I came across some video clips on YouTube where professionals talked about the outlook for REITs in 2010. Some make good sense and I would like to share a couple of clips here with you:
I like their advice on how we should focus on the balance sheets of REITs as well as their acknowledgement that a low gearing level is safer in case real estate values are revised downwards again. Can't usually go wrong being conservative when it comes to gearing. For those of us who are in the know, treat this as a reminder.
Re-capitalisation exercises hit REITs big time in Singapore in 2009. Off the top of my head, I remember forking out more money for MI-REIT and FCOTs' rights. Re-capitalisation exercises have strengthened REITs and with the improving credit market, with funds more readily available at lower cost, I rather think that REITs will continue to do well in 2010 and 2011.
What do I look out for in a REIT? Low gearing, high yield and preferably trading at a discount to NAV.
FAKE ASSI AK71 IN HWZ.
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5 comments:
AK 71,
I think the chances to get my HW shares is near zero. I have spoken to CDP. Their reply is very standard, I am responsible to check and they are only executing body. They execute what is recorded electrically. Furthermore, the entire Rights Issue have closed.
I have spoken to the GM for Coporate Finance, HW and he gave me similiar answer ad he added that the process is very tedious. What he may do is to discuss it with his Board of Director. I doubt they are keen to help as we are small investor.
I have also written to Dr Jong and Mr Tan Kow Hin to request for their interference. Not sure how they will receive it. I realised there are about 2 million shares that are nor subcribe after 23 Feb 2010.
I felt that CDP have not done enought to protect the investor interest. They have all the records. ie the contract statement that I have bought 800 000 units of HW right from the open market and subsequently send me the form B to exercise my Rights application throught the various means. They are also fully awared that I hace pay $60 000 to them for my Rights Share through ATM on 5 Feb 2010. Hence on 12 feb, when they discovered that 7.4 millions rights are not exercise, they should trace back to find out why and then send out reminder to investor.
They can also ensure that the number of rights we purchased appear in the screen of the ATM similiar to that of Share Trading. This will ensure the investor do not key in wrongly.
Nevertheless, if there any possibilities for me to bring it to court?
Just my opinion.
Kingston
Hi Kingston,
Thank you for sharing your experience with us here and you have made some valid points. The current system could be improved.
As for bringing the case to a Court of Law, with my limited knowledge of the subject, I think it would be futile.
I hope the directors of Healthway Medical might be able to do something for you although it is not obvious to me how they might be able to. Let's hope for the best.
AK 71,
I have consulted Mr Tan Kin Lian, the retired CEO of NTUC who is spending lots of time helping people. He is most willing to guide me through the entire process to fight for my rights.
I questioned my brokers on where did my vanished. If there are 10 rights. 9 chose to sell and 1 did not, then there are only 9 rights in the market. So no matter how you buy or sell, it should balance. If I have 3 rights that I am holding, then only 6 rights change hand. Same goes to the payment. So at the end of the trading, somehow there will be excess money lying in some broker firm? Any views?
I have spoken to the Managing director and he will try to help me. I have instructed CDP to send my transaction records to Healthway to substantial my case.
I also send a letter requesting to know who are in the top management that I should reflect my recommendations to improve the system and protect "blunt king" like me.
I also told them that alternatively, I may leave it to the press to highlight these opinions and recommendations.
Thanks for listenig to me.
Kingston
Hi Kingston,
Approaching Tan Kin Lian is a masterstroke. It did not occur to me at all. Yes, he is a very helpful person and if he is willing to help, I am sure the chances of success are higher.
As for excess money lying somewhere, I don't think there is such a thing. Basically, you paid 7.5c per right to whoever sold you their rights. These are people who probably did not want to pay 7.5c to Healthway Medical and chose to sell their rights away for money instead. So, the money you paid through UOB KayHian is in the pockets of these sellers.
As for the money you paid to CDP later on, they have, of course, refunded the money. The entitled rights which you did not subscribe to might have been cancelled to allocated to others who applied for excess rights.
Of course, I am just saying these based on my understanding of how things work.
Reading your experience, your recommendations to improve the current system and your efforts at recovering your money has been an eye-opener for me.
Thank you for taking the time to post your comments here and I look forward to your next update which I hope will bear good news.
AK 71,
Will definitely update you.
The theory of excess money is possible but it's not the fault of the broking firm.
Let's say there are 100 rights in the market.
10 did not sell. So 90 rights circulated between buyer and seller. Money change hand if this cycle continue for 90 rights only. however, at the later stage 10 rights decided not to trade. So what happen now is that only 80 right change hand and the money circulate for the 80 rights. Hahahaha...this is what I derived after gaming it through my disturb mind.
Anyway thanks for your blessing. Just hope that the board of director decided to help me.
Cheers
Kingston
Kingston
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