Just received Qcapital circular,
Apart from bigger reit size and a little more diversification, shareholders of Qcapital have nothing to gain from the deal, instead may suffer,
1. a little dilution of DPS
2. a little dilution of NAV
3. Gearing rise from 35% to 45%. <--- which I personally don't quite like it at all.
While MRCB may have realised profit of Rm400+ million,
(Platinum Sentral book value is Rm396.9 mil as at 31 Dec 2013), while the deal is proposed at market price as at 15 Sep 2014), getting 30%+ of Qcapital shareholding in return.
I only would vote yes, if Platinum Sentral is one of major hot spot for retail (like Midvalley) and prime office space (like UOA Bangsar), so is Platinum Sentral a hot spot for above mentioned?
Is Platinum Sentral have premium and well know long term leasee? (little info apart from mentioning like SME Corp, SPAD)
PS: I don't familiar with Platinum Sentral at all.