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FSL Trust
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FSL Trust - starting to see value in it
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dealer0168
Elite |
04-Sep-2009 14:12
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Actually should not worry so much. Btw, i thk i saw yr forum that u vested in Jade (that issue Rights recently). That one maybe more worrying. This one the company management not bad. N I think it the first time FSL put up placement if i am not wrong. Those that frequent put up Right & Placement than u must take care. Cheers.
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pharoah88
Supreme |
04-Sep-2009 13:51
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Nowadays management are in vogue asking for more money without justification and some even when the company does not need the money. It is really very, very LOOSE with Other People's Money [OPM]. This is OPM-Flu. Severe Acute OPM-Flu Syndrome [SAOS] BEWARE & BECARE of management who canNOT generate Operational CASH. The RIGHT SOLUTION is to CHANGE MANAGEMENT [like OBAMA said] and NOT to give them MORE MONEY. BEWARE & BECARE #### SAOS .... |
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commando
Veteran |
04-Sep-2009 13:45
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Relax la.....many REIT also ask for right wat. But FSL still give stub distribution leh. 1.27 cent as goodwill to existing shareholders. Will support!!!!! the only shipping trust I vested |
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nickyng
Supreme |
04-Sep-2009 12:41
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gosh !!! not another one! haha! preparing my ENGINE for SHORTING !! :D | ||||
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dealer0168
Elite |
04-Sep-2009 12:04
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Let see how FSL speak up on the placement things. Hope they give us some positive directive answer that benefit us the investor.
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elysian
Member |
04-Sep-2009 11:57
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i agree that FSL management is wiser than Rickmer's - without a doubt. Atleast FSL is giving a Stub distribtuion of 1.27 cts as goodwill to existing shareholders. Even the stub is DOUBLE that of the miserly 0.6cts Rickmers distributed for the entire quarter. Anyway, this isn't the time to acquire more vessels - i am not sure what they'll do with the money. I suspect that there's more than meets the eye ... |
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dealer0168
Elite |
04-Sep-2009 11:48
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But the money got fr the placement share was used possibilily fr acquiring of more vessel, maybe to clear some debts, etc. Basically what their doing, if acquire more vessel........... that would be resolve the problem of dillution. As the DPU will increase as well with more vessel acquiring. It all depends. But definately FSL is much better in term of management compare to our dear Rickmer.
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elysian
Member |
04-Sep-2009 11:44
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They are issuing 100million new units - almost 20% of their current holdings Expect a price drop of up to 20% from current price - future DPUs will also see a drop, after the current guidance. First it was Rickmers who played investors out and now.... | ||||
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jiehuangsg
Member |
04-Sep-2009 09:28
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If it is Rights issue, what does it mean? Thanks!
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nickyng
Supreme |
04-Sep-2009 09:13
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hmm....HALTED?? dont tell me Rights issue again hor ?!?! :P | ||||
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jiehuangsg
Member |
03-Sep-2009 17:52
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It may be worth to buy. |
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dealer0168
Elite |
03-Sep-2009 13:13
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FSL Trust: LTV covenant clouds dissipate Summary: FSL Trust has secured a two-year waiver for the loan-to-market value covenant in its credit facility. During this period, the minimum coverage ratio drops to 100% of outstanding indebtedness. In return, FSLT must repay US$8m of debt per quarter and also pay higher margins. The terms and conditions were in line with our expectations. The manager re-affirmed its DPU guidance of 1.5 US cents per quarter. A major overhang has eased, taking pressure off the manager and the stock. Industry concerns remain but we like the new, more sustainable payout model and FSLT’s diversified vessel mix. We reiterate that further DPU growth will require acquisitions (and fresh equity), in our opinion. Fair value edges up a cent to S$0.77, incorporating actual waiver terms. This is at a 10% discount to our discounted FCFE value for the trust. Maintain BUY. (Meenal Kumar) |
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dealer0168
Elite |
02-Sep-2009 18:36
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Type too fast, i mean: I
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dealer0168
Elite |
02-Sep-2009 18:35
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I don'tnow if i can say: >For trust, their DPU can sustain at high for long. Usually their ships are contracted to customer for a long duration (10 yrs if i did not rem wrongly) . For Reits, their office/ shop rental only last a short duration of abt 3 to4 yrs. That means got frequent changes. DPU at high may not last long also. Emm actually also depends. This reason was quote in one of the news on why people prefer Trust to Reits (that i read last time).
As for the DPU allocation, whether a not require shareholder approval.............emm not quite sure. Hope there is expert there that can explain also. Emm Btw Pharoah, u should post this forum at Reit forum as it seems u are directing at Reit related issue. Cheers.
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pharoah88
Supreme |
02-Sep-2009 11:53
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WHY is REITS management allowed to increase salary, bonus, compensations and SLASHED DPU at the SAME TIME? Something is GROSSLY WRONG, isn't it? This is call "Making Money from the same CAKE inside (ZERO SUM GAME), instead of generating profits from many cakes outside where the SKY is the Limit if company has the TALENTS!" |
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pharoah88
Supreme |
02-Sep-2009 11:48
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WHY are REITS allowed to SLASH DPU withOUT Shareholders' Approval at EGM? WHAT is the Difference between REITS and non-REITS stocks? WHAT is the Difference between TRUST and non-TRUST stocks? This is a fundamental breach of REITS and TRUST governance. Any advise from EXPERT? |
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dealer0168
Elite |
02-Sep-2009 11:03
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FSL Trust: Secures 2-year LTV waiver; terms in line with expectations Summary: FSL Trust (FSLT) announced this morning that it has secured a two-year waiver for the loan-to-value covenant in its credit facility. This waiver, subject to documentation closing, will extend until the end of 2Q11. During the waiver period, the minimum coverage ratio of the charter-free fair market value of the trust’s vessel portfolio over its outstanding indebtedness will be reduced from 145% to 100%. FSLT will also make quarterly loan repayments of US$8m during this period. In addition, FSLT’s cost of debt will increase by about 50-70 basis points during the waiver period, and then drop to a 25 basis point increase post-waiver period. The manager said that the additional interest expense averages US$0.7m per quarter during the waiver period. With this new development, FSLT has re-affirmed its guidance of a quarterly distribution payout of 1.5 US cents per unit. This is equivalent to a 14% annualized yield. We expected the forced amortization (US$32m versus expected US$35m) and the increased margin was in line with our expectation of an average 60 basis point increase. The lower LTV threshold and the new amortization schedule removes a significant overhang over the unit price and also enables a new, more sustainable business model. Maintain BUY with S$0.76 fair value. (Meenal Kumar) |
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nickyng
Supreme |
26-Aug-2009 14:28
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wow...hit 61cts !!! :D unloaded mine...hee accumulated since 56.5cts :P | ||||
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elysian
Member |
26-Aug-2009 14:17
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After my recent experience with Rickmers, I am avoiding all Shipping Trusts. The Shipping Trust counters here are threading on thin ice for several reasons. 1. To grow , it has to keep acquiring new Vessels and take on more debts There are more - but i think the above i more than enough to be extra vigilant before investing in any Shipping Trust counters.
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blessedfool
Member |
26-Aug-2009 13:45
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its ahead of its game. ratios |
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