Croesus Retail Trust - Potential Privatisation

Croesus Retail Asset Management Pte. Ltd. (the “Trustee-Manager”), as trustee-manager of Croesus Retail Trust (“CRT”), announced that it has been approached in connection with a potential transaction which may or may not lead to an acquisition of all the issued units in CRT (“Units”). Discussions are preliminary and there is no certainty or assurance whatsoever that these discussions will result in any transaction. The Trustee-Manager has appointed Citigroup Global Markets Singapore Pte. Ltd. as its financial adviser in connection with such approach.

CroesusRetail 2QFY17

Revenue                                                                  JPY 3,180,943K
Income Available For Distribution                        JPY 1,685,014K
NPI                                                                         JPY 1,439,526K
DPU                                                                        1.81 cents
Gearing                                                                   46.1%
Interest Coverage Ratio                                          4.2X
Avg All-in Cost Of Debt                                        2.01%
Debt Maturity                                                         2.1 Years
NAV                                                                        JPY 77.89

CroesusRetail 4QFY16

Revenue                                                                  JPY 2,675,351K
Income Available For Distribution                        JPY 1,068,454K
NPI                                                                         JPY 1,439,526K
DPU                                                                        1.7 cents
Gearing                                                                   45.3%
Interest Coverage Ratio                                          3.7X
Avg All-in Cost Of Debt                                         1.9%
Debt Maturity                                                          2.5 Years
NAV                                                                        JPY 76.87 ($1.01)

CroesusRetail Trust 2QFY16

Revenue                                        2,433,621,000(JPY)
NPI                                               1,367,914,000 (JPY)
Income Available For Dist           973,318,000 (JPY)
DPU                                              1.79 cents
NAV                                              76.03 (JPY)
Gearing                                          46.3%
Interest Coverage Ratio                 4.1X
All-in Cost Of Debt                        1.9%

With BOJ going into negative rates, cost of debt likely to remain low.

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%.