Some sharp eye Jack caught this on UMS!





This appears in essence as a share SPLIT, not a BONUS issue! Management trying to pull a fast one?


cherroy ?

Nor did i.

Therefore it could be a disguised stock split exercise in this case.

Here, the full announcement.

http://infopub.sgx.com/FileOpen/UMS_Announ...t&FileID=466548

Bro.

It is also important to understand what the management is trying to do. What if your shares are diluted? That action will destroy the value of your shares.

Right now reading between the lines of the announcement, it feels like a share split and not a bonus issue. This action has no effect on your shares except to bring down the share price.

The normal practice for Bonus issue is to capitalize on cash reserves. This is proper accounting practice.
To announce that it does not capitalise is rather strange.

It can only mean that its is in fact a share split. If this is the case, then your holdings are not diluted. Nothing changes to your total value except the share price.

Is that a fact or projection?

If the earnings are up, in the case of a stock split, it will not matter anyway.

Yeah...earnings are not bad. Not too demanding on the present price with 5.28 cents earnings per share last 6 months.

Croesus Retail Trust posts 18.2% rise in Q4 DPU

SINGAPORE - Japan-focused Croesus Retail Trust (CRT) reported a 18.2 per cent rise in fourth-quarter distribution per unit (DPU) to 2.01 Singapore cents from 1.70 cents.
CRT is in the process of being delisted after private equity giant Blackstone Group succeeded in its S$900m buyout offer.
For the three month to end June, CRT saw an 11.9 per cent increase in gross revenue to 2.99 billion yen, due mainly to the acquisition of Fuji Grand Natalie on April 18, 2016, and Mallage Saga and Feeeal Asahikawa on May 27, 2016. Revenue was also boosted by higher variable rent from better tenant sales in Mallage Shobu and a strong performance by the cinema in Torius.



CRT's net property income edged up 0.1 per cent to 1.44 billion yen as gross revenue increase was offset by higher expense ratios in newly acquired properties and the expenses from refurbishment works in Mallage Shobu.

For the full year, DPU came to 7.66 cents, 12.2 per cent higher than the restated DPU for the previous financial year of 6.83 cents.
DPU was restated for the fourth quarter and full-year of the last fiscal year to reflect the effect of an enlarged unit base after a preferential offering on Aug 25, 2016.



DPU of 4.063 cents will be distributed for the second half-year.


____________________________________________________________________________________________________________________________

Succeeded ???? When was it approved by shareholders?????

Blackstone gets SGX-ST nod to delist Japan-focused Croesus Retail Trust

Tanu Pandey
August 17, 2017
Blackstone Group has received a green light from the Singapore Exchange Securities Trading Limited (SGX-ST) to de-list Croesus Retail Trust (CRT) as part of the acquisition that will see the private equity major acquire the Japan-focused property operator via a trust scheme for $649.8 million.
The private equity firm  had made an offer in June to acquire all units in Croesus through a trust scheme, with a consideration of S$1.17 in cash per unit.
The application to SGX-ST for a nod to delist was made by the  board of directors of Croesus Retail Asset Management Pte. Ltd, the trustee-manager and Blackstone-backed Cyrus BidCo Pte Ltd.

“SGX-ST has, on 16 August 2017, advised that it has no objection to the Trustee-Manager’s application to delist and remove CRT from the Official List of the SGX-ST,” CRT said in an announcement on Thursday.

The de-listing will take place based on SGX-ST’s listing requirements and approval of the scheme by a majority in number of unitholders present and voting and approval of the High Court of the Republic of Singapore being obtained for the Scheme.
The buyout deal – a growing trend among large private equity investors and asset managers globally – is understood to boost Blackstone realty portfolio. The big real estate buyouts in recent times that have caught the attention of Singapore were the recently concluded Global Logistic Properties deal, United Engineers and CWT.

CRT that had been backing the buyout and privatisation, had said in June that the trust scheme represents an opportunity for unitholders to realise their investment at an attractive valuation, and at significant premiums to the historical trading prices of the units, the net asset value per unit and the net tangible asset per unit, and at an implied valuation which exceeds the latest market value of the properties of CRT as of June 30, 2016.
CRT’s asset portfolio includes retail properties and seven retail properties which comprise Aeon Town Moriya, Aeon Town Suzuka, Mallage Shobu, Luz Omori, One’s Mall, Croesus Shinsaibashi, Croesus Tachikawa, Torius, Fuji Grand Natalie, Mallage Saga and Feeeal Asahikawa.

Blackstone, backed by heavy real estate portfolio, has been seen to be quite bullish on the Asia real estate sector and is among the largest institutional real estate investors worldwide. It is also one of the largest retail owners in the world, with investments in 563 properties globally and 15 properties.
The firm had appointed veteran banker Christopher Heady as chairman of its Asia-Pacific businesses, promoting the executive who helped the firm expand its real estate business in the region.

https://www.dealstreetasia.com/stories/blac...il-trust-80518/

ALL this is a conspiracy by the management and some of the top shareholders methinks. Maybe they had better offers from Blackstone than Joe public.
Is that not corruption?

No lah........the offer was 1.17 per share buyout plus 4.06 DPU per share.

Do not confuse company declaration and the buyout offer. They are independent of each other.

TBF that was from a tabloid, not from the company itself.

If it was from the company, I would make the complaint.

Rub more salt in.

Yeah

I guess there are more scrupulous shareholders

I assume you were referring to the earlier announcements?
Sorry. I did not see the question then.

But there are two separate entities here.

One is the company making their normal announcements like they should without being prejudiced by the offer.
The other is the offer by Blackstone.
Totally separate matters.
So in that sense, the Blackstone offer is not prejudiced by the company's announcements. So even if the company announced 10 cents DPU, and the offer was successfully concluded, Blackstone is only obliged to pay 4.06 cents DPU.

You cannot control tabloids to a certain extend. All these are subjected to one's interpretations.
However, as you mentioned, you can seek clarification from the company on this.

All in all, it seems that everything has already being managed by the scrupulous management to ensure the success of the buyout. That's for sure.
Maybe after the buyout, the manager's salary will triple?

Yeah'

For small holding, it is nothing. For large holding, any half cent is significant.
For 100,000 shares, it is $500.

SO, what is next for ex Croseus shareholders?

Where is that counter which can present similar returns?

Funny enough, earlier Saizen, another Japanese asset Reit was also privatized.

No lah, bro. Tabloids are difficult to regulate.
SGX can only regulate the companies. So if we read unclear or ambiguous reports in tabloids of our invested interests, we can only ask the company for clarifications

That's why they always put in disclaimers in their announcements like these.

Means it was a good action on your part!

Maybe I should switch to UMS now.