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Accordia Golf Trust: 60% premium or an offer of $1.21 a unit?

Thursday, November 28, 2019

Some readers might remember Saizen REIT and Croesus Retail Trust.


They were two of my largest investments in the past.

If you are new to my blog and are interested in finding out more,



Although I made good money in both cases, it was a challenge trying to find new investments for income that could even come close to what Saizen REIT and Croesus Retail Trust were doing for me.

To make it worse, they were relatively large investments for me and, therefore, harder to replace totally.






Why the sudden nostalgia?

Well, it seems that Accordia Golf Trust could go the same way Saizen REIT and Croesus Retail Trust went.

Accordia Golf Trust requested for a trading halt and issued a statement.

Part of the statement:

"... it has received a non-binding proposal in connection with a potential transaction which may or may not lead to a divestment of AGT's interests in all of its golf courses..."

I have mixed feelings about this.







I have been increasing my investment in Accordia Golf Trust as I believe it is undervalued.

I believe that it can be a more rewarding investment for income, given time.

See:
Why invest in Accordia Golf Trust?

I kept increasing my investment and, recently, it rose into the next bracket in my list of largest investments.

See:
Largest investments (4Q 2019).

My investment in Accordia Golf Trust is now basically similar in size to my past investment in Croesus Retail Trust.

A video clip by Accordia Golf Trust:







I hope the offer is going to be similarly compelling or more compelling if it should happen.

If we recall, Accordia Golf Trust's parent was sold to MBK at a 60% premium to NAV.

Could we see a similar premium for Accordia Golf Trust?

With a NAV per unit of 76 cents, that would mean an offer price of $1.21 or so.

Round it down to $1.20 a unit?

Sure, it is OK.

I am not greedy.


Well, I am just speculating.

It is healthy to daydream, I was told.

Another clip by Accordia Golf Trust:







Accordia Golf Trust last traded at 60 cents a unit.

Still undervalued, I believe that Accordia Golf Trust still offers good value for investors.

However, the news of a non-binding proposal could attract speculators and I would avoid chasing rising prices.

I will just wait and see what happens next.

Recently published:
Are stock prices coming down?

9 comments:

Your Ka-ki! said...

Hi Hi AK

It's been a while. So many blogs lately, without fb i almost missed them all. (cough cough) How about a chatgroup like telegram?

Huat ah accordia ! Was i dreaming or dream come true.

Do you see Singtel as good to add stock at present price ? What is safe price to add dbs ?

YKK

AK71 said...

Hi YKK,

I didn't use Facebook until a few years after I started blogging.

On hindsight, Facebook did me a favor by removing all the links to my blog and shutting me out.

Life is simpler this way.

I want to keep it simple.

So, no chat groups for me.

I am a hobbyist blogger and not blogging for a living, after all.

SingTel and DBS?

Alamak, don't ask me.

I blur. O_o

AK71 said...

Accordia Golf Trust receives proposal from potential buyer for all its golf courses.

Accordia had earlier in November declared a distribution per unit of 2.07 yen (2.61 Singapore cents) for its half-year ended Sept 30 - the highest distribution since the trust was listed in Aug 2014.

Read full article here:
The Business Times.

Your Ka-ki! said...

thank you AK, I hope to collect this 2.61 c before they decided to takeover by buyer.

Christmas came early for ASSI fans

AK71 said...

Hi YKK,

Ho ho ho.

Merry Christmas!

Good luck to us all. ;)

Peachmilktea said...

Hi, any chance to take a look at your portfolio? It seems I saw that somewhere before but I can't remember

AK71 said...

Hi Peachmilktea,

I share a list of my largest investments from time to time.

The latest update was for 4Q 2019 and I have hyperlinked it in this blog.

If you read this blog again, you will see it somewhere in the middle.

"Largest investments (4Q 2019)."

Something like that. ;)

Peachmilktea said...

Thank you. This is definitely good reference for my next investment.

AK71 said...

Hi Peachmilktea,

Alamak. O_o

I am only talking to myself in ASSI.

Reference?

Better think of it as entertainment. ;p

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