First Reit – SGX
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K-Reit – SGX
PAYMENT OF MANAGEMENT FEES BY WAY OF UNITS IN K-REIT ASIA
This mode of paying the Company’s management fees in the form of Units is provided for in the trust deed constituting K-REIT Asia. With this payment, the Company’s current holding of Units is 2,683,077 Units.
Source : SGX
Cambridge – SGX
CAMBRIDGE INDUSTRIAL TRUST’S GLOBAL OFFERING RECEIVES STRONG SUPPORT FROM INVESTORS
• Cambridge Industrial Trust successfully raises S$193.9 million through a Global Offering of New Units
• Global Offering approximately 1.6 times subscribed by over 50 institutional investors
• Trading of the New Units on the Main Board of the SGX-ST expected to commence at 2.00 p.m. on Thursday 18 October 2007
Cambridge Industrial Trust Management Limited, as manager of Cambridge Industrial Trust (“CIT”) (the “Manager”) is pleased to announce that the private placement of 276,973,000 New Units in CIT (the “New Units”) to institutional and other investors outside of the United States in reliance on Regulation S under the U.S. Securities Act of 1933 (the “Securities Act”) and to qualified institutional buyers within the United States in reliance on Rule 144A under the Securities Act (the “Global Offering”) has received strong support from investors. The Manager received indications of interest for approximately 1.6 times the total New Units offered, with over 30% of demand for the New Units coming from institutional investors domiciled in the United States. The Manager believes that CIT is the first Singapore REIT to offer new units into the United States in reliance on Rule 144A of the Securities Act.
Book-building for the Global Offering commenced on 1 October 2007 through CLSA Singapore Pte Ltd and Merrill Lynch (Singapore) Pte. Ltd. as joint bookrunners (“Joint Bookrunners”). Following a positive response to the Offering from over 50 institutional investors, the Manager together with the Joint Bookrunners has decided to offer the New Units at a price of S$0.70 per unit (“Global Offering Price”).
The Global Offering Price represents a discount of approximately 6.67% to the closing price of CIT’s on the Singapore Exchange Securities Trading Limited on 12 October 2007 of S$0.75.
For the financial year ending 31 December 2008, all Unitholders can expect to receive a distribution per unit of 5.542 cents1 . Based on the Global Offering Price of S$0.70 per New Unit, the projected 2008 yield is 7.9%.
Mr Ang Poh Seong, CEO of the Manager, said: “We are very pleased to receive strong support from new and existing investors in CIT. The offering was large at about 53.8% of CIT’s units in issue as at 31 July 2007, but the issue has still been a great success. With over 50 high quality investors participating in the offering, we are very pleased at the response to the Global Offering. Investors have shown confidence in our strategy and the long term growth potential of CIT. We will continue to grow our portfolio and will capitalise on the potential of the industrial property sector in Singapore and in Asia for the benefit of our unitholders”.
An aggregate of 276,973,000 New Units will be issued bringing the total number of Units in issue to 792,278,653. The New Units are expected to commence trading on the Main Board of Singapore Exchange Securities Trading Limited (“SGX-ST”) at 2.00 p.m. on 18 October 2007. The New Units will, upon issue and allotment, rank pari passu in all respects with the existing Units, including the right to any distributions which may be paid for the period from 18 October 2007, the date the New Units are issued to 31 December 2007, as well as all distributions thereafter. The New Units will not be entitled to participate in the distribution of any distributable income accrued by CIT prior to the date of issue of such New Units.
1 Based on the Global Offering Price and various assumptions contained in the offer information statement lodged with the Monetary Authority of Singapore on 1 October 2007 for the projection year from 1 January 2008 and ending 31 December 2008.
Source : SGX
Cambridge – Issue of units to manager in lieu of management fees
ISSUE OF UNITS TO MANAGER IN LIEU OF MANAGEMENT FEES
In relation to the initial public offering of units in Cambridge Industrial Trust, the Joint Global Coordinators were ABN AMRO Rothschild and CLSA Merchant Bankers Limited, and the Joint Lead Underwriters and Bookrunners were ABN AMRO Rothschild and CLSA Singapore Pte Ltd.
Cambridge Industrial Trust Management Limited (“CITM”), the Manager of Cambridge Industrial Trust (“CIT”), wishes to announce that 801,493 new units in CIT (“Units”) have been issued to CITM on 12 October 2007. The Units were issued at an issue price of $0.8099 per Unit, in lieu of the payment of 97% of the base fee (“Base Fee”) component of the management fee in respect of the initial portfolio of 27 properties to CITM for the period from 1 July 2007 to 30 September 2007.
The Base Fee is defined in the trust deed constituting CIT (the “Trust Deed”) as 0.5% per annum of the value of the deposited property. In accordance with the Trust Deed, the issue price was determined based on the volume weighted average traded price for a Unit for all trades done on the Singapore Exchange Securities Trading Limited, in the ordinary course of trading, for 10 business days immediately preceding the relevant business day.
The Manager has elected to receive 97% of the Base Fee in Units as disclosed in the section entitled “The Manager and Corporate Governance” on page 224 of CIT’s prospectus dated 14 July 2006 issued in connection with the initial public offering of Units.
Following the above issue of Units, the total Units in issue is 515,305,653 of which CITM’s holding is 3,851,099.
PST – OCBC
– Pacific Shipping Trust (PST) has been stuck in a sideways trend over the last 12 months.
– While we observed a shallow gradient for the ascending trend line along with the formation of higher lows since June 06, we have not witnessed any new highs above S$0.465.
– However, as the 50-day moving average has fallen below the 100-day moving average and seems close to cutting the 200-day moving average, coupled with the downwards trending stochastic indicator, this could spell more downside for PST.
– Nevertheless, we expect the price to bottom out around the trend line and the support at S$0.415, and stage a strong rebound thereafter, with the share price heading towards the resistance set at S$0.465.
