Indiabulls Trust   

Indiabulls Properties Investment Trust (IPIT)

Thank you for sharing Ren.

Rightfully, when Farallon Capital accepts the price from Indiabulls Real Estate (IRE), all our minority shareholders will have to accept the same price because IRE will secure > 90% and compulory delisting. Let' s pray that Farallon secures a good price for all of us.

The annual report is late for a week and this development probably explains why.

Based on the last results http://infopub.sgx.com/FileOpen/IPIT_FY2017_Results.ashx?App=Announcement& FileID=450528
- IPIT is worth about S$960mio on paper and probably more now due to the increase in Sky Suites' floor area.
- There are 754mio shares issued, NTA per share is about $1.27
- IBE told their investors that property market is surging and their share prices are surging but they happily wrote off S$528mio in valuation. Without this impairment, IPIT is worth $1488 on paper, translating to $1.97 per share.

It appears that the impairment on 31st March was timed to present a low-valuation of IPIT' s worth, to aid their discussion with Farallon Capital. Let' s pray that Farallon see through this and help us a fair price between $1.27 and $1.97.



 

rentay      ( Date: 24-Jun-2017 11:32) Posted: http://realty.economictimes.indiatimes.com/news/industry/indiabulls-eyes-farallons-stake-in-its-two-properties/59279148

 

http://realty.economictimes.indiatimes.com/news/industry/indiabulls-eyes-farallons-stake-in-its-two-properties/59279148

 

Indiabulls IPIT AGM is coming.

As of this week, Indiabulls Real Estate has surged by 100% since IPIT' s suspension because of the positive market sentiments and building progress of Sky Suites.

Thanks goodness we did not surrender our shares to Indiabulls Real Estate.

 

Dear Farallon Capital (2nd largest shareholder) and fellow retail investors,

Thank you for not giving in to Indiabull' s nonsense. The earlier news shared on this thread reflects that mangement of Indiabulls Real Estate (listed in India) shared with shareholders about the massive payouts in the next 1-3 years. This is they wanna take the counter private at over 80% discount to NTA.

Thank you for putting up the resistance. The Annual Report is coming and I am sure that the dishonest Indians will pay a bleak picture in the AR. I am pleased to inform you the following:

• According to Indiabull' s recent declaration to India' s state agency, we are looking at a huge cash cow in the pipeline. http://environmentclearance.nic.in/writereaddata/formB/MODIEC/27042017XERW3KIFCoveringletter.PDF
• Indiabulls Real Estate' s share prices surged by > 50% since with the April' s news about Sky-suites. The raise may not totally attribute to Sky-Suites but analysts do report about this positive development. http://equitybulls.com/admin/news2006/news_det.asp?id=203371

Thank you Farallon Capital, if you had surrendered your shares to Indiabulls, they would garner over 90% of shares (now only 55%), and force the counter to delist. Thanks to you, we do not have to force-sell the shares at such steep discounts. Dear retail investors, do not worry about the suspension because other than Indiabulls and Farallon capital, the public float is less 10%, so naturally IPIT had to be suspended to avoid the share being cornered. This is a better outcome.

I am just posting this to remind everyone not to be demoralized by the upcoming Annual Report which will not reflect the above positive developments.
Many of us wrote to MAS, SGX and SIC and reported in Business Times. Nobody stepped out to help us, so we must help ourselves.
We shall wait for the day we see justice.

 

Last evening, IPIT announced that the floor area of their slowest-moving project (due to regulatory restrictions) SKY SUITES is likely to increase from 700,000sqft to 790,000sqft if approved.

http://infopub.sgx.com/FileOpen/Regulatory_and_Development_Update.ashx?App=Announcement& FileID=447672

 

Gored to death - adapted from https://www.nextinsight.net/index.php/story-archive-mainmenu-60/938-2016/10728-indiabulls-property-investment-trust-what-investors-say-about-the-end-game

• If you had bought at IPO for $1.00, Your loss (based on mandatory offer price): 95%*
• If you had bought at IPO for $1.00 & subscribed for rights, Your loss (based on mandatory offer price): 93%*

* excluding the neligible dividends paid.

The offer price was $0.25 and the NAV was about $1.70 with a huge cash inflow from the completing projects in the next 2-3 year accordin to an interview the the Indiabulls Real Estate Limited management http://www.moneycontrol.com/news/results-boardroom/targeting-rs-20k-cr-cashflowsnext-4-years-indiabulls-re_6671561.html

 

Share History: adapted from https://www.martinlee.sg/the-end-of-indiabulls

• The shares were listed at $1 in 2008 and neligible dividends were paid from 2012-2016.
• A year later, 1 billion rights were issued at $0.16
• In 2015, every five shares were merged into one share. 

 

A year ago, Indiabulls Real Estate Limited from India, held the retail investors of Indiabulls Properties Investment Trust hostage by forcing them to offload their shares at $0.25 or faced suspension as the free float fell below 10%. The NAV a year ago as about $1.70.

A year later, India Rupees appreciated 7% against SGD which translates to further NAV upside. I found an article online that during the takeover offer, the management of IBRL was boasting about the huge upcoming cash payouts in the next 2-3 years - http://www.moneycontrol.com/news/results-boardroom/targeting-rs-20k-cr-cashflowsnext-4-years-indiabulls-re_6671561.html

What would happen is projects in  IPIT like Suites and Forest  will also come up for  revenue recognition in the current fiscal year.  What this would also do is, aside from the IPIT consolidation the overall projects in IBREL will also generate a positive surplus cash flow over the next four years of about Rs 20,000 crore.  What we have given in the earnings presentation is over the  next four years a lot of projects will be hitting revenue recognition and the cash collection.  From a revenue recognition stand point we are looking for all these projects to start showing up along with Suites and Forest. As far as the cash flow is concerned we do expect  all of these projects to start throwing significant cash flows and over the next four years  expect around Rs 20,000 crore to show up over the course of the next four years. So, the outlook over here is positive and direction is northwards from here.

PS: Each  Crore refers to 10 million in Indian Rupees. 20,000 crore will be 20 billion rupees

As far as the demand is concerned if you look at the  commercial segment it has definitely turned around and we see that the vacancy levels have dropped down to the lowest level in the last five years.  That is a pre cursor to the residential demand, the overall macro environment is also very positive. We have seen interest rates coming down steadily

PS: In their annual/quarterly reports to shareholders, more dismay outlooks were painted.

 

Conclusion - IPIT investors were ripped off thoroughly.