Lifetime Membership Special Offer! When SPH shareholders approved the acquisition by Cuscaden Peak on 22 March 2022, the writing was on the wall that SPH REIT would be the next to be acquired. Indeed, the consortium subsequently announced the chain offer of SPH REIT at $0.9640 per unit on 29 April 2022. Should unitholders accept, reject or run for their lives? Cuscaden Peak is a consortium that is made up of entities linked to Hotel Properties (40%), CapitaLand Group (30%) and Mapletree Investments (30%). Given that CapitaLand and Mapletree are majority-controlled by Temasek Holdings and are sponsors of S-REITs, what is the possibility of the assets of SPH REIT being injected into MPACT or CICT? In life, never say never. After all, the S-REIT sector is undergoing a wave of consolidation po

I thought that the current offer price of S$0.9372 per unit for SPH REIT by Cuscaden is just a half hearted and half baked one- in fact it is forced under SGX rule to make this chain offer- so do not expect too much from it and don't waste too much time pondering over it. Cuscaden looks like it is heavily bruised from the tussle with Keppel Corp over the recent Singapore Press Holdings acquisition. While it won a great battle for taking control of Singapore Press Holdings, it had burned a big hole in its bank account and it is clear that at this particular juncture, Cuscaden is ok for it to remain listed as it is. 3 things to take note of, regarding this upcoming acquisition offer for SPH REIT:1. The market price as at 29th April 2022 is S$0.975 per unit but chain offer price is at S$0.937

The STI gained 2.5% last week at 3,413.69 Wall St also rose despite negative signals from the Fed and bond market US Treasury yields now at pandemic-era high The war in Ukraine is still a big factor Singapore’s Feb factory output up a surprising 17.6% SPH shareholders voted to accept Cuscaden’s offer Europe recession could hit here: Maybank Securities The STI regained 3,400 mark despite negative interest rate signs The war in Ukraine and its impact on oil prices continued to provide the market’s main focus last week, while support for stocks came from the Government’s announcement of a further easing of Covid-19 measures. An added consideration was a signal from US Federal Reserve chairman Jerome Powell that the Fed is likely to be aggressive in combating inflation, a signal tha

To: Cuscaden Peak Pte. Ltd. Through: Mr. Christopher Lim Tien Hock, Group ED from Hotel Properties Ltd Questions to Cuscaden Peak Pte. Ltd On October 29, Cuscaden Peak Pte. Ltd. (Cuscaden), a consortium comprising Hotel Properties Limited, CLA Real Estate Holdings Pte Ltd and Mapletree Investments Pte Ltd, announced its proposal to acquire Singapore Press Holdings Limited (“SPH”) by way of a scheme of arrangement. Under the Cuscaden Scheme, the initial consideration was $2.10 in cash for each SPH share. Following the revised and final offer by Keppel, Cuscaden revised its offer on 15 November 2021 to $2.36 in cash or $1.602 in cash along with 0.782 SPH REIT unit per share. Subject to IFA’s opinion, the preliminary recommendation by SPH is that the revised Cuscaden Scheme is super

The STI fell 14 points or 0.4% at 3,228.45 Local corporate action took centerstage Biden’s infrastructure Bill failed to have much impact STI’s 2021 YTD return is 18%: SGX’s My Gateway Keppel revised its offer for SPH SIA and Singtel reported encouraging results US interest rates could rise sooner than expected Keppel’s revised bid to take over Singapore Press Holdings (SPH) and the latest earnings reported by SIA and Singtel were probably the main corporate events in a week in which the Straits Times Index, having initially risen to its highest point for the year, eventually ended at 3,228.45 for a net loss of about 14 points or 0.43%. Over in the US, the passing of President Joe Biden’s trillion-dollar infrastructure bill failed to really ignite the market’s interest, prob

1. Write off remaining estimated residual value for Eagle Hospitality Trust ("EHT")- S$20KI have done a full write off of S$20K of my remaining investment in EHT. Latest update from DBS Trustee is selling off of most of the hotel properties (15 out of 18 properties) via a "stalking horse" bid. The stalking horse bid is a technique use to reserve a minimum floor price during upcoming auction.  The opening bid is way below even the recent market valuation and stapled securities owners will not get anything back after paying off bankers and creditors at such a low price. Good news is that the 3 remaining hotels do not need to be sold off immediately under duress pricing as apparently, they can still be operational and not under chapter 11. Clearly, the only viable option was to appo

The recent announcement of SC Global coming into the picture as White Knight is good news for Eagle Hospitality Trust ("EHT"). SC currently controls the managers of two listed real estate investment trusts in the region, Japan Hotel REIT Investment Corporation and Thailand Prime Property Freehold and Leasehold REIT. It is very strong financially and has the networking and experiences to restructure EHT.The bad news now is how much will be the placement units issued to SC Global for them to re-capitalise EHT and at what price. Current unit holders will suffer from massive dilution in their original holdings if the new unit issuance is based on recent valuation report of the hotels. But no choice, given that SC Global need to have a significant stakes in order to water down the current units

Eagle Hospitality Trust ("EHT") finally released the details on the restructuring plan on Dec 9, 2020, along with a 194 pages circular. The proposed new REIT manager is SCCPRE Hospitality REIT Management Pte Ltd ("SCCPRE"), a member of SC Group. 7 key highlights EHT unitholders need to know:1. SCCPRE rescue plan is straight forward and does not involve equity raising at the kick off stage. They will negotiate for an 18mth bridging loan of US$125Mil @ around 10.25% interest rate per annum from a group of lenders led by the Bank of America to re-start hotel operations in the stabilization phase before moving on to the growth phase. This represented the best proposals received so far as it preserves value within EHT with minimal dilution impact due to current weak market sentiment. 

This is an update on the valuation of Eagle Hospitality Trust ("EHT") in the event of forced liquidation and also an estimation of the fair market value once it is removed from suspension.Based on the Q3 financial results released, I have updated the various numbers on the statement of financial position.Elaboration on Financial Projection1. I have revised the valuation of the investment properties to S$734Mil from the original S$1.27Bil. This is a significant drop in fair valuation of S$533Mil amidst COVID-19.2. Assuming no more hidden liabilities, then immediate liquidation if a buyer can be found will be around US$0.119 per unit. 3. If the business can continue running and valuation recovers as denoted in the various columns on the right side, investors will be able to recover more