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Also, for those brudder attending AGM, can u help me take note of how many proxies/numbers vote in favour of the resolutions, especially for resolution no.9. If there’s a count.
Thanks hor.
sorry, when for long lunch.....
2nd question. Can they have more transparency on the breakdown of valuation by individual properties in their future ARs. Shouldn’t be too difficult, just a small column by the side. And I am pretty sure they already have all the numbers. Afterall, the valuation of $36.4m gotta come fr somewhere right? Reason? See point no. 1 on alarm bells.
U think their PR people don’t read this forum?
IMHO, they are already ON the forum. Just read the back post and u will know what I mean. If fact, I think they probably reading this right now and trying to come up with a response as to why this valuation shouldn’t be done. Lol. I am guessing tomorrow’s mgmt response will probably be “we’ll think about it” and then…..take a whole yr to do so. Lol.
Or perhaps site cost as an issue.
So why independent directors and not mgmt?
Well, as you can see for yourself, their valuation technique is probably already quite flawed, so you think they’ll do any better this time round?
IMHO, if it wasn’t for me asking my stupid $27m question back in early July, there is a probability we would not even see this current valuations of $36.4m. Don’t believe? AR (Annual report) 2009 valuation $27m, AR 2010 valuation $27.6m, AR 2011 valuation $36.4m! Kinda sounds like the Mastercard ads on TV…. Priceless! Lol.
ok, I ask questions leow ah.
1st. Ask them to do one off revaluation of all retail and office assets in their books to reflex the true market value of these assets, based on proper valuation done by a reputable valuer and selected based on the recommendation by the independent directors. Even better still, appointed by me! Lol.
Why is this important? Well, for starters, it will prevent & deter insiders fr hiving off any assets below market value without setting off any alarm. Fr past experience, notice how hardly anybody ask any questions when mgmt (in general) sells off assets above book value and report a profit? And I believe I already made my point below as to HOW UNDERVALUED their retail/office assets are. Also, it would potentially boost NTA per share by anywhere between 5 – 10 cents. Good for minority shareholders. But “shiiiii” don’t tell them the last part hor. Lol.
The retail shop space in
17,486 sqft in Blk 86 Marine Parade Central (opposite e Hawker Centre at Blk 84)
6,401 sqft in Bras Basah Complex
3,840 sqft in
Some are owned. Like I said below, those owned by them include.
86,400 sqft of retail shopping centre space in Malaysia,
45,300 sqft office premise in Hong Kong,
3,100 sqft office premise in Canada,
27,700 sqft retail shop space in Singapore.
Any brudders going for the AGM tommorrow? 10 o'cock at Old Toh Tuck Rd?
If so, can u help me ask a few questions and update me latter? Look like I can't make this one. Gotta go Batam see my girlfriend.
Thank hor.
To make a point. Let say we assign a ZERO value to their 86k sqft Malaysia retail shop space, ZERO value to their 45k sqft HK office premise, and ZERO value to their 3k sqft Canada office space.
At $21.8m net book value (for ALL properties), that would mean that their Singapore retail shop space is valued at $787 psf!
Don't talk abt relatively prime retail shop space. At that price, I can't even buy a condo. Even the recent condo by Cheung Kong in " ulu" upper thomson is already selling for $1,400 psf! lol
Total sq of retail (shopping centre/ shop house) and office space in their books:-
Based on their latest valuation, this is worth $36.4m. Seriously?
Even at this valuations, it don't mean squat coz in their books (under net book value on page 90 of their latest AR), all of these are recorded at a princely sum of $21.8m.
p.s. AGM coming up
er, who's/what's BB? lol
" do you think ppl are idoit, ppl will have come to know and syn will have push up the px,"
Er, here's the reality of things. Can u name " ONE" company which has been taken over private by management/ insiders that has seen their share price pushed up prior their privatisation/ delisting announcement? Say over a 1 to 3 mth period prior to delisting? Simple question... share price Up or down? I don't even ve to look to give u that answer lah.... Down!! So how come those syn and ppl u mentioned never push up the price leh?
He can be successful only if the mkt is very bad, economy is real bad, maybe BB need fund so will sell him their stake at slightly higher than mkt px.
you think so easy, if like that, why BB offer ppl prenium over mkt px???
if say Popular boss want to buy fr mkt, and if he already own half, he got to buy 3000lot everyday for a year.
do you think ppl are idoit, ppl will have come to know and syn will have push up the px,
unless, he find big invester to sell him their stake., and even that, he still got to offer the remain small invester a higher px.
ah_huat ( Date: 02-Aug-2011 16:29) Posted:
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