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CROESUS Forum

YES,.... Parkway LIFE came my way this morning,... out from Croesus then in into Parkway LIFE REIT !

 

I' ve sold,... collecting back the current amount is just like having capital gain and then earning back the previous half-year dpu. If I wait any longer, I would ' have suffered losses ' in terms of time factor. I' ll reinvest the proceeds into other better counters.

 

I honestly hope they do - I don't want to sell.

grandjedi      ( Date: 20-Jul-2017 13:55) Posted: Can Blackrock pull out of this offer before the voting?

 

Can Blackrock pull out of this offer before the voting?

 

Sure,... you are entitled to yr opinions,... appreciated yr input,...

limahping      ( Date: 06-Jul-2017 16:48) Posted: I m not Blackstone. I m also not saying that Blackstone offer is a super good one. I m a unit holder like you, obviously higher offer better. My take is this is a fair offer, if some one like gk Goh can come in a throw a spanner to make offer price higher, all the better. But I won't count one cent here, half cent there lor. chengwh1      ( Date: 06-Jul-2017 12:02) Posted: Mr Lim,... okay, I appreciated your reply and explanations,... based on what you wrote earlier, I was thinking there is a sentence or stetement that mentioned specifically that we willl continue to get our ' regular dividends' till the deal is closed. But it doesn' t seemed to be so. Based on what you wrote, under c. Offer of $1.17 is inclusive of the 2.05 Cts - okay, we can interpret it this way, no prob,.. then the actual offer price is ONLY $1.15 !  ALL the materials in the net should then be evaluating the offer price based on $1.15, and NOT $1.17,....  Now I shall comment on pt. e. If completion after Oct 17, DPU,... yes, will probably be based on 90% of earning, which means less than 2.05 Cts, or around 1.845 Cts only, AND at the same time..... if you read closely, the Offeror - Cyrus BidCo has the right to lower the Offer Price. We will receive less in every aspect if this deal is dragged till after Oct 17, less dpu payout and perhaps lower Offer Price too ! Now,........ if all the above drags and drags till next year,... since unitholders are not willing to sell,............ what happens to our entitled dpu payouts ?    There is NO MENTION of this anywhere,.... Shouldn' t unitholders continue to receive normal dpu payouts before the deal is finalized

 

I m not Blackstone. I m also not saying that Blackstone offer is a super good one. I m a unit holder like you, obviously higher offer better. My take is this is a fair offer, if some one like gk Goh can come in a throw a spanner to make offer price higher, all the better. But I won't count one cent here, half cent there lor.

chengwh1      ( Date: 06-Jul-2017 12:02) Posted: Mr Lim,... okay, I appreciated your reply and explanations,... based on what you wrote earlier, I was thinking there is a sentence or stetement that mentioned specifically that we willl continue to get our ' regular dividends' till the deal is closed. But it doesn' t seemed to be so. Based on what you wrote, under c. Offer of $1.17 is inclusive of the 2.05 Cts - okay, we can interpret it this way, no prob,.. then the actual offer price is ONLY $1.15 !  ALL the materials in the net should then be evaluating the offer price based on $1.15, and NOT $1.17,....  Now I shall comment on pt. e. If completion after Oct 17, DPU,... yes, will probably be based on 90% of earning, which means less than 2.05 Cts, or around 1.845 Cts only, AND at the same time..... if you read closely, the Offeror - Cyrus BidCo has the right to lower the Offer Price. We will receive less in every aspect if this deal is dragged till after Oct 17, less dpu payout and perhaps lower Offer Price too ! Now,........ if all the above drags and drags till next year,... since unitholders are not willing to sell,............ what happens to our entitled dpu payouts ?    There is NO MENTION of this anywhere,.... Shouldn' t unitholders continue to receive normal dpu payouts before the deal is finalized ? limahping      ( Date: 05-Jul-2017 20:34) Posted: I m thinking what is an easy to understand way to explain this.   Let me try : a. The DPU is about 2.05 cents per 3 month b. Jan to Mar 17 DPU is 2.05 cents, but not paid out.   Pay out is half yearly c. Offer of $1.17 included the 2.05 cents DPU of Jan to Mar d. Expected closing of deal is Oct 17. If so, unit holder still holding by then will get 4.1 cents DPU e. If completion after Oct 17, DPU is 90% of earning item e. Is in the small print of the offer ppt So I not any how say one hor...

 

Mr Lim,... okay, I appreciated your reply and explanations,... based on what you wrote earlier, I was thinking there is a sentence or stetement that mentioned specifically that we willl continue to get our ' regular dividends' till the deal is closed. But it doesn' t seemed to be so.

Based on what you wrote, under c. Offer of $1.17 is inclusive of the 2.05 Cts - okay, we can interpret it this way, no prob,.. then the actual offer price is ONLY $1.15 !  ALL the materials in the net should then be evaluating the offer price based on $1.15, and NOT $1.17,.... 

Now I shall comment on pt. e. If completion after Oct 17, DPU,... yes, will probably be based on 90% of earning, which means less than 2.05 Cts, or around 1.845 Cts only, AND at the same time..... if you read closely, the Offeror - Cyrus BidCo has the right to lower the Offer Price. We will receive less in every aspect if this deal is dragged till after Oct 17, less dpu payout and perhaps lower Offer Price too !

Now,........ if all the above drags and drags till next year,... since unitholders are not willing to sell,............ what happens to our entitled dpu payouts ?    There is NO MENTION of this anywhere,.... Shouldn' t unitholders continue to receive normal dpu payouts before the deal is finalized ?

limahping      ( Date: 05-Jul-2017 20:34) Posted: I m thinking what is an easy to understand way to explain this.   Let me try : a. The DPU is about 2.05 cents per 3 month b. Jan to Mar 17 DPU is 2.05 cents, but not paid out.   Pay out is half yearly c. Offer of $1.17 included the 2.05 cents DPU of Jan to Mar d. Expected closing of deal is Oct 17. If so, unit holder still holding by then will get 4.1 cents DPU e. If completion after Oct 17, DPU is 90% of earning item e. Is in the small print of the offer ppt So I not any how say one hor.... chengwh1      ( Date: 05-Jul-2017 18:20) Posted: You call it hubbing,... but I' m glad  I managed to get a reply from you,... if no hubbing, how to get a reply,... thank you,.. whereabout in the document that said ' the unit holder will get dividend till the deal close' ? I' d like to read this closely, with the other statements surrounding,..

 

I m thinking what is an easy to understand way to explain this.   Let me try :
a. The DPU is about 2.05 cents per 3 month
b. Jan to Mar 17 DPU is 2.05 cents, but not paid out.   Pay out is half yearly
c. Offer of $1.17 included the 2.05 cents DPU of Jan to Mar
d. Expected closing of deal is Oct 17. If so, unit holder still holding by then will get 4.1 cents DPU
e. If completion after Oct 17, DPU is 90% of earning

item e. Is in the small print of the offer ppt

So I not any how say one hor....

chengwh1      ( Date: 05-Jul-2017 18:20) Posted: You call it hubbing,... but I' m glad  I managed to get a reply from you,... if no hubbing, how to get a reply,... thank you,.. whereabout in the document that said ' the unit holder will get dividend till the deal close' ? I' d like to read this closely, with the other statements surrounding,... limahping      ( Date: 04-Jul-2017 18:55) Posted: Huh, I tot the offer document clearlybsays the unit holder will get dividend till the deal close. Isn't it. So why keep hubbing on this?

 

You call it hubbing,... but I' m glad  I managed to get a reply from you,... if no hubbing, how to get a reply,... thank you,.. whereabout in the document that said ' the unit holder will get dividend till the deal close' ? I' d like to read this closely, with the other statements surrounding,...

limahping      ( Date: 04-Jul-2017 18:55) Posted: Huh, I tot the offer document clearlybsays the unit holder will get dividend till the deal close. Isn't it. So why keep hubbing on this? chengwh1      ( Date: 04-Jul-2017 18:05) Posted: I saw in a post from another popular investment blog this evening, stating : It' s good to be paid to wait,... but I don' t think Croesus will pay us  any dividend payouts as we wait for deals go be finalized,.... quite unfair, I must say so,.....but I must say this is a very classical  tactic  to corner investors into selling (surrendering)  units to them,... they rope our necks with an unreasonable Permitted DIvidend that will stretch till end-October, and IF this deal spills over to November onwards, they have the right to change the Offer Price (probably lower),....  There will be NO MORE dividend declarations from now on ! The longer we hold on to our units, the more of opportunity costs that we will suffer,... In comparison, at least GLP is still keeping-up its dividend policy,....

 

SGX should disallow Schemes of Arrangment. We should not be forced to sell based on inadequate buyout prices.I shall vote NO.

 

Huh, I tot the offer document clearlybsays the unit holder will get dividend till the deal close. Isn't it. So why keep hubbing on this?

chengwh1      ( Date: 04-Jul-2017 18:05) Posted: I saw in a post from another popular investment blog this evening, stating : It' s good to be paid to wait,... but I don' t think Croesus will pay us  any dividend payouts as we wait for deals go be finalized,.... quite unfair, I must say so,.....but I must say this is a very classical  tactic  to corner investors into selling (surrendering)  units to them,... they rope our necks with an unreasonable Permitted DIvidend that will stretch till end-October, and IF this deal spills over to November onwards, they have the right to change the Offer Price (probably lower),....  There will be NO MORE dividend declarations from now on ! The longer we hold on to our units, the more of opportunity costs that we will suffer,... In comparison, at least GLP is still keeping-up its dividend policy,....

 

I saw in a post from another popular investment blog this evening, stating : It' s good to be paid to wait,... but I don' t think Croesus will pay us  any dividend payouts as we wait for deals go be finalized,.... quite unfair, I must say so,.....but I must say this is a very classical  tactic  to corner investors into selling (surrendering)  units to them,... they rope our necks with an unreasonable Permitted DIvidend that will stretch till end-October, and IF this deal spills over to November onwards, they have the right to change the Offer Price (probably lower),.... 

There will be NO MORE dividend declarations from now on ! The longer we hold on to our units, the more of opportunity costs that we will suffer,...

In comparison, at least GLP is still keeping-up its dividend policy,....

 

If they should revise the price later-on down the road, it has better be a real worthy revision. Why ? Because these people are ' dragging us through the quarters' and using our dpus (which are rightfully ours)  to compensate us,... we can already read such motives from this  initial arrangement scheme. The Permitted Dividend is ONLY 4.06 cts for 10 LONG MONTHS ??? Why are distributions not given out as normal till an agreement is reached with unitholders ?

Till the day when an agreement is reached (a minimum 75% of the attending unitholders representing a minimum  50% of voting units agreeing), this trust still belongs to unitholders, for unitholders to collect dpus..

 

In a nutshell, based on what that has been offered to us,.... we have lost 2 cts of our dpu payout for July till September, 2017 and perhaps another one-month of dpu for October 2017.
Now, we need to see when is the decision day for the voting. If the voting day  is late and nears October, AND subsequenty, fails to go through, will the mgmt give us back our dividend payout for July till October, 2017 ? 1.17 Offer Price is not that good a deal after all,... this deal is being stretched over 4 months after ann' t, and we have to pay for this ' stretching' with our dpu payout.
Other companies will give Advanced Dividend payouts, but not this one. That' s why they call it : Permitted Dividend.
Looks like all the good payouts enjoyed throughout the years will end with a big ' hentam' when it' s time to part ways,....

 

It happened to Super recently nearing the due date. There were deals done at 1.305 whereby the offer price was 1.300

So I guess anything 1.170 above for CRT is worth to sell. Free up the funds and move elsewhere. " A bird in hand is worth 2 in the bush"

 

But that would have been BAU even if there was no takeover.

Dinodx      ( Date: 29-Jun-2017 09:33) Posted: With the projected dividends, the price is 1.21. Goldfinger      ( Date: 29-Jun-2017 09:11) Posted: Any idea why the buy queue and premium is so high? Counter bid, Balckstone buying or speculation on a higher offer or people just wanting the extra 4cts DPS? Or a bit of all these?

 

With the projected dividends, the price is 1.21.

Goldfinger      ( Date: 29-Jun-2017 09:11) Posted: Any idea why the buy queue and premium is so high? Counter bid, Balckstone buying or speculation on a higher offer or people just wanting the extra 4cts DPS? Or a bit of all these? MichaelSchenker      ( Date: 29-Jun-2017 09:01) Posted: Current: 1.180/1.185 Last done: 1.180 (offer: 1.170)

 

Any idea why the buy queue and premium is so high? Counter bid, Balckstone buying or speculation on a higher offer or people just wanting the extra 4cts DPS? Or a bit of all these?

MichaelSchenker      ( Date: 29-Jun-2017 09:01) Posted: Current: 1.180/1.185 Last done: 1.180 (offer: 1.170)

 

Current: 1.180/1.185
Last done: 1.180
(offer: 1.170)

 

Aiyo, where got institution investors read this kind of forum one,    

Seow lor

chengwh1      ( Date: 28-Jun-2017 14:22) Posted: Bros,... if I wanted to sell my Croesus at this price, I can sell when the price reaches 1.17 as and when I like,... and I wouldn' t need to sell out everything,... I would want this ctr to still exist and allow me to enter again when the price retracts in future,... I wouldn' t want this ctr to disappear into oblivion,... Institutional Investors reading this,... look at it this way,... if you give up on this counter,... there is no fallback anymore in future,... this counter will be gone forever,... and if it is going to be so, then you should demand more to ' sacrifice this counter' ,....