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grandmaster89 ( Date: 18-Mar-2010 21:55) Posted:
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Actually its NAV (after adjusting for warrant conversion) will be only 29 cents.
I wonder how much will they distribute ? I don't think their lenders will allow them to distribute a significant amount of their earnings since they are in technical default. Most likely, they will do a 'Rickmers' and retain significant portion of the cash-flow to pay down debts slowly.
Zelphon ( Date: 18-Mar-2010 21:48) Posted:
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NAV = 0.40
Debt refinancing risk getting lower..
On track to pay dividends in July 2010..
Rental income has been stable...
Defaulting that YK Shintoku loan only results in increased interest rate from 3% to7%.. no firesale of assets...
Short term 3~4 mths... sure rocket !!!
trader9988 ( Date: 18-Mar-2010 20:39) Posted:
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take a quick look at the charts... up trendline since mar 2009 intact... still abv 200sma...but of course basayor .... any FA experts here can advice on the long term prospects for this counter
The listed price was S$0.523 or US$0.365. It was done in Sept 2008.
I believe they used to proceeds to pay up/refinance their debts after acquiring their container vessels. Currently, they do have the cleanest balance sheet due to their policy of paying down debts to negate the effects of depreciation hence preserving NAV. But operation-wise, they are on shaky grounds until they resolve the CSAV problem. They will most likely gear up or do a placement soon to acquire dry bulkers or container vessels soon. The Management made a mistake of concentrating on one sector alone.
pharoah88 ( Date: 18-Mar-2010 18:26) Posted:
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I started looking into REITS and TRUSTS after the CRASH and may be it was after that unit issue.
As PST is quoted in USD, was the issue done in US$0.523 or S$0.523?
I think PST had never reach such a HiGH Price of US$0.523.
In that case, how did PST issue additional units at such High Price?
If it had so much funds, may be that is the reasOn why it had nO debt at the TiME when all the REST were HiGHLY GEARED tO thEir thrOat.
Didn't PST issue 252,750,000 New Units to unit-holders and its sponsors in 2008 at $0.523 per unit ?
pharoah88 ( Date: 18-Mar-2010 16:31) Posted:
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des_khor ( Date: 18-Mar-2010 10:26) Posted:
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issue RIGHTS tO Pay Dividends.
OCBC also did that
Extremely HiGH Interest cOst.
SAIZEN is wOrking fOr the LENDER instead of the sharehOlders
doesnt look like a gd signal to me.. short term yes coz it managed to obtain loan..
but it is a loan to finance a loan.. if the 5 yrs r up and they dun have $$ to pay then it's back to square one..
quite imprudent actually.. short term (i.e. 5 yrs since loan is only for a term of 5 yrs) survival strategy..
looking at the interest charged, it'll have a substantial impact on their financial statements..
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_5617F3D0AF1D8EEF482576E90030DFBB/$file/20100317_Announcement_New_Source_of_Financing.pdf?openelement
NEW SOURCE OF FINANCING
LOAN FROM TOKYO STAR BANK
The Board of Directors of Japan Residential Assets Manager Limited, the manager (“Manager”) of Saizen Real Estate Investment Trust (“Saizen REIT”), wishes to announce that Yugen Kaisha Shinzan (“YK Shinzan”), a TK operator of Saizen REIT, has entered into an agreement dated 16 March 2010 (the “Loan Agreement”) for a JPY 2.0 billion (S$30.8 million) loan (the “Loan”) from a Japanese bank, Tokyo Star Bank Ltd (“Tokyo Star”).
The Loan is expected to be fully disbursed on 18 March 2010, subject to the fulfillment of the conditions precedent as set out in the Loan Agreement, such as the registration of mortgages of the properties.
The Loan is for a term of 5 years up to 16 March 2015 and carries a fixed annual interest rate of 3.75625%. Under the Loan Agreement, Tokyo Star will also charge a one-time fee of JPY 30.0 million (S$0.5 million), which is equivalent to 1.5% of the initial loan amount. The Loan has an amortising feature with JPY 100 million of principal repayment per annum.
The Loan is non-recourse to Saizen REIT. Under the Loan Agreement, the asset manager of Saizen REIT, KK Tenyu Asset Management (the “Asset Manager”), will act as a sponsor for the Loan. In return, the Asset Manager will charge an annual sponsor fee (the “Sponsor Fee”) of 0.175% of the outstanding loan amount. The property portfolio of YK Shinzan, which is
unencumbered and valued at JPY 4.8 billion (S$74.0 million) based on valuations as at 30 June 2009, will be pledged as security for the Loan.
The proceeds from the Loan will be deployed towards Saizen REIT’s working capital until such time when they are required for other purposes, including the refinancing of the loan of YK Shintoku (if such refinancing is possible).
dragons ( Date: 13-Mar-2010 22:23) Posted:
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It was probably a 1 lot selldown..
Seen some 1 lot up and 1 lot down game last week in Saizen REITS..
that 1 lot game made up abt 300 lots...
Perhaps BB starting to play Saizen..
http://singaporeanstocksinvestor.blogspot.com/2010/03/saizen-reit-symmetrical-triangle.html
Saizen REIT is in an obvious uptrend.
palm Oil bad harvest season.
palm Oil PRiCE may risE iF sOya PRiCE nOt tOO lOw