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Hi, are you attending the coming indiabulls AGM?
MarcPh ( Date: 27-Jun-2017 23:21) Posted:
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This counter was listed 9 years ago at $5 (based on consolidated share price).
In between, there was neligible dividends (almost zero) and even up to 2 years ago, it was worth $3 (based on consolidated share price)
https://www.google.com/finance?cid=623505027782124
In just two years, we lost 90% of the share value when the whoe company' s asset worth more and an upcoming cashcow as per trustee manager' s report to their own shareholders.
The company did not go bust except being screwed by their own trustee managers. Yet, no help was rendered to us by authorities.
Indian properties surged in value, look at Ascendas India Trust
Even if you tell me India Rupee depreciated against SGD, it had strongly recovered in the last 2 years.
You have ruined so many people.
In between, there was neligible dividends (almost zero) and even up to 2 years ago, it was worth $3 (based on consolidated share price)
https://www.google.com/finance?cid=623505027782124
In just two years, we lost 90% of the share value when the whoe company' s asset worth more and an upcoming cashcow as per trustee manager' s report to their own shareholders.
The company did not go bust except being screwed by their own trustee managers. Yet, no help was rendered to us by authorities.
Indian properties surged in value, look at Ascendas India Trust
Even if you tell me India Rupee depreciated against SGD, it had strongly recovered in the last 2 years.
You have ruined so many people.
Hope CAD can jail the scums when they come to Singapore for AGM
Please attend and reject all resolutions and bring down the auditors who collude with them. $1.27 NTA is fair and accurate?
Why don' t we tell Indiabull Real Estate to sell place out ALL their shares to all minority shareholders and Farallon capital at $1.27 ok? Much higher than their low-ball offers
Then immediately public float is increased and resume trading AND WE CAN SACK YOU
This company' s NTA is $2 plus without the impairment and with the inclusion of Sky Suites.
It' s the trustee manager who happily created the suspension to scare retail investors and while assuring their investors back in india that IPIT is a cashcow when privatized (refer to the first post on this thread).
Please attend and reject all resolutions and bring down the auditors who collude with them. $1.27 NTA is fair and accurate?
Why don' t we tell Indiabull Real Estate to sell place out ALL their shares to all minority shareholders and Farallon capital at $1.27 ok? Much higher than their low-ball offers
Then immediately public float is increased and resume trading AND WE CAN SACK YOU
This company' s NTA is $2 plus without the impairment and with the inclusion of Sky Suites.
It' s the trustee manager who happily created the suspension to scare retail investors and while assuring their investors back in india that IPIT is a cashcow when privatized (refer to the first post on this thread).
Extract from the Annual Report - The scums still wanna mislead you
Given a specific overall height restriction imposed by the Airport Authority of India, Indiabulls Sky Suites can no longer be built as originally envisaged. The Trustee-Manager is considering developing Indiabulls Sky Suites as an office space, instead of a residential development after obtaining all fresh permissions including environmental clearance and municipal approvals for the proposed commercial building.
Sky Suites has been changed to a 790K sqft office project. They did not say how much this project is worth.
If i assume a low-ball $300psf, 790Ksqft is going to worth more than S$237mio (excluding building cost) = appx $0.30 per share!
$500psf, 790Ksqft is going to worth almost $400mio (excluding building cost) = appx $0.50 per share!
Another Quote from the scums: H2 2016, Mumbai&rsquo s office market saw a decline in both the critical indicator
FY closing 31st march, you tell mi 2H16. This is the latest for India listed realty companies (including offices)
Given a specific overall height restriction imposed by the Airport Authority of India, Indiabulls Sky Suites can no longer be built as originally envisaged. The Trustee-Manager is considering developing Indiabulls Sky Suites as an office space, instead of a residential development after obtaining all fresh permissions including environmental clearance and municipal approvals for the proposed commercial building.
Sky Suites has been changed to a 790K sqft office project. They did not say how much this project is worth.
If i assume a low-ball $300psf, 790Ksqft is going to worth more than S$237mio (excluding building cost) = appx $0.30 per share!
$500psf, 790Ksqft is going to worth almost $400mio (excluding building cost) = appx $0.50 per share!
Another Quote from the scums: H2 2016, Mumbai&rsquo s office market saw a decline in both the critical indicator
FY closing 31st march, you tell mi 2H16. This is the latest for India listed realty companies (including offices)
PLEASE REJECT Grant Thornton' s ridiculous audit for the huge impairment loss.
Let them go answer to SGX why everyone rejects the audit account accept the Trustee Manager.
Without the impairment, the company is worth S$200mio more in the last FY OR almost $2 per share.
IPIT did well! The indians wanna paint a horrible picture to frighten us
Let them go answer to SGX why everyone rejects the audit account accept the Trustee Manager.
Without the impairment, the company is worth S$200mio more in the last FY OR almost $2 per share.
IPIT did well! The indians wanna paint a horrible picture to frighten us
The Annual Report is OUT!!!!!
LMAO!!! CHATRI TRISIRIPISAL is the former Chairman and he also didn' t surrender his shares to Indiabulls Real Estate' s ultra low-ball offer last year!
THERE ARE STILL 876 shareholders out there to lend their support to Farallon Capital!!!
NEVER CONCEDE for pathetic low-ball offers from the indian trustee managers anymore!
The impairment is a serious conflict of interest by the trustee managers!
Change the Trustee Managers!
KICK THE SCUMS OUT IN THE AGM on
Furama City Center, Ballroom 2, Level 5, 60, Eu Tong Sen Street, Singapore 059804 on Friday, 28 July 2017 at 2:00 p.m
HOPE FARALLON WILL JOIN US REJECT ALL RESOLUTIONS to protest against the nonsense!
LMAO!!! CHATRI TRISIRIPISAL is the former Chairman and he also didn' t surrender his shares to Indiabulls Real Estate' s ultra low-ball offer last year!
THERE ARE STILL 876 shareholders out there to lend their support to Farallon Capital!!!
NEVER CONCEDE for pathetic low-ball offers from the indian trustee managers anymore!
The impairment is a serious conflict of interest by the trustee managers!
Change the Trustee Managers!
KICK THE SCUMS OUT IN THE AGM on
Furama City Center, Ballroom 2, Level 5, 60, Eu Tong Sen Street, Singapore 059804 on Friday, 28 July 2017 at 2:00 p.m
HOPE FARALLON WILL JOIN US REJECT ALL RESOLUTIONS to protest against the nonsense!
Why can' t regulators and investors demand the trustee manager to be removed like Sabana Reits when there is obvious conflicts of interests and murky corporate disclosure?
The questionable valuations do not accurately reflect the fact that Sky Suites reduced floor area, has been increased. When valuation made on FY closing (31-Mar), it took into consideration that the approved area was 700K sqft BUT in fact, increased to 790K sqft on 11-Apr.
AND Sky Suites will consist of freehold office space which is worth much more than residential space per psf. WORTH MORE AGAIN.
The timing allows them to happily wrote off S$528mio (machiam this company is like Swiber or Ezra) although lots of positive things right after FY closing, so that they take it private cheaply. The crazy impairment also hid the fact that the company was worth S$200+mio more (without the impairment) within a single FY. WTF!!!
What is $200+mio in perspective? In the IBE' s fund-raising attempts this month, they only prepared $200mio+. WTF!!! IPIT made this amount in the last FY.
Each share of IPIT is worth about $1.98 without the impairment and taking certainly in excess of $2 taking into consideration of the April developmetns. Why must we be threatened with all these nonsense when we are sitting on a gem?
AND Sky Suites will consist of freehold office space which is worth much more than residential space per psf. WORTH MORE AGAIN.
The timing allows them to happily wrote off S$528mio (machiam this company is like Swiber or Ezra) although lots of positive things right after FY closing, so that they take it private cheaply. The crazy impairment also hid the fact that the company was worth S$200+mio more (without the impairment) within a single FY. WTF!!!
What is $200+mio in perspective? In the IBE' s fund-raising attempts this month, they only prepared $200mio+. WTF!!! IPIT made this amount in the last FY.
Each share of IPIT is worth about $1.98 without the impairment and taking certainly in excess of $2 taking into consideration of the April developmetns. Why must we be threatened with all these nonsense when we are sitting on a gem?
The questionable valuations do not accurately reflect the fact that Sky Suites reduced floor area, has been increased. When valuation made on FY closing (31 March), it took into consideration that the approved area was 700K sqft BUT in fact, increased to 790K (11 Apr).
AND Sky Suites will consist of freehold office space which is worth much more than residential space per psf. WORTH MORE AGAIN.
The timing allows them to happily wrote off S$528mio (machiam this company is like Swiber or Ezra) although lots of positive things right after FY closing, so that they take it private cheaply.
AND Sky Suites will consist of freehold office space which is worth much more than residential space per psf. WORTH MORE AGAIN.
The timing allows them to happily wrote off S$528mio (machiam this company is like Swiber or Ezra) although lots of positive things right after FY closing, so that they take it private cheaply.
Thanks fruitty, such a shame that the dishonest trustee managers pay us less than 0.5% in total for dividends (not per annum) since listing.
You have a good holidays.
You have a good holidays.
fruitty ( Date: 25-Jun-2017 11:38) Posted:
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Hi MarcPh,
Thanks for the explanation. I wish all shareholders the best.
If the Indians want to suspend trading until they get what they want, please force them to pay out more dividends at agm.
Thanks for the explanation. I wish all shareholders the best.
If the Indians want to suspend trading until they get what they want, please force them to pay out more dividends at agm.
hi fruitty, Indiabulls Properties Investment Trust has been suspended from trading.
A year ago, the trustee managers plotted against their shareholders and bought few chunks of the shares from the open market and caused the counter to have < 10% public float all of the sudden. SGX requires shares of < 10% public float to suspend from trading.
Using this as a threat, they want retail investors to surrender their shares at a super low-ball price (85% to the NTA back then). By my estimates, they managed to misled the retail shareholders to surrender 2/3 of the public float. There were a lot of pleads on facebook and online articles, and Business Times' Mr Sivanithy Rathananthan attempted to expose this unfair attempt in press.
The independent advisors of the takeover did mention about the low-ball price but highlighted the possible suspension to frighten many retail investors. Insufficient or no weightage was given in that advisory to stress that there will be no forced privatisation so long the second largest shareholder, Farallon Capital rejects the low-ball price.
Fortunately, the second largest Farallon Capital stood firm and refuse to surrender their 42% stake. AMDK!!!
The shareholders were completely betrayed by their trustee manager.
A year ago, the trustee managers plotted against their shareholders and bought few chunks of the shares from the open market and caused the counter to have < 10% public float all of the sudden. SGX requires shares of < 10% public float to suspend from trading.
Using this as a threat, they want retail investors to surrender their shares at a super low-ball price (85% to the NTA back then). By my estimates, they managed to misled the retail shareholders to surrender 2/3 of the public float. There were a lot of pleads on facebook and online articles, and Business Times' Mr Sivanithy Rathananthan attempted to expose this unfair attempt in press.
The independent advisors of the takeover did mention about the low-ball price but highlighted the possible suspension to frighten many retail investors. Insufficient or no weightage was given in that advisory to stress that there will be no forced privatisation so long the second largest shareholder, Farallon Capital rejects the low-ball price.
Fortunately, the second largest Farallon Capital stood firm and refuse to surrender their 42% stake. AMDK!!!
The shareholders were completely betrayed by their trustee manager.
fruitty ( Date: 25-Jun-2017 06:28) Posted:
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Can buy at this price now given the offer may be $1? 3 times gain.
MarcPh ( Date: 24-Jun-2017 21:07) Posted:
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Summary:
On paper, each share is worth $1.27
Without the suspicious impairment - each share is worth about $1.97 (Such a shame - who is the auditor?)
With the additional floor area for Sky Suites project, each share is worth > $1.97
Dear Farallon Capital,
If the Indians low-ball you again, eg. $1.
Tell the Indians, " Why don' t you sell me your shares at $1 instead"
Cheers!
On paper, each share is worth $1.27
Without the suspicious impairment - each share is worth about $1.97 (Such a shame - who is the auditor?)
With the additional floor area for Sky Suites project, each share is worth > $1.97
Dear Farallon Capital,
If the Indians low-ball you again, eg. $1.
Tell the Indians, " Why don' t you sell me your shares at $1 instead"
Cheers!
In another news, Indiabulls real estate is seeking to raise another Rs 500 crore (S$107mio) through private placements.
http://economictimes.indiatimes.com/markets/stocks/news/indiabulls-real-estate-to-raise-up-to-rs-500-crore-via-debentures/articleshow/59284782.cms
However, the purpose was " for meeting company' s funding requirements for its ongoing businesses and general corporate purposes or any other purposes as may be approved by its board, the realty firm had said
They didn' t explicitly say that the S$107mio equivalent will be used for the privatisation of IPIT. If yes, together with the S$143mio share sale, this is like $0.73 per share, still a far-fetch from IPIT true value. Imagine IPIT is worth $1.97 (without S$528mio impartment) to $2.10 after the floor-area increment in Sky Suites, $0.73 is like 1/3 of its value.
Paying $0.73will be like buying IPIT for $1 and recognize a $2 gain ($3 value) immediately if they are successful.
No wonder, Indiabull Real Estates share continued to rocket because of this development. Share up 148% within 3 months, and 6.6% on Friday.
http://economictimes.indiatimes.com/markets/stocks/news/indiabulls-real-estate-to-raise-up-to-rs-500-crore-via-debentures/articleshow/59284782.cms
However, the purpose was " for meeting company' s funding requirements for its ongoing businesses and general corporate purposes or any other purposes as may be approved by its board, the realty firm had said
They didn' t explicitly say that the S$107mio equivalent will be used for the privatisation of IPIT. If yes, together with the S$143mio share sale, this is like $0.73 per share, still a far-fetch from IPIT true value. Imagine IPIT is worth $1.97 (without S$528mio impartment) to $2.10 after the floor-area increment in Sky Suites, $0.73 is like 1/3 of its value.
Paying $0.73will be like buying IPIT for $1 and recognize a $2 gain ($3 value) immediately if they are successful.
No wonder, Indiabull Real Estates share continued to rocket because of this development. Share up 148% within 3 months, and 6.6% on Friday.
Hope SGX and MAS will expose the ill-intended S$528mio impairments to aid their privatisation attempt.
Quote from http://timesofindia.indiatimes.com/business/india-business/indiabulls-trust-offloads-7-in-realty-co-for-rs-663cr/articleshow/59276443.cms
The heightened activity in the commercial office space comes on the back of a low bond yields in most of the developed markets globally. In India, with office rentals going up by about 15% every three years
Quote from http://timesofindia.indiatimes.com/business/india-business/indiabulls-trust-offloads-7-in-realty-co-for-rs-663cr/articleshow/59276443.cms
The heightened activity in the commercial office space comes on the back of a low bond yields in most of the developed markets globally. In India, with office rentals going up by about 15% every three years
MarcPh ( Date: 24-Jun-2017 14:32) Posted:
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20 billion rupees is S$430mio
We had been so unfairly treated.
We had been so unfairly treated.
MarcPh ( Date: 11-Apr-2017 09:52) Posted:
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Please kindly attend the AGM and hope that Farallon Capital is also unhappy about the S$0.70 impairment per share.
The indians will not be stupid and they kept boasting in earlier share articles about unlocking IPIT' s value. Effectively, the indians knows that IPIT' s value > $1.97 per share, the valuations kept dropping due to impairments, Indian commercial properties surged due to Rupee appreciate and PM Modi' s leadership.
The indians will not be stupid and they kept boasting in earlier share articles about unlocking IPIT' s value. Effectively, the indians knows that IPIT' s value > $1.97 per share, the valuations kept dropping due to impairments, Indian commercial properties surged due to Rupee appreciate and PM Modi' s leadership.
MarcPh ( Date: 10-Jun-2017 12:12) Posted:
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We might be low-balled again.
The Rs 663cr raised in Rentay' s article is only equivalent to S$143mio
IBE needs to acquire 45% of IPIT and paying S$143mio for it values our share at merely $0.42. IPIT trades consistently above $0.50 to $1.00 (price-equivalent) before the share considation.
How much is IPIT' s 45% worth?
Let' s put it in perspective.
Based on the latest Annual report, 45% of IPIT is worth S$432mio.
http://infopub.sgx.com/FileOpen/IPIT_FY2017_Results.ashx?App=Announcement& FileID=450528
However, I am waiting for the latest AGM because the trust managers happily made a $528mio impairment on the properties' valuation. However in India, IBE kept telling their shareholders that the valuations are rosy (see earlier posts) and IBE share price rocketed. It appears that the impairment is timed to facilitate this latest development. Without that impairment, IPIT is worth $1488mio and 45% = S$670mio
Conclusion: I hope they will not low-ball us with a $143mio offer for the remaining 45% stake in IPIT which is worth $432-670mio ($1.27 to $1.98 per share)
Let' s hope Farallon Capital secures a good price for us.
The Rs 663cr raised in Rentay' s article is only equivalent to S$143mio
IBE needs to acquire 45% of IPIT and paying S$143mio for it values our share at merely $0.42. IPIT trades consistently above $0.50 to $1.00 (price-equivalent) before the share considation.
How much is IPIT' s 45% worth?
Let' s put it in perspective.
Based on the latest Annual report, 45% of IPIT is worth S$432mio.
http://infopub.sgx.com/FileOpen/IPIT_FY2017_Results.ashx?App=Announcement& FileID=450528
However, I am waiting for the latest AGM because the trust managers happily made a $528mio impairment on the properties' valuation. However in India, IBE kept telling their shareholders that the valuations are rosy (see earlier posts) and IBE share price rocketed. It appears that the impairment is timed to facilitate this latest development. Without that impairment, IPIT is worth $1488mio and 45% = S$670mio
Conclusion: I hope they will not low-ball us with a $143mio offer for the remaining 45% stake in IPIT which is worth $432-670mio ($1.27 to $1.98 per share)
Let' s hope Farallon Capital secures a good price for us.
The Annual Report is late, later than last year.
In the AGM, please help to question the trust managers on the S$528mio valuation impairment. It does not make sense and without it, IPIT is worth about S$1488mio on paper (higher than last FY' s $1231mio).
This is the picture:
Without the impairment, IPIT can accumulate as much as over $250mio of appreciation on paper in the last FY ($1488 - $1231mio)
The whole IPIT is a gem.
In the AGM, please help to question the trust managers on the S$528mio valuation impairment. It does not make sense and without it, IPIT is worth about S$1488mio on paper (higher than last FY' s $1231mio).
This is the picture:
Without the impairment, IPIT can accumulate as much as over $250mio of appreciation on paper in the last FY ($1488 - $1231mio)
The whole IPIT is a gem.
MarcPh ( Date: 10-Jun-2017 12:12) Posted:
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