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I did a piece on Allgreen Properties on 12 April 2011. It seems that I have missed the boat ... for good. Well, these things happen. Absolutely no way to tell. Congratulations to all vested.
Read the post here.
Malaysian billionaire Kuok offers to buy rest of Allgreen stock. Brookvale Investments, owned by members of the Kuok group of companies, offered $1.60 in cash for each share in Singapore-based Allgreen, according to a filing by the developer to the Singapore exchange today. The stock last traded at $1.15.
Monday, 23 May 2011
Monday, 23 May 2011
© 2011 - The Edge Singapore
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6 comments:
My apologies if my comment in the last post caused you to hesitate. Sigh...
Btw, the offer price is at a very nice premium over the last traded price, but still below the NAV $1.67. What a great deal for everyone.
Hi Data,
I assure you that it didn't. Actually, I don't even remember your comments in the last post. So, don't worry. ;)
This is a lesson in FA. If we see an undervalued stock, just buy some first. :-)
Ya i missed the boat too! Past few years have been hearing takeover bids for Allgreen, never knew it will realised today.
Hi Kelvin,
I am sorry to hear that. Well, we just have to make money elsewhere, I guess. ;)
I have to say that Allgreen privatisation offer is one of the most generous I have seen in recent years.
Which of cos begs the question of why Kuok is offering such a huge premium. Or why the need to even privatise at all. I'm sure the compliance cost cited is not a significant expenditure.
The conclusion has to be that probably valued more and/or the prospect of the company to continue growing makes offering such a high premium now a worthwhile exercise.
Regardless, I'm happy with the huge premium offer and will gladly accept the offer. I have held Allgreen since the year it was listed and it has been a very very good investment for me.
Hi Paul,
You and my mom are in the same camp: long time shareholders of Allgreen. My mom is likewise quite pleased although she still talks about getting $2.00 a share sometimes. ;)
Congratulations! :)
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