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My family and I collectively owned slightly more than 0.1% of Croesus. We are definitely voting against the scheme. Hopefully more minority shareholders will do likewise. The chance of blocking the scheme is there If a few substantial shareholders also vote against. Remember anything above 25% against is sufficient.
(A) For OVERSEAS unitholders who are not able to attend, and who have not received the documents from the registrar, please do the following asap :-
1) Fill-in your Name, NRIC NO and Address clearly at the top of Page 2.
2) Leave the top table blank and the Chairman will vote to your wishes as indicated at the bottom table of Page 2.
3) Tick ' AGAINST' at the bottom of Page 2 if you DO NOT AGREE to sellout your units to Cyrus Bidco.
4) Sign as per your specimen signature when you first registered for CDP earlier.
5) Affix ' an appropriate date' at the date field at the bottom.
6) Put into an envelope and affix a stamp, mail to :-
Boardroom Limited
Group Head Office
50 Raffles Place
#32-01
Singapore Land Tower
Singapore 048623
(B) For our local unitholders, please go in-person, or appoint a proxy to go, or do the above steps 1) to 6) with the Proxy Form included with your received
documents, and mail back the filled-in Proxy Form with the self-addressed envelope if you have received it together with the package.
Please help to spread the word,.......
Print out your Proxy Form from this link : http://infopub.sgx.com/Apps?A=COW_CorpAnno...c681fa78e35f49b
1) Fill-in your Name, NRIC NO and Address clearly at the top of Page 2.
2) Leave the top table blank and the Chairman will vote to your wishes as indicated at the bottom table of Page 2.
3) Tick ' AGAINST' at the bottom of Page 2 if you DO NOT AGREE to sellout your units to Cyrus Bidco.
4) Sign as per your specimen signature when you first registered for CDP earlier.
5) Affix ' an appropriate date' at the date field at the bottom.
6) Put into an envelope and affix a stamp, mail to :-
Boardroom Limited
Group Head Office
50 Raffles Place
#32-01
Singapore Land Tower
Singapore 048623
(B) For our local unitholders, please go in-person, or appoint a proxy to go, or do the above steps 1) to 6) with the Proxy Form included with your received
documents, and mail back the filled-in Proxy Form with the self-addressed envelope if you have received it together with the package.
Please help to spread the word,.......
I don't care about short time price falls - I want to get a lot more bah. I will hold this forever and pass onto my kid.
chengwh1 ( Date: 31-Aug-2017 15:22) Posted:
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Bros,............VOTE it down,... if it fails, the price won' t drop. There might be a knee-jerk reaction from the institutions,... but many here and in Msia and Aus are ready to capitalise on the knee-jerk reaction,.... Buy, buy, buy,.............
If this is Sabana REIT, then different story-lar,...
How can they just give us back 2.5 yrs of ' dpu value' when we have invested and supported this ctr for so long !
If this is Sabana REIT, then different story-lar,...
How can they just give us back 2.5 yrs of ' dpu value' when we have invested and supported this ctr for so long !
Don't forget - it's mainly freehold assets and very rare for SGX listed REITs. It's not a jewel I would want to let go off except at an attractive price. If it fails and price drops - we all know what to do right?
Agree. With 20% premium over the adjusted NAV of 98 cents as at 30 June is not attractive at all. You need about 2.5 years of DPU to get back about 20% if Croesus is able to continue to give 7 to 8 cents DPU annually. No doubt they can deliver, given all the Croesus assets have long WALE of min 4 years to as long as 11 years low interest rate from Japanese bankers good management team and internalisation manager. I believe the fair offer should be above $1.35 per unit before we will seriously consider the offer.
chengwh1 ( Date: 30-Aug-2017 14:30) Posted:
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You sold your units with CD of about 4.06 cents and then XD the price drops to $1.155.
nyde1d1th ( Date: 30-Aug-2017 09:49) Posted:
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Just to reiterate :-
If this bid is voted down, everything will be reset ! Cyrus Bidco can bid again if they wished to, or another co. can bid too.
But if this bid passes, then those ' Permitted Dividends' clauses will kick-in,... and yes, we will get a final unfair divvy payout plus the buyover price of $1.17 per unit, which can also be reduced if everything is finalised AFTER October 31st....
If voted down, no problem anymore for this buyout exercise,... with such terms, we should not vote YES,... it' s our choice,...
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Pls see what the SIAS seminar says in half an hr' s time,....
If this bid is voted down, everything will be reset ! Cyrus Bidco can bid again if they wished to, or another co. can bid too.
But if this bid passes, then those ' Permitted Dividends' clauses will kick-in,... and yes, we will get a final unfair divvy payout plus the buyover price of $1.17 per unit, which can also be reduced if everything is finalised AFTER October 31st....
If voted down, no problem anymore for this buyout exercise,... with such terms, we should not vote YES,... it' s our choice,...
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Pls see what the SIAS seminar says in half an hr' s time,....
just curious guy i sold this at 119...how come is down to 1155 now? isnt the offer 117?!
Hence, if we Vote NO, then everything is reset to zero, and we continue to receive whatever dividends that CRT gives out till the day a fresh offer comes along !
Please vote wisely, investors ! This is a great counter !
Please vote wisely, investors ! This is a great counter !
As I re-read the ann' t,... actually the clauses I wrote in the previous posting of mine meant : if, due to any delay on this particular offer, caused the actual date of the buyout to take place officially after 31 October 2017, then clause 1.5.2 will kick-in, and the Permitted Distributions will be enforced by Cyrus Bidco.
BUT - if this offer is voted DOWN on the day of the EGM, everything is reset to NOTHING, as if this offer has never been presented before, and Cyrus Bidco is welcome to come back with another offer if they so wished to. Until then, everything is back to BAU (Business As Usual) for investors, with the quarterly reporting and semi-annual divvy payouts based on at least 90% of net earnings.
CRT and Cyrus Bidco are two separate entities till now, and their ann' ts should not be prejudicial to either party !
BUT - if this offer is voted DOWN on the day of the EGM, everything is reset to NOTHING, as if this offer has never been presented before, and Cyrus Bidco is welcome to come back with another offer if they so wished to. Until then, everything is back to BAU (Business As Usual) for investors, with the quarterly reporting and semi-annual divvy payouts based on at least 90% of net earnings.
CRT and Cyrus Bidco are two separate entities till now, and their ann' ts should not be prejudicial to either party !
chengwh1 ( Date: 28-Aug-2017 16:47) Posted:
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YES ! This is right !
But the prb is if this buyout is voted down, the sp will drop because the dpu payout will become uncertain from now on,... reason being from the following clauses :-
The Trustee-Manager is permitted under the Implementation Agreement to declare, make or pay any distributions to Unitholders out of the distributable income of CRT for the calendar year 2017, as follows:
1.5.1 if the Effective Date (as defined in paragraph 4.1 of this Joint Announcement) falls on or before 31 October 2017, up to an aggregate of approximately S$31.3 million, representing approximately 4.06 Singapore cents per Unit, for the period from 1 January 2017 to the Effective Date and
1.5.2 if the Effective Date falls after 31 October 2017, (i) up to an aggregate of approximately S$31.3 million for the period from 1 January 2017 to 31 October 2017 and (ii) up to 90 per cent. of CRT' s distributable income for the period from 1 November 2017 to the Effective Date,
(collectively, the &ldquo Permitted Distributions&rdquo ).
For the avoidance of doubt, the Scheme Consideration will not be reduced by the Permitted Distributions.
The Offeror reserves the right to reduce the Scheme Consideration if any distribution in excess of the Permitted Distribution is declared, paid or made by the Trustee-Manager on or after the date of the Implementation Agreement.
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So,.... if the buyover is not passed, then the divvy amount becomes uncertain in future !
But the prb is if this buyout is voted down, the sp will drop because the dpu payout will become uncertain from now on,... reason being from the following clauses :-
The Trustee-Manager is permitted under the Implementation Agreement to declare, make or pay any distributions to Unitholders out of the distributable income of CRT for the calendar year 2017, as follows:
1.5.1 if the Effective Date (as defined in paragraph 4.1 of this Joint Announcement) falls on or before 31 October 2017, up to an aggregate of approximately S$31.3 million, representing approximately 4.06 Singapore cents per Unit, for the period from 1 January 2017 to the Effective Date and
1.5.2 if the Effective Date falls after 31 October 2017, (i) up to an aggregate of approximately S$31.3 million for the period from 1 January 2017 to 31 October 2017 and (ii) up to 90 per cent. of CRT' s distributable income for the period from 1 November 2017 to the Effective Date,
(collectively, the &ldquo Permitted Distributions&rdquo ).
For the avoidance of doubt, the Scheme Consideration will not be reduced by the Permitted Distributions.
The Offeror reserves the right to reduce the Scheme Consideration if any distribution in excess of the Permitted Distribution is declared, paid or made by the Trustee-Manager on or after the date of the Implementation Agreement.
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So,.... if the buyover is not passed, then the divvy amount becomes uncertain in future !
pkli899 ( Date: 28-Aug-2017 11:08) Posted:
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Croesus free float percentage is extremely high, close to 90% if I am not wrong. Couple with the fact that there is no major/controlling shareholder, we the minority shareholders will hence be able to have a say in the outcome of the scheme meeting, provided we attend and stand together.
Minority shareholders have won for Aztech and for Tee Int' l recently. For this ctr, pls think carefully and vote properly. Please attend the EGM - this is most important ! Minority shareholders will have a very big chance here,....
Unitholders should accept Blackstone' s bid for Croesus, says independent adviser CIMB
Tuesday, August 22, 2017 - 21:06
An independent financial adviser has found Blackstone' s S$1.17 per unit cash offer to privatise Croesus Retail Trust to be " fair and reasonable" , and recommends that holders vote in favour of the bid at a scheme meeting.
PHOTO: CROESUS RETAIL TRUST
AN independent financial adviser has found Blackstone' s S$1.17 per unit cash offer to privatise Croesus Retail Trust to be " fair and reasonable" , and recommends that holders vote in favour of the bid at a scheme meeting.
In its report, CIMB said that although the Japan-based shopping mall trust' s market price was at a premium to the offer price, the premium was partly a reflection of expectations about the trust' s permitted distributions. The offer price represents a premium of 24.5 per cent to 37.7 per cent over the various volume-weighted average trading prices from listing until June 23, 2017, the last full day of trading before the bid was announced, CIMB said.
The offer is also a 19.9 per cent premium to net asset value adjusted for current market prices, and the implied price to net asset value by the offer price is about 1.15 times, which is above the historical mean and median for foreign retail trusts, CIMB said.
Unitholders will vote on the proposed scheme of arrangement on Sept 13. The scheme must be approved by a majority of unitholders present at the meeting whose combined stake is at least 75 per cent of the units held by unitholders present. If rejected, the offer will not be available to any unitholder.
The Securities Investors Association (Singapore) is conducting a dialogue session for management of Croesus and unitholders on Aug 30 to discuss the offer and answer questions.
OKay,... tq Mr Lim,... anyway, I' ve moved-on already,... tq,...
limahping ( Date: 18-Aug-2017 14:59) Posted:
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I am still in grief as I do not wish to sell out. The very good results shows that we will be better off holding for the Long term. Earn short term but lose out Long term. They should be honourable and go for a 90% acceptance with delisting offer. The SOA is a cheap way to buy out minorities.
I remember the offer document said 1.17 excluding the 3q 2.01 c dividend and future dividend till the deal close. Ie. If you still hold this stock, u will get the 4.06 c dividend. Future dividend also yours till deal close.
chengwh1 ( Date: 18-Aug-2017 13:00) Posted:
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No date set yet,... the second step of this Buyover has not been fulfilled yet,... being the appointment of an FA to advise on this deal, and to advise investors on the best choices to make. The second step needs to be fulfilled, then the third step is setting of a date for the EGM, and the 4th step is the EGM decision day.
Today' s ann' t of the 4.06 cts dividend to be given out includes the allocated 2.05 Cts from the 3Q 2017, namely qtr Jan till Mar 17. This is going to be paid out on September 28, together with the 4Q 2017 payout of 2.01 Cts.
Earlier, in the Buyout document, it was mentioned that the 1.17 Offer Price is inclusive of the 2.05 Cts from the 3Q.
How does the above tie ?
Today' s ann' t of the 4.06 cts dividend to be given out includes the allocated 2.05 Cts from the 3Q 2017, namely qtr Jan till Mar 17. This is going to be paid out on September 28, together with the 4Q 2017 payout of 2.01 Cts.
Earlier, in the Buyout document, it was mentioned that the 1.17 Offer Price is inclusive of the 2.05 Cts from the 3Q.
How does the above tie ?
grandjedi ( Date: 28-Jul-2017 15:33) Posted:
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When is the voting?