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To motivate higher offer for Superbowl - better to solicit Hiap Hoe shareholders to vote AGAINST the IPT takeover offer.
Since SB and HH has common minority shareholders. e.g. Morph and Pang.
In my opinion, Hiap Hoe Public is leveraging up its balance sheet to do an 'indirect' payout to Hiap Hoe Private via the SB takeover offer.
Although the SB offer price is below the SB's RNAV. So it may be justifiable for HH Public to do so.
HH Public will be leveraged post SB takeover (if any). So any disposal of inv prop/hotels/resi TOP proceeds will be diverted to paying off loans
for SB takeover & Aust. prop devt. Dont expect any special dividends from HH Public after any disposals.
HH Private (HH Public controlling shareholders) would have gotten their pay day from selling 70% SB stake so no need money liao & no incentive to pay out already.
So post-SB takeover, no more near-term catalyst to close RNAV discount to market price. Long wait ahead.
Above are just my opinion and observations. Read at own risk.
Not vested.
Since SB and HH has common minority shareholders. e.g. Morph and Pang.
In my opinion, Hiap Hoe Public is leveraging up its balance sheet to do an 'indirect' payout to Hiap Hoe Private via the SB takeover offer.
Although the SB offer price is below the SB's RNAV. So it may be justifiable for HH Public to do so.
HH Public will be leveraged post SB takeover (if any). So any disposal of inv prop/hotels/resi TOP proceeds will be diverted to paying off loans
for SB takeover & Aust. prop devt. Dont expect any special dividends from HH Public after any disposals.
HH Private (HH Public controlling shareholders) would have gotten their pay day from selling 70% SB stake so no need money liao & no incentive to pay out already.
So post-SB takeover, no more near-term catalyst to close RNAV discount to market price. Long wait ahead.
Above are just my opinion and observations. Read at own risk.
Not vested.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster