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Yes, it was one for one rights, priced at 35 cents each. Given its low gearing, I thought they would use the money to acquire assets in either Singapore or China, but it turned out to be in Perth and KL.
The herd is currently infatuated with the Chinese consumption-dream, so the asset acquisition in a non-PRC economy may have disappointed some of Starhill's shareholders, thus driving down the price? How else could the recent price fall be explained?
bikerlover ( Date: 25-Nov-2009 16:45) Posted:
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Closed at 0.53cts.... let see what's up tomorrow.
Still remember that they had issue rights recently?? The proceedings from the rights are going to fund these acquisition and some debts. This is my personal opinion.
nickyng ( Date: 24-Nov-2009 20:11) Posted:
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buy buy... going up :P
Hi Anyone can advise what's the news and outlook of this counter? thanks
Thanks - Well logic.
nickyng ( Date: 24-Nov-2009 20:11) Posted:
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not buying till i m clear how they going to fund those acquition of properties in their recent announcement :P
tanstg ( Date: 24-Nov-2009 19:10) Posted:
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What is a good entry point if you are to consider buying? Why?
nickyng ( Date: 24-Nov-2009 17:53) Posted:
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be prepared for <50cts share price soon....hee :D
If there is another rights issue, shouldn't the price be push up instead of down. If sell rights at such a low price, wat will the price be? $0.20 per share?
dont think! it could be a possibility !! :P expect the unexpected ! :D
diesel ( Date: 24-Nov-2009 13:31) Posted:
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From announcement :
Still assessing funding options for Malaysian purchases. The manager intends to utilize an asset backed securitisation structure (“ABS”) to acquire the Malaysian assets given tax benefits. This structure is awaiting further regulatory approvals. SGREIT intends to use a combination of its cash from the rights issue (completed back in 2Q09) and to issue new convertible preference units (CPS) but has yet to decide on the terms and size. We have not included earnings from the Malaysian assets in our forecast.
Found this in their press release:
"The proposed Australian acquisition is expected to be completed in January 2010 and will be funded by a combination of debt and proceeds raised from Starhill Global REIT’s recent rights issue. The acquisition is expected to be accretive to Starhill Global REIT’s distribution per unit (“DPU”). The pro forma financial effect of the acquisition on the DPU for the financial year ended 31 December 2008 is an additional 0.22 Singapore cents per unit."
Don't think there'll be another rights issue. In fact the DPU is increased. Counter shld be going up but strangely oversold.
They had their right issue not too long ago....do you think they will another fund raising exercise soon?
nickyng ( Date: 20-Nov-2009 15:59) Posted:
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nickyng - do you think Starhill is a bad counter to hold on? What's your expert view on this counter?
Dreaming in a broad daylight again? :P
tanstg ( Date: 22-Nov-2009 21:56) Posted:
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For sharing purpose only.
Just added another 100,000 shares today, the selling counter parties were,
Credit suisse , phillip, OUBK, DBSV, Lim and Tan, Iocbc.
Looked like the small retailers were selling to me.
No BBs sellers ?
Just look at the way sellers dumping their shares after the company's recent acquisition! Did the sellers smell anything fishy on those recent deals?
tonylim2 ( Date: 23-Nov-2009 15:04) Posted:
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Heavy seelling again today , BBs know something the SBs do not know ?
I believe ppl are cautious about REIT counter now due to CIT and MT REIT issue. Hopefully Starhill will come back to 57.5cts soon.