Religare Health Trust *Official* (SGX: RF1U)

Jazzbie

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To further complicate, the document included an assumption that only 95% is paid out as special dividend i.e. $0.82 and the remaining $0.04 is left in RHT as a "cash company". Not sure if this is typical (I recall Saizen also did something similar) but means more waiting time to cash out completely too.
 

addict951

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Am i right to interpret that will keep 5% of net proceeds for working capital, so instead of 86c, will get only 86x0.95= 81.7c?

The Trustee-Manager will also be retaining 5% of the net proceeds to cover on-going expenses post the Proposed Disposal.
• The estimated net proceeds per unit (“Special Distribution”) post settlement of transaction costs and expenses of approximately S$15.8 million (including S$10.3
million payable to the Trustee-Manager as a Performance Fee) is approximately S$0.8

Wah, you're right ****...
Meaning the share price may nv move much from nao till Sep, or the CD in Sep is only 0.817 :eek:
 

Opps-gal

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It's a low ball offer price after what they took us through & the manager have the cheek to collect performance fees some more. What is the probability of a third party counter offer at a higher price as these are lucrative assets? Any experts care to comment...:s11:

I am not expert, but I think most likely the deal will go through? Fortis Healthcare Limited has 27.32% shares held?
 

OngHuatHuat

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They will pay all Cd to us, most likely around 0.817 + 0.0345 from now on.
Thereafter, this counter will worth a few cents depending on how much cash they left and whether anyone needs a shell company to do asset injection.

Wah, you're right ****...
Meaning the share price may nv move much from nao till Sep, or the CD in Sep is only 0.817 :eek:
 

ceciltan

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They will pay all Cd to us, most likely around 0.817 + 0.0345 from now on.
Thereafter, this counter will worth a few cents depending on how much cash they left and whether anyone needs a shell company to do asset injection.

Come Sep, need to find another stable stock to dump the proceed into. Looking at First Reit, Kep Infra or NetLink.
 

Opps-gal

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They will pay all Cd to us, most likely around 0.817 + 0.0345 from now on.
Thereafter, this counter will worth a few cents depending on how much cash they left and whether anyone needs a shell company to do asset injection.

Where say is 0.817? Isn't it 0.86? So does shareholder need to do anything to get the 0.86? Super confusing. :s22:
 

OngHuatHuat

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They don't have so much money, so just buyout assets, not the entire trust. If they were to buyout entire trust, they will need to pay at least 90 cents to 1 dollar for this deal to go through.
A typical way of big shareholder bully small shareholders. Sigh.

Where say is 0.817? Isn't it 0.86? So does shareholder need to do anything to get the 0.86? Super confusing. :s22:
 

Opps-gal

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They don't have so much money, so just buyout assets, not the entire trust. If they were to buyout entire trust, they will need to pay at least 90 cents to 1 dollar for this deal to go through.
A typical way of big shareholder bully small shareholders. Sigh.

Does that mean the empty shell is still with us small fry shareholders after paying us? Empty shell can do what? Change to a hostel? :s22: So now is $0.817? So many version. From $0.88 goes to become $0.817, so which is correct?
 

OngHuatHuat

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Not sure, empty shell can worth a lot if someone interested to do asset injection. Save the trouble of IPO.

Does that mean the empty shell is still with us small fry shareholders after paying us? Empty shell can do what? Change to a hostel? :s22:
 

OngHuatHuat

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I think we should just block the deal during EGM actually. :)

Does that mean the empty shell is still with us small fry shareholders after paying us? Empty shell can do what? Change to a hostel? :s22: So now is $0.817? So many version. From $0.88 goes to become $0.817, so which is correct?
 

OngHuatHuat

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xFbcSHT.jpg


I think I haven't really read thoroughly the whole slides, but this slide seems suggesting there are certain misconceptions in the payout.

Page 2 of presentation slides:

1. Net consideration per unit: 0.88
2. Net proceeds : 0.86
Then they retain 5 % of net proceeds and keep it as cash.

Does that mean the empty shell is still with us small fry shareholders after paying us? Empty shell can do what? Change to a hostel? :s22: So now is $0.817? So many version. From $0.88 goes to become $0.817, so which is correct?
 

OngHuatHuat

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Actually it is 0.86, but they retain 5 % cash and together with other cash they have now.
Remember they used to retain 5 % cash every quarter.

Looking at Sabana reit, don't think small fry's strength got much help. :( If is $0.817 is a bad deal. Feel if is $0.86 or more can consider.
 

Opps-gal

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Actually it is 0.86, but they retain 5 % cash and together with other cash they have now.
Remember they used to retain 5 % cash every quarter.

The deal looks ok if is 0.86, but I am not sure if this empty shell will still be in my CDP statement, if company not buying the whole hospital. What happen to next year's CD for this empty shell? What is the plan?
 

OngHuatHuat

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They will delist. Anyway, there will always be money left post distribution, your holdings won't suddenly just become zero.

Sometimes there will be speculations of people buying it or what, then maybe can sell at high(depending on luck). If not, most likely they delist and pay us back the cash.

The deal looks ok if is 0.86, but I am not sure if this empty shell will still be in my CDP statement, if company not buying the whole hospital. What happen to next year's CD for this empty shell? What is the plan?
 

BlackIcE84

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having gone through the material, i think three questions are still alive:

1) What do you all make of this at para 8.5 of the agreement announcement:

Further to RHT’s announcement on 8 February 2018 in respect of its unaudited financial statements for the nine months ended 31 December 2017 (“9MFY2018 Announcement”), the Trustee-Manager wishes to inform Unitholders and investors that it has since received a further INR530.0 million from the relevant Fortis entities towards the payment of outstanding fees for both 1HFY2018 and 3QFY2018. Assuming all such amounts were applied towards the payment of outstanding amounts for 1HFY2018, there would be no further amounts outstanding in respect of 1HFY2018. As at the date hereof, an aggregate of INR670.7 million accrued and due remains outstanding in respect of services fees and interest income on CCDs for 9MFY2018, including INR198.1 million5 in respect of interest income on CCDs for 1HFY2018.

What is the above in bolded red coloured font in relation to?



2) As another posted asked above, there are 2 more quarters to go before Sep 2018. Will there be further Dividends?

i could not find any information / answers on this



3) What happens to a Shell Company?

i think RULE 1018 of the SGX Listing manual provides a clue

1018 Cash Companies
(1) If the assets of an issuer consist wholly or substantially of cash or short-dated securities, its securities will normally be suspended. The suspension will remain in force until the issuer has a business which is able to satisfy the Exchange's requirements for a new listing, and all relevant information has been announced. Upon completion of the disposal of its operations and/or assets, the issuer must:—

(a) Place 90% of its cash and short-dated securities (including existing cash balance and the consideration arising from the disposal(s) undertaken by the issuer) in an account opened with and operated by an escrow agent which is part of any financial institution licensed and approved by the Monetary Authority of Singapore. The amount that is placed in the escrow account cannot be drawn down until the completion of the acquisition of a business which is able to satisfy the Exchange's requirements for a new listing, except for payment of expenses incurred in a reverse takeover approved by shareholders and pro-rata distributions to shareholders; and

(b) Provide monthly valuation of its assets and utilization of cash, and quarterly updates of milestones in obtaining a new business to the market via SGXNET.​


Taking the above compliance into account, the Exchange may allow continued trading in a cash company's securities on a case-by-case basis, subject to:—


(c) Contractual undertakings from the issuer's directors, controlling shareholders, chief executive officer and their associates to observe a moratorium on the transfer or disposal of all their interests, direct and indirect, in the securities of the issuer; and

(d) The period of the moratorium must commence from the date shareholders approve the disposal of business, up to and including the completion date of the acquisition of a business which is able to satisfy the Exchange's requirements for a new listing.

(2) The Exchange will proceed to remove an issuer from the Official List if it is unable to meet the requirements for a new listing within 12 months from the time it becomes a cash company. The issuer may apply to the Exchange for a maximum 6-month extension to the 12-month period if it has already signed a definitive agreement for the acquisition of a new business, of which the acquisition must be completed in the 6-month extension period. The extension is subject to the issuer providing information to investors on its progress in meeting key milestones in the transaction. In the event the issuer is unable to meet its milestones or complete the relevant acquisition despite the time extension granted, no further extension will be granted and the issuer will be removed from the Official List and a cash exit offer in accordance with Rule 1309 should be made to the issuers' shareholders within 6 months.
 
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OngHuatHuat

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Not so sure about the CCD part, what they trying to say is they already received the distributions what are responsible for dividend of 0.0122 and 0.0114 in full, but only 0.0122 is declared so far.

The service fee for 0.0109 dividend not received yet.
 

BlackIcE84

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Not so sure about the CCD part, what they trying to say is they already received the distributions what are responsible for dividend of 0.0122 and 0.0114 in full, but only 0.0122 is declared so far.

The service fee for 0.0109 dividend not received yet.


There is also the question of the interest charged. technically, interest is due to all shareholders right? cannot be that the manager keeps all the interest


Also, it will be interesting to see what the appointed IFA has to say about the deal. for all we know, the IFA may recommend that shareholders reject the deal.
 

OngHuatHuat

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Not so sure about this. I am not really keen in delisting actually. Clearly they know something that we don't.
That's why they need to rush it.

There is also the question of the interest charged. technically, interest is due to all shareholders right? cannot be that the manager keeps all the interest


Also, it will be interesting to see what the appointed IFA has to say about the deal. for all we know, the IFA may recommend that shareholders reject the deal.
 
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