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If u compare CK Tang - exit offer was $0.83c vs NTA of $0.93c @31/3/09. - quite close. In case of Sp Land - its NTA of about $9 vs last closing price of $5.49. That's why UIC keep accumulating, (see today's announcement - 3 qtr of transacted vol. bought by UIC). Even If there is any big correction this 1 still safe 'cos of this 1 buyer (UIC).
"Pursuant to Rule 704(15)(d) of the SGX-ST Listing Manual, United Industrial Corporation Limited (the “Company”) wishes to announce that its deemed interest in subsidiary, Singapore Land Limited (“SingLand”), held through its whollyowned subsidiaries, UIC Enterprise Pte Ltd, UIC Development (Private) Limited and UIC Investment Pte Ltd has increased from 304,133,384 (73.73%) shares to 304,284,384 (73.77%) shares, following UIC Enterprise Pte Ltd’s acquisition of an aggregate of 151,000 SingLand shares on 2 October 2009 (the “Purchase”). The Purchase was on cash terms in the open market at the average price of $5.41927 per share.
Submitted by Mrs Susie Koh, Company Secretary, on 2 October 2009 to the SGX."
I'm vested too.
Even without this trigger of privatisation, market will slowly revert to the fair value for this company.
So any comments on whether Wee will be Chao Kar like Tangs?? Tang offered lowball bid to the remaining shareholders for CK Tang..
Dunno how the saga turns out...
Once UIC crossed 90% holding, SP Land may be taken private. Assuming takeover at NAV of near $9, the potential upside is >65% from today's px of $5.43. Worth a bet!
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C172AEB0B8563F6D482576410034970A/$file/AnnUICEntshares300909.pdf?openelement
"Pursuant to Rule 704(15)(d) of the SGX-ST Listing Manual, United Industrial Corporation Limited (the “Company”) wishes to announce that its deemed interest in subsidiary, Singapore Land Limited (“SingLand”), held through its whollyowned subsidiaries, UIC Enterprise Pte Ltd, UIC Development (Private) Limited and UIC Investment Pte Ltd has increased from 304,016,384 (73.70%) shares to 304,133,384 (73.73%) shares, following UIC Enterprise Pte Ltd’s acquisition of an aggregate of 117,000 SingLand shares on 30 September 2009 (the “Purchase”). The Purchase was on cash terms in the open market at the average price of $5.43034 per share.
Submitted by Mrs Susie Koh, Company Secretary, on 30 September 2009 to the SGX."
Ignore Co NAV. Always look at Group NAV i.e. 30/6/09=$8.59, 31/3/09=$9.63, 31/12/08=$9.44 'cos the SGX price is for the Sp Land Group.
NAV falling but no need to worry at all - cos of writedown of 3 hotels in Marina Centre + Sp Land Tower. So high chance the next revaluation will show big surplus = increase NAV. Parent Co UIC has been mopping up Sp Land shares (see SGX announcement under UIC) in the past weeks - Sp Land is a sleeping giant once Casino operates the whole marina bay area will be boom town.
The NAV stated in the 2Q09 is
Group -> $8.59
Company -> $2.37
So, it is still seriously undervalued.
Huh? NVA not even $1? sure anot?
Yes, for the 1st qtr 09 rpt, the NAV is still OK. But for the 2nd Qtr 09 rpt (ending June 09) the NAV is very different!
I too checked the SGX for the 2nd Qtr 09 Rpt but could not locate it, my next question is why SGX does not post the 2nd Qtr09 rpt, but ShareInvestor has it?
I have already written to ShareInvestor to ask them on this matter.......
ok, i just read from sgx website , SP Land last Q report, it NAV was $9.44
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_6DF69692A461F7B8482575A200341630/$file/SLL_1Q09_SGX.pdf?openelement
Should rely more to SGX data I suppose!
ironside ( Date: 04-Aug-2009 09:58) Posted:
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Hi Alligator, I checked The Shareinvestor again, it was indicated NAV $0.926. this is based on the latest figures of their 2qtr report.
I too thought it must be a typo error, but it was not, unlesws Shareinvestor got the Singapore Land 2 qtr figures all wrong!
in share investment, NAV is $9.63.
the data you quote seems type error
ironside ( Date: 04-Aug-2009 09:58) Posted:
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Hi,
From the Shareinvestor data, I was shocked to notice that the Singapopre Land NAV is now only $0.9626. The NAV was $9.4448 as on Dec 08.
The figures for Singapore Land 2 Qtr 09 is posted on Share Investor, but cannot be located in the SGX, can any forumer comment on these matters.........