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Oh dear - I think the only way to block is to attend the Scheme EGM and hope that more than 50% physical number of shareholders present to vote against the Scheme.
Azure1984 ( Date: 28-Jun-2017 14:58) Posted:
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90 per cent would be sensible.
limahping ( Date: 28-Jun-2017 18:22) Posted:
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quite sure this will go through....anyways can someone explain what will happen now...just wait for them to give instructions?
Not 75% then what100%?
This one if it go thru, hard to find replacement that can offer 8-9% yield.
Frankly I prefer to hold and collect my passive income. But Bo Pian, I only small invested.
Goldfinger ( Date: 28-Jun-2017 17:18) Posted:
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Good observation! Anyway I will hold out for more. Why do they need only 75% to privatise? I hate these schemes.
chengwh1 ( Date: 28-Jun-2017 16:47) Posted:
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I have just noticed another thing here.
This is one of the conditions : Unitholders may receive distributable income of CRT up to an aggregate of approximately S$31.3 million, representing approximately 4.06 Singapore cents per Unit as the Trustee-Manager is permitted under the Implementation Agreement to declare such distributions to Unitholders(3) . For the avoidance of doubt, the Scheme Consideration will not be reduced by the Permitted Distributions(4) .
(3) means : For the period from 1 January 2017 to the earlier of (i) the Effective Date, and (ii) 31 October 2017,....
The above means the distribution of 4.06 cts is for the whole period from January 1st up to October 31st., 2017 ! This is effectively for 2 final quarters of FY17 PLUS one quarter and one month of FY18, and the dpu is only 4.06 cts ? Isn' t this too low ?
Looking at the following workouts :-
1) For Q1, Jul 1st till Sep 30th., 2016, the dpu was 1.79 cts.
2) For Q2, Oct 1st till Dec 31st., 2016, the dpu was 1.81 cts.
3) For Q3, Jan 1st till Mar 31st., 2017, the dpu declared but not paid out yet was 2.05 cts.
4) What about the dpu for Q4, Apr 1st till Jun 30th. ? Let' s assume the dpu amt is the same as per the previous qtr, ie 2 cts.
5) Then, what about the dpu for Q1 FY18, Jul 1st till Sep 30th., 2017 ? Again, let' s make an assumption here, ie similar with the previous quarter, = 2 cts.
Hence, totalling up 3), 4) and 5) above (without taking nto account one more month of October, 2017), the estimated dpu payout should be around 6 cts, right ? Why is it only permitted to pay out only 4.06 cts (as the Permitted Distributions) ???????????
This is one of the conditions : Unitholders may receive distributable income of CRT up to an aggregate of approximately S$31.3 million, representing approximately 4.06 Singapore cents per Unit as the Trustee-Manager is permitted under the Implementation Agreement to declare such distributions to Unitholders(3) . For the avoidance of doubt, the Scheme Consideration will not be reduced by the Permitted Distributions(4) .
(3) means : For the period from 1 January 2017 to the earlier of (i) the Effective Date, and (ii) 31 October 2017,....
The above means the distribution of 4.06 cts is for the whole period from January 1st up to October 31st., 2017 ! This is effectively for 2 final quarters of FY17 PLUS one quarter and one month of FY18, and the dpu is only 4.06 cts ? Isn' t this too low ?
Looking at the following workouts :-
1) For Q1, Jul 1st till Sep 30th., 2016, the dpu was 1.79 cts.
2) For Q2, Oct 1st till Dec 31st., 2016, the dpu was 1.81 cts.
3) For Q3, Jan 1st till Mar 31st., 2017, the dpu declared but not paid out yet was 2.05 cts.
4) What about the dpu for Q4, Apr 1st till Jun 30th. ? Let' s assume the dpu amt is the same as per the previous qtr, ie 2 cts.
5) Then, what about the dpu for Q1 FY18, Jul 1st till Sep 30th., 2017 ? Again, let' s make an assumption here, ie similar with the previous quarter, = 2 cts.
Hence, totalling up 3), 4) and 5) above (without taking nto account one more month of October, 2017), the estimated dpu payout should be around 6 cts, right ? Why is it only permitted to pay out only 4.06 cts (as the Permitted Distributions) ???????????
Goldfinger ( Date: 28-Jun-2017 14:28) Posted:
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Trades are being done at $1.18 and above the offer price. Interesting.
I will hold out for the time being and see how it goes. If it fails, I will step in to pick up more cheap.
Bro, sooner or later is when? without this offer news, I dont even see it breaking $1.00 anytime soon. This counter is no doubt good, but its just not on SG investor radar. I will like to keep for future dividend growth, given the good hedge they have in place for the next 2 years. But at $1.21... I am ready to cash in and look for other good trust counter. They will need 75% approval for this offer to go ahead, and I doubt there will be much objection to the offer price.
chengwh1 ( Date: 28-Jun-2017 14:19) Posted:
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I look at it this way,... this scheme will easily stretch over the next few months, ie into October. Hence, that 4.06 Cts is, effectively,... our right to collect. If, say, this Scheme is completed far before October 31st. and we get our funds (money) far before end-October, then, yeah, it' s ' future' money to us,....
Goldfinger ( Date: 28-Jun-2017 14:28) Posted:
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Effectively, it's $1.21 including the advanced/ future distribution. So it meets my minimum $1.20 price. But i suspect they may have a contingency to increase the offer price. Did anyone spot any statement to say that this $1.17 offer price is Final and will not be revised higher?
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' ,....
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' ,....
Investors,.... even if this deal does not go through, we have nothing to lose,... the longer this deal remains ' stuck' , the more divvies we will enjoy,...
If we do not agree,... one of two scenarios will take place :-
1) Offeror must come back with a favourable offer, if they ' mati-mati' wanted this trust.
2) Offeror walks away, and we will continue to enjoy the dvd till another offeror comes in future.
Tell me, bros,... what is your reason for cashing out ? Do you have a better counter to buy ??
If we do not agree,... one of two scenarios will take place :-
1) Offeror must come back with a favourable offer, if they ' mati-mati' wanted this trust.
2) Offeror walks away, and we will continue to enjoy the dvd till another offeror comes in future.
Tell me, bros,... what is your reason for cashing out ? Do you have a better counter to buy ??
Bro,... I think,... even if Bidco does not offer me this price, Croesus will sooner or later reach this price, given its quality and good dpu,... why would I want to be satisfied with this price and surrender my jewel forever to the Offeror ?
AndyLoss ( Date: 28-Jun-2017 13:16) Posted:
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Basically 5 years of dividends. Oh well, time to look for good companies again....
would rather hold and collect dividends...now its gone...boo boo
its 38% over the weighted average of the last 12 months :)
missed this one...
missed this one...
nyde1d1th ( Date: 28-Jun-2017 13:12) Posted:
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wah lao offer price sucks...
Congrats all holders!
CRT is indeed a quick one compared to the rest, UE, GLP, M1, Cosco, TIH.
CRT is indeed a quick one compared to the rest, UE, GLP, M1, Cosco, TIH.
Scheme Consideration = S$1.17 in cash for each Unit
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.
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.