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MacArthurCook Industrial REIT
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nickyng
Supreme |
03-Jul-2009 12:10
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chey......thot wat...... :P -------------------------------------------------------- MacarthurCook Investment Managers (Asia) Limited (“the Manager”), the Manager of MI-REIT refers to the SGX announcement made yesterday (Announcement titled “MacarthurCook Board to recommend increased offer from AIMS”). MacarthurCook Limited is the parent company of the Manager. The Manager wishes to assure unitholders that the AIMS offer does not represent an offer to acquire units in MI-REIT nor does it directly impact the current operation of MI-REIT. |
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jeremyow
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03-Jul-2009 11:44
Yells: "Passionate business investor" |
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AIMS is buying up shares of MacarthurCook Limited at a higher price of $0.43 per share. MacarthurCook Limited (an Austrailian investment company listed on the Australian Stock Exchange) is the parent company owning a few funds including this MacarthurCook Industrial REIT listed in Singapore Stock Exchange. Basically MacarthurCook Limited will still continue to exist after their sales of shares to AIMS, just that the former company is now wholly owned by AIMS. MacarthurCook Limited states that the sales of their shares to AIMS and being under ownership by AIMS with not affect their management and operations. AIMS will still retain their management and work with them on future operations. Similarly, MacarthurCook Industrial REIT will not be affected by their parent company, MacarthurCook Limited which is bought over by AIMS. Management will still be the same and operations will still continue as usual for MacarthurCook Industrial REIT. So, there is no material impact to MacarthurCook Industrial REIT over this whole affair. <My take is that there is good advantage or bad disadvantage from this take-over exercise launched by AIMS depending on how things develop in future. If AIMS a larger investment company can integrate nicely with the existing management of MacarthurCook Limited to bring in fresh perspectives to better their operations under the new stewardship of AIMS, this can mean further boost to MacarthurCook Limited's business. AIMS being a larger investment company can also potentially inject fresh capital into MacarthurCook Limited's and it's funds (including MacarthurCook Industrial REIT)> <However, if AIMS cannot integrate nicely with MacarthurCook Limited's management, this may spell problems for the latter since they are under the new stewardship of AIMS> <Therefore, this good news of higher take-over price for MacarthurCook Limited's shares by AIMS is more relevant to MacarthurCook Limited (the parent company) instead of MacarthurCook Industrial REIT. It still remains to determine whether MacarthurCook Industrial REIT can clear their refinancing of ~201 million due this December and also raise funds for ~90 million for commited acquisation of a Business Tech Park> <Until this cloud is cleared, then the unit price may have a chance to rise from this current depths> |
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nickyng
Supreme |
03-Jul-2009 09:59
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hmmm....is my interpretation error or wat? how come still trading at 33cts now ?? even though yester McCook announcement har ? :P or mkt too inefficient ? hee....
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nickyng
Supreme |
02-Jul-2009 17:15
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err...make no head tail on this announcement over SGX....that 43cts is it A$ or S$ har?? how come today price no movement? :P MacarthurCook Board to recommend increased offer from AIMS The Board of MacarthurCook and AIMS Securities Holdings Pty Limited ("AIMS") are pleased to announce that they have reached agreement in relation to the AIMS bid for MacarthurCook. AIMS has increased its offer by a further 8 cents to $0.43 per share, and in the absence of a higher offer, the Board of MacarthurCook intends to unanimously recommend this increased bid. Richard Haddock, the Chairman of MacarthurCook, added, “We are pleased that AIMS has recognised the increased value in MacarthurCook, and welcome its desire to continue to build MacarthurCook into a leading international funds management business.” George Wang, Chairman of AIMS added, “We are very excited to be working with the MacarthurCook Board and management, and pleased that we can work with the existing MacarthurCook platform and extend it further into Asia, and particularly China.” Craig Dunstan, Managing Director of MacarthurCook, added, “I am very pleased that AIMS recognises the value in the people and the platform that MacarthurCook has built over the last 7.5 years, and I look forward to the growth of the MacarthurCook business under AIMS' stewardship over the coming years.” AIMS intends to support the proposed MacarthurCook capital raising, which it will subunderwrite up to $5 million. This will enable MacarthurCook to stabilise its balance sheet. AIMS is very excited to work with existing management and intends to retain both the Melbourne and Singapore offices and the existing team. MacarthurCook will prepare a supplemental Target's Statement which will contain further details of the reasons for the Board's change of recommendation. AIMS will prepare a supplemental Bidder's Statement which will contain further details of AIMS’ intentions and strategies. The Board recommends that shareholders make no decision in relation to their shareholding until they receive the supplemental Bidder's and Target's Statements, which will be sent to Shareholders at the same time. Shareholders should also seek independent advice prior to deciding whether to accept or reject the revised AIMS offer. If you have any questions, please contact the MacarthurCook Shareholder Information Line on 1300 655 197 (if in Australia) or +61 3 9660 4555 (if outside Australia). |
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nickyng
Supreme |
22-Jun-2009 11:59
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haha...some jokers dumping/shorting it to 31.5cts din really materialised into much effect though...hee... gotta work harder on that! SHORT it to 30cts pls! :D |
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cheongwee
Elite |
21-Jun-2009 01:54
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I am no party pooper, but if suppose and if it is true that property will be bad...what will happen to reit...which are heavily gear...and what if the crises turn for the worse, then no refinancing, then reit cannot function as a going concern...like happen to jaya holding.. i thk if one is interest in the dividend yiled, i suggest blue chip, like maybe SPH, or SIA, starhud....can sleepp peacefully.. just my opinion, not to cause any conflict here... |
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nickyng
Supreme |
20-Jun-2009 22:13
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...haha so much for efficiency of Auditor....now then raise this concern when everyone is already aware ???
do u think it will hv any effect on Mon trading on this burger...hee anyway sideline and watch the show! :D
MI Reit’s auditor raises going concern issue
05:55 AM Jun 20, 2009
The auditor for MacarthurCook Industrial Reit said on Friday that the trust’s ability to continue as a going concern would depend on whether it can refinance borrowings due by the end of the year. According to KPMG, which did not qualify its opinion, the trust has borrowings of $201.3 million maturing in December and a commitment to buy a property for $91 million, which is expected to be settled in the last quarter of this year.
The Reit said it was working to refinance the borrowings and to secure funds for the purchase. DOW JONES |
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jeremyow
Senior |
23-May-2009 15:45
Yells: "Passionate business investor" |
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DPU at current unit price is excellent. It is around 5% distribution yield. Assuming they maintain this minimum DPU for every quarter for the next FY, the annualised yield is 20%. However, I think it is less likely to maintain their distribution since they face refiancing problem now. It is a question how much the distribution will decrease for the next FY. Also, it is another question whether they can secure their refinancing with favourable terms before end December 09. | ||
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esmond
Member |
23-May-2009 14:51
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DPU 1.875 for 4Q 09. Extension of debts to 31 Dec 09. http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_9CC3ED9EDCA02ECF482575BE002CBE28/$file/MIREIT_FY09_Results_News_Release_22May09.pdf?openelement http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_9CC3ED9EDCA02ECF482575BE002CBE28/$file/MIREIT_FY09_ResultsPPT_22May2009.pdf?openelement |
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esmond
Member |
16-May-2009 11:59
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Proposed takeover offer by AIMS. http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_1746E5DF758046BD482575B8000A5C54/$file/ASXAnnouncement_MacarthurCookLimited_notified_of_proposed_takeover_offer_by_AIMS_15May09.pdf?openelement |
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kingster
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02-Apr-2009 09:29
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their loan extended by 60 days... they having a hard time to refinance is it? i donno... now their ratings also dropped by Moody's... looks like no hope liao? |
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kingster
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24-Feb-2009 14:31
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someone mentioned in another forum that THE EDGE said that maccook is looking for buyers... anyone got the article? how is it going to impact the shares? if got buyer, shd it be gd or bad news??? | ||
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jeremyow
Senior |
10-Feb-2009 00:30
Yells: "Passionate business investor" |
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Whether I am already vested or not, I'll wait for the confirmation of the refinancing before I do anything since its quarterly report mentioned that they are in the progress of advanced negiotations with lender bank. If they can clear this refinancing issue (going to be due in end April) soon, it is a short term good news. They also announced that they will shelve aside further acquisition plans and instead focus more on rental properties management and organic growth. This seems to be a sound approach at the current uncertain financial period to prevent having a high gearing. Investing in REITs carries a certain amount of risk (since they are always in high debts) which is complemented by a generally higher dividend yield than normal stocks. The REIT management has to show strong prudence in capital management (in terms of balancing between debts and expansion of assests) during good economic time and especially so in bad economic time. I will like to see how the Singapore REITs play through this difficult financial crisis to assess whether the REIT business model is sound and resilient, even in such difficult situation. | ||
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kingster
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09-Feb-2009 08:26
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results are out... according to DPU, it is worth investing... but worries is still on the refianancing... wat's ur views? | ||
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jeremyow
Senior |
06-Feb-2009 11:30
Yells: "Passionate business investor" |
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To be on the safer side, I think those who are already vested in this REIT should not sell their shares until the financial results is revealed on Monday. Those who are not vested can wait until Monday to decide based whether they want to 'load on this guy' on their latest financial results and announcement whether this REIT is into any near term trouble in refinancing. Financial data are essential to make a good investment decision. Rumours or predictions by people are to be taken with a pinch of salt. | ||
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kingster
Senior |
06-Feb-2009 11:14
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any one loading this guy for the results on mon? | ||
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cheongwee
Elite |
05-Feb-2009 12:44
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Read in the paper today, $12billion call on govt to help in refininancing matter, 1/3 of them are reit..it was reported no capital to run, trouble upfront...jiah lat liow....got one relate to water, 2 are reit personally. | ||
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kingster
Senior |
05-Feb-2009 12:03
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so for this reit, it is suppose to announce some refinancing by end of jan but till now nothing yet. i am anticipating some rights issue or something like that to be announced with their results or their dividend to be paid using shares... this is my guess lah... else no reason for it to fall so badly | ||
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jeremyow
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05-Feb-2009 11:22
Yells: "Passionate business investor" |
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Worst case scenario if a REIT cannot pay its short term debts is to sell some of its properties. This is quite bad as the income producing ability is reduced with loss of rental income generating properties. Worse still is that the property is sold at a bad time (current period) when real estate prices are depressed. The REIT will be on a losing side if it should sell its properties now (which has lousy pricing now).
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jeremyow
Senior |
05-Feb-2009 11:15
Yells: "Passionate business investor" |
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REIT's income model is stable unlike other businesses (e.g. shipping, offshore & marine, and shipbuilding which depends on order books, real estate which depends on sale of properties, airline industry which depends on amount of passenger & cargo load, and discretionary retail businesses which depend on consumer spending). These other businesses tend not to do well during economic downturns and are cyclical in nature. REITs survive on occupancy rate (be it a commercial REIT, industrial REIT, healthcare REIT, retail REIT or residential REIT). The good thing about rental income is that it is stable since occupants are bound by rental lease to continue to pay the same amount of rental for a number of years. REITs would have fared better had they not need to distribute a large part of their rental income (can be up to 90% of rental income) to shareholders and other stakeholders. Since they have to do so, they cannot conserve their rental income and reinvest it into its operations, paying of debts and expansion (in aquiring more rental properties). Thus, they always face the problem of refinancing issue, as they need to constantly borrow money (through getting loans from banks and rights issues) to pay their operations, debts and fund their expansion into acquiring more properties. Ideally, if all investors can be patient, I think it is better for REITs in their early growing stage not to pay too much rental income to shareholders and to use most of their income to pay their debts and fund their expansion. Once, a REIT has grown big, then it's rental income generating ability is enormous and if the REIT sees no more potential for much further growth, then it can reward patient investors with a lot more of its rental income which will be more lucrative and substantial if the REIT holds numerous profitable rental properties. It's always a dilenma whether one prefers to milk the cow (get profits from the business) while it is still young and risk the cow not able to mature well, or to wait for the cow (business) to grow to a mature stage so that one can get more milk from milking the cow. On a parting note, an excellent business is one that earns much, costs little to operate, thus having good cashflow and then is able to reinvest earnings into expanding the business further without getting loans. |
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