REITs - Long term or Short term?

[meatball]

I have received Frasers Centrepoint Trust Annual Report today.
REIT have started to hold AGM annually, and FCT's AGM will be on 25 Jan 2010 2.30pm at Alexandra Point.

Have you guys received FCT's Annual Report?

But I have yet to receive Frasers Commercial Trust's Annual Report.
Let's keep each other updated.

[ghchua]

Yeap. Just received Frasers Centrepoint Trust Annual Report today too.

Haven't receive Frasers Commercial Trust's Annual Report yet.

[Private Investor]

Yes. I saw the annual report when I opened my letter box today. Will probably attend their AGM in Jan to experience my first AGM attendance

[emanresu]

wow the annual report so fast when year end is still not over?

[DPSK]

not all the companies have fiscal year ending on 31 Dec. for FCT is 30 june if i am not wrong

[Private Investor]

Their Financial Year ended on 30 Sep 09

[sonnig3]

will keep my reits for long term
but some of my reits are in the money like a few K, tempted to take profits............but think of long term, think think think

[meatball]

Yes. I saw the annual report when I opened my letter box today. Will probably attend their AGM in Jan to experience my first AGM attendance

And it is also the first REIT to hold an AGM, first for FCT and first for S-Reits since regulations changed.

[meatball]

will keep my reits for long term
but some of my reits are in the money like a few K, tempted to take profits............but think of long term, think think think

Yes, I am a LT fan of REITs too.
I like the dividend payout

[meatball]

I received Frasers Commercial Trust's Annual Report in CD with the notice to AGM today(sat).
Check your mailbox.
AGM is on 29 Jan 3pm, Alexandra Point.
The 2nd reit to hold AGM.

I am more likely to attend FCOT AGM if possible..

[sanye]

I consider reits as long term investment too.

Then again, I consider ALL my equity investment as long term....

Happy new year to all fellow forumers.

[Hulumas]

I consider reits as long term investment too.

Then again, I consider ALL my equity investment as long term....

Happy new year to all fellow forumers.

Dear Sanye,

Thank you for your New Year Greeting. Reit investment is cyclical investment, it is neither short nor long term investment, I suppose.

[Private Investor]

I have received Frasers Centrepoint Trust Annual Report today.
REIT have started to hold AGM annually, and FCT's AGM will be on 25 Jan 2010 2.30pm at Alexandra Point.

I hold some shares for Frasers CT REIT. How do I attend the AGM on that day. Do I just walk into the event on that day or I need to produce some sorts of proof or got to register beforehand?

[Hulumas]

I have received Frasers Centrepoint Trust Annual Report today.
REIT have started to hold AGM annually, and FCT's AGM will be on 25 Jan 2010 2.30pm at Alexandra Point.

I hold some shares for Frasers CT REIT. How do I attend the AGM on that day. Do I just walk into the event on that day or I need to produce some sorts of proof or got to register beforehand?

If under your own name and not nominee name, just walk in will do.

[meatball]

Must bring NRIC. Your name is already in the list of members if you have bought the shares for quite some time.

I mean those shareholders who maybe just bought the shares on the day before the AGM starts etc, can't possibly attend the AGM, even if they do, they are only an observor.

As must give the admin side reasonable time to get from the registry the name list of all members.

What I simply mean is, if you bought FCT shares for example 1 week before AGM, most probably your name is on the list at the AGM reception. For those who bought 1-2 days or even on the day itself, their names will most probably not be on the list and not granted entry.

In your case, you will most likely be able to attend. However, just need to bring along IC

[Private Investor]

Thanks. I bought mine in aug 2009 so don't think there will be any issue

[meatball]

Frasers Centrepoint Trust to acquire Northpoint 2 & YewTee Point
- FCT’s total portfolio size to grow 25% to S$1.5 billion
- DPU accretion of up to 3.4%
- The purchase consideration for Northpoint 2 is S$164.55 million
- The purchase consideration for YewTee Point is S$125.65 million
- The Manager proposes an equity fund raising (“EFR”) of up to 152.0 million new units (“New Units”) to part finance the acquisitions, with the balance to be funded by borrowings
- FCT Unitholders will meet in an Extraordinary General Meeting (“EGM”) scheduled on 25 Jan 2010 to vote on the proposed transactions

Attached are the press release and SGX announcement regarding the acquisitions.


To download the circular, please go to: http://www.fraserscentrepointtrust.com/ ... icle_id=25

[DPSK]

i have done some caculation. based on equity raising to finance part of the acquisitions, and based on $1.3 subscription price, it should be a 1 for 4 or 1 for 5 rights issue

[lonewolf]

FCT has never do a right issue since listing. I dun think they will do it now.

It did hint at the following in the annoucement:

1) Placement to institutional investors
2) New units to public aka first-come-first-serve at ATM.
3) Non-renounceable Preferential Offering for existing unitholders.

[Hulumas]

FCT has never do a right issue since listing. I dun think they will do it now.

It did hint at the following in the annoucement:

1) Placement to institutional investors
2) New units to public aka first-come-first-serve at ATM.
3) Non-renounceable Preferential Offering for existing unitholders.

Dear Lonewolf,

It sounds purely on the better fund raising purposes only

[meatball]

i have done some caculation. based on equity raising to finance part of the acquisitions, and based on $1.3 subscription price, it should be a 1 for 4 or 1 for 5 rights issue

Yes.
The min unit price for the eqty fund raising is $1.125 based on the max no of units if issue and the eqty requirements if acquiring the 2 assets.

I received the circular on sat, and it seems that they are more likely to issue at $1.30 which seems to be their intent.

I do hope there will be avenue to retail investors to subscribe on a pro-rata basis at least.

[DPSK]

FCT has never do a right issue since listing. I dun think they will do it now.

It did hint at the following in the annoucement:

1) Placement to institutional investors
2) New units to public aka first-come-first-serve at ATM.
3) Non-renounceable Preferential Offering for existing unitholders.

first come first serve? thats something new? is that going to fair to all shareholders?

i think they will go for (3) just like FCOT. (1) raises too little capital means they need to go more debt. possible combination of them

[Private Investor]

if it is (2), will people start to queue at the ATM at midnight?!?!?!?

[lonewolf]

first come first serve? thats something new? is that going to fair to all shareholders?

i think they will go for (3) just like FCOT. (1) raises too little capital means they need to go more debt. possible combination of them

First-come-first-serve new units offerings is rare but certainly not new. IIRC, Mapletree was the last to use this but CMT did it before.

I think you confused FCOT with its former entity Allco, which was the one that did the NRPO. FCOT was the one that carried out the recent rights issue.

There's not pt queuing at the ATM at midnight since the offering would usually be at 10am. And certainly all the units on offer would be fully subscribed in 2 minutes.

And again, the distribution from one ATM to another is hardly uniform. I was the 2nd in queue for the Mapletree offerings. But neither the first in queue or me ended up with anything.

IMHO, this method of application should be banned by MAS. Its unfair, complete waste of time, energy and frustrates many ATM users not applying for new units. Hope it dun come back again.

If they want to offer new units to retail investors, do it the IPO way. Balloting. Yeah, its a lottery but ultimately its still fairer.

[chantc]

Preferential Offerings for REITs? Doesn't make sense to me. Going the rights issue way will be much easier on the admin portion, granted that preferential offerings would mean that the financing would be easier to estimate than a rights issue.