Saturday, September 20, 2014

The $50m Dollar Man!!!

This is the $50m dollar Man!!!!He wrote in his weibo blog, "looking forward to $50m in my Cash Vault!"

Monday, September 8, 2014

China Merchant Pacific - Jiurui Expressway

CMPF today hold a EGM to approve the acquisition of Hong Kong Honest Queen International Investment Limited which is the holding company of Jiurui Expressway Co.It was overwhelming majority approved.

It will issue 119,374,987 shares at 0.985 apiece which will raised approx. RMB580m. In addition, it will pay an additional RMB117m cash for a total consideration for a total of RMB697m for the purchase. The issued share will be about 16% of total ordinary share capital issued.

Net Asset Value after purchase will be at HK$5.82. EPS will be at 52.09 HK cents.Gearing will be at 30%. All are calculated based on full diluted convertible bond conversion.

Jiurui is a 48km expressway in Jiangxi with toll lease lasting till dec 31 2040.

The current deal look much more attractive than the previous proposal that was dropped due to some issues with getting approval for the NZ property business that was also packaged in the proposal.

Monday, September 1, 2014

CroesusRetail Trust Private Placement

CRT yesterday announcement a private placement of 78,900,000 units fixed at a price of 0.915 cents.It will raise $72.2m with net proceeds of about $70.2m after deduction of underwriting, selling and other related fees associated with this placement.The placement price is at a discount of 8.5% over the average volume weighted price of 0.995 cents just prior announcement.It is at a 3.2% discount over the adjusted volume weighted average price of 0.9455 cents after taking into consideration of dividend of 5.4 cents payable in Sept 2014. The dividend include the portion from 1 July 2014 to the day just prior issue of placement.

About $62.2m of the net proceeds will be used to partially fund the purchase of One's Mall.After acquisition of One's Mall, DPS  will be at 9 cents with NAV at 75.16 cents.Aggregate leverage will be at 50.5%.