The voting for Blackstone cash offer of 1.17 for $Croesus RTrust(S6NU.SI) is on 13 September 2017. It is a real dilemma on whether to accept the privatisation offer. Some reasons cited by Manager for accepting:
1) Premium to NAV
2) Cash offer exceed all analysts' target
3) Low trading liquidity

After observing what had happened online, I decided to sell all my shareholdings at $1.155 on the open market. Find out my reasons for doing so.

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8 likes 58 comments

Since last divy was only up to end Jun, not sure if delisted by Oct we still entitled for Jul-Sep divy, any one can advise?


Reply to @clementboo : algo trading. if u check there isnt any transaction done @ 117 with >1000 shares

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sold at 1.165.. the money is good enough for me... lolx


2 important questions... 1) When will the money be back? 2) Any suggestions where to deploy it


When will the money from the buy out be paid ?


Reply to @fasttwitch : 23 Oct, if nothing goes wrong or gets delayed.


Done deal! No dilemma, no ifs, no buts..... Where to put the Croesus $$$$ is the question ???


Reply to @Gus : starhill also not bad

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Today last minute a lot of buy in at 1.165 any ideas why since offer price only 1.17


Since result is more or less confirmed, no point for any live updates.

I'm going there to cast my useless 'against' vote. No PE election cannot vote, so take this chance to 'cast my vote'!


any live show/reporting Tml?

result wat time will know?


It will be a landslide takeover victory. Usually minority makes the biggest noise across platform to build awareness but the majority which is the rich are thinking of a strategy. Blackrock can just have thousand of related investor buy the shares over the last 2 to 3 months and attend tomorrow meeting with the yes vote. Problem solved for them

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My latest article on the criteria that I consider before picking my REITS and Business Trusts. Currently, I have $Croesus RTrust(S6NU.SI) , $Viva Ind Tr(T8B.SI) and $Lippo Malls Tr(D5IU.SI) in my portfolio.

Some of the criteria are:
1) Consistent DPU Growth
2) Alignment of Manager's Interest to Unitholders
3) Competency of Manager
4) Comfortable Gearing
5) Future Growth Drivers
6) Sustainable Competitive Advantage

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Extract from SGX My Gateway

The 36 trusts averaged a year-to-date return of 16.9%, while maintaining an average distribution yield of 6.4%. Of these 36 trusts, the five best performers in the year-to-date were Croesus Retail Trust (+47.3%), CDL Hospitality Trusts (+27.9%), Lippo Malls Indonesia Retail Trust (+25.6%), Sabana Shari’ah Compliant Industrial REIT (+24.9%) and Viva Industrial Trust (+24.3%).

Very glad to have $Croesus RTrust(S6NU.SI) $Lippo Malls Tr(D5IU.SI) and $Viva Ind Tr(T8B.SI). These are my only holdings under my REITS and Business Trust component of my portfolio. More information can be found here (

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5 stocks in my public portfolio have completed the recent results announcement season. Here is a quick summary of their performances:
1. $Croesus RTrust(S6NU) - DPU for 3Q17 increased 15.2% yoy on restated basis
2. $Viva Ind Tr(T8B)- DPU for 1Q17 increased 13.2% yoy
3. $Lippo Malls Tr(D5IU) - DPU for 1Q17 increased 7.2% yoy
4. $Micro-Mechanics(5DD) - net profit for 3Q17 increased 26.6% yoy
5. $QAF(Q01) - net profit for 1Q17 decreased 13% yoy.

4 out of 5 companies reported improvement in their results. For $QAF(Q01), the deterioration was expected after I met management during AGM. As a result, I managed to offload 2/3 of my portfolio just before the results announcement. Nonetheless, I remained vested and hoped to get lucky from the strategic overview of the primary production business.

$Croesus RTrust(S6NU) and $Micro-Mechanics(5DD) were clearly the outperformers amongst my portfolio. Management of micro-mechanics recently revealed in a Business Times interview that they had an extremely busy period in April and business outlook was robust. $Croesus RTrust(S6NU) has several tailwinds on their side, a favourable hedge, lower interest expense, better tenant sales from an improving Japanese economy.

For Lippo, growth has been slower than forecasted. I am mindful of its rental support scheme expiring at the end of the year and will be watching it closely. As for $Viva Ind Tr(T8B), 2Q17 and 3Q2017 DPU should improve as Phase 3 of Viva Biz Park receives its TOP and an additional >40% of pre-committed occupants will start paying rent. I am mindful of Jackson Square 's vacancy and the disappearance of the rental support scheme though.

It has been another satisfying results announcement season for me. The good performances of the counters in my portfolio have translated into growth in their share prices correspondingly.

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$Croesus RTrust(S6NU) has hit 91.5 cents. a new 52W high!

Find out about this high dividend yield trust in this write-up.

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That's it for me for this results' reporting season. Here's a quick summary of the results on the stocks that I hold still publicly going into the results season

$Micro-Mechanics(5DD) (NPAT 2Q17: +23.5%, 1H17 +6.7%)
$Croesus RTrust(S6NU) (DPU: 2Q17: +5.2%, 1H17 +7.5% on restated basis)
$Lippo Malls Tr(D5IU) (DPU 4Q16: +7.4%, FY16 +10%)
$QAF(Q01) (4Q16: +234%, FY16 +129%, including exceptionals)

After their results were announced, I bought $Viva Ind Tr(T8B) and $ISOTeam(5WF) too.

For users who are interested, here is a summary of my investing performance in 2016.

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