top up the Offshore Interest Reserve. https://ecwreit.listedcompany.com/newsroom/20230904_201519_BWCU_HU9TSN30SYOK7BPU.1.pdf |
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Joelton
Supreme |
01-Sep-2023 14:48
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EC World REIT requests for voluntary trading suspension
The manager of EC World REIT BWCU 0.00% has decided to suspend the trading of its units on a voluntary basis while it seeks to settle its financing obligations.
&ldquo The board is in the process of evaluating various options for EC World REIT and will provide unitholders with a further update as and when there are material developments,&rdquo reads the statement put out by the REIT manager on the evening of Aug 30.
On Aug 28, the manager said that it would not be able to fully repay the offshore interest expenses that were due on Aug 31.
Under the terms of the offshore facilities, the offshore interest reserve maintained by the REIT and its subsidiaries must be topped up within five business days from Aug 28. At the time, the REIT manager indicated that it would be &ldquo challenging&rdquo for the REIT to do so given its financial position. The failure to pay the interest which is due would result in an event of default under the offshore facilities. It would also trigger a cross-default under the REIT&rsquo s existing onshore facilities.
Should an event of default continue, the relevant lenders may &ldquo accelerate the facilities&rdquo .
According to the REIT, its manager has asked the facility agent under the offshore facilities to release part of the offshore interest reserve in order to enable the REIT to fully repay the offshore interest expenses. It has also requested for an extension to top up the offshore interest reserve.
In addition, the manager has requested that the lenders not accelerate the facilities pending the latter&rsquo s evaluation of the requests.
As at Aug 30, the lenders are still in the process of reviewing the request.
As at June 30, the REIT has current assets of $548.98 million and current liabilities of $682.17 million. Within its current liabilities, the REIT has borrowings of $133.19 million, which are due for repayment within the next 12 months.
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Alignment
Elite |
31-Aug-2023 19:38
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Yes it is a red flag certainly if I was invested it would make me revisit my assumptions which drove me to buy in the first place. I would also try to understand why the share price has fallen. Clearly many people are selling. Do these people have better information than me? Or are they selling for misguided reasons? Or is there some technical factor at play, like a margin call or something similar (the Ascott share price for instance I think over the last few days is being driven by the underwriter overhang)? With all my investments I like to think I have done sufficient work but you never know. A fund manager friend of mine is disparaging of people who panic when the share price of their investments fall signfiicantly for no apparent reason - he says this shows a weak investment process because if you had done your homework before investing you shouldn' t be afraid of short term volatiliy, and in fact it represents a potential opportunity. I' m not saying he' s 100% right but I see his point. |
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luckyguy3
Master |
31-Aug-2023 18:20
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The relentless never ending selling down of OUE Comm reit for so long already.. this must be a red flag .. no?
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Alignment
Elite |
31-Aug-2023 17:15
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Devil is in the detail. I would actually say EC World REIT and OUE Commercial REIT are quite different. Take two key areas which, together, caused EC World REIT' s problems: a) financing structure, and b) sponsor revenue reliance. OUE CR has neither of these issues a) The major weakness of ECWR' s financing structure was that it was primarily single bullet maturity, even though it had offshore and onshore legs. This has been the case for a number of years. That put a lot of emphasis on the financial markets being strong at the time of refi - a situation that clearly is not the case today. In contrast, you look at OUE CR' s financing structure, and you see that they are quite evenly spread between 2025 and 2026, with some further maturities in 2027 and 2028 b) 80% of ECWR' s revenue comes from its sponsor or its related partes. Clearly if the sponsor is financially weak that is going to cause a problem, and it was the seeming inability of the sponsor to pay its dues that crystallised the single bullet maturity structure problem - otherwise they might have found it easier to extend. In contrast, only about 1/3 of OUE CR' s revenue is related party, and this relates to the Changi Airport Hotel and Hilton Orchard Road properties. Knowing those properties somewhat, personally I am not that concerned about the credit risk they represent |
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luckyguy3
Master |
31-Aug-2023 15:53
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OUE commercial reit also keep dropping with a lousy sponsor, the same sponsor as Lippo. Nowadays I think buy reits must buy Capitaland or Mapletree ones safer. |
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iinvestor
Veteran |
31-Aug-2023 15:13
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Siao liao....so many Reits crashing this year....so called ' safe' stocks but high gearing = recipe for disaster. | ||||
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shk363
Elite |
31-Aug-2023 12:31
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x 0 Alert Admin |
Can write off totally now | ||||
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Observers
Elite |
31-Aug-2023 08:59
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No longer a halt, its a trading suspension. | ||||
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Alignment
Elite |
31-Aug-2023 00:04
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I was about to post that on further reflection, they will need to be announcing how to resolve the offshore interest payment at the month end so may keep the trading halt untl such an announcement. I see now they have announced they may effectively be keeping the halt even beyond that because an inability to pay the month-end interest is an event of default that triggers a cross default. There is therefore the possibility that the trading halt may remain until all the potentially affected debt agree a way forward - so a longer time period likely if they fail to make the month-end payment. As to what the banks will negotiate - this is a pretty serious situation. I would not have thought bumping up the interest rate in itself will get them over the line in terms of giving an extension.
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Observers
Elite |
30-Aug-2023 20:43
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So how much of the reits loan covernants have been breached? Are they going to recall the loans or bump up the interest rates? | ||||
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Alignment
Elite |
30-Aug-2023 18:44
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Should not be long - this was a trading halt pending disclosure of price sensitive information (as opposed to, say, a breach of the listing rules). Now that this price sensitive information is disclosed, the trading halt should be listed asap. Unless there is further price sensitive information imminently about to be disclosed, but that did not appear to be the tone of the most recent disclosure - it sounds like they are some way off from a further update. |
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