Merger of $FLT(BUOU.SI)and $FCOT(ND8U.SI) is confirmed. No raising of new cash thru rights. Good news is that FLT’s base currency will be changed from aud to sgd. hope this will solve the fx issue as now sgd will be ref for performance. sponsor Fraser is offloading 50% of its business park (the other 50% is held by fcot).
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$FCOT(ND8U.SI) agm today. ATP and China Sq Central aei both completed with substantial revaluation gains. ATP alone added 140million as firepower, available for capital distribution, to top up n smooth out regular distribution if needed. New signing rent after aei is also up. About merger with FLT, Special thanks to mr vincent n mr hendry for pointing out our concerns. Basically (1) we r not too happy about the offered share swap pricing. It is based on traded price, rather than valuation. FCOT at 4% while FLT over 30% premium. (2) we do not want to loose the good responsible managment n board of fcot. (3) fcot is based on real value creation thru organic growth, while flt is based on buy/sell trades of properties. (4) fcot shareholders had endured risk thru the period of aei and now flt wanto come in to steal our fruit. On lighter note, the makan index is 4 🐟 🐟 🐟 🐟. U can see for yourself the stark difference between fcot n $FLT(BUOU.SI)in the picts attached
Flt egm. Marginal dpu improvement with lessen risk in other metrics (wale, ave cost of debt, etc). Makan was Bento fried rice with ikan bilis, fish, chicken, vegi, mushroom. Dessert is custard puffs. Got standard. Nice. Btw for those who still hoping for them to do rights issue, u can unfreeze your funds and redeploy them leow. Coz fundings for this deal was already settled.