Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In a somewhat extraordinary turn of events, the Scheme Meeting for the <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> takeover did not garner enough votes to get to YES. </li>
<li>About 3% of units (about 8% of minorities) came out against. But only 18.8% of minorities actually voted. The deal has failed. The bidders can't come back for a while.</li>
<li>The units are trading down nearly 25% today as a result. This is cheap against both hospitality and major S-REIT peers. Inside, I discuss Overhang and Divs.</li>
</ul>


In a somewhat extraordinary turn of events, the Scheme Meeting for the Frasers Hospitality Trust (FHT SP) takeover did not garner enough votes to get to YES. 
About 3% of units (about 8% of minorities) came out against. But only 18.8% of minorities actually voted. The deal has failed. The bidders can't come back for a while.
The units are trading down nearly 25% today as a result. This is cheap against both hospitality and major S-REIT peers. Inside, I discuss Overhang and Divs.


Frasers Hospitality Trust Scheme Vote Fail - Minority Apathy Meets Vocal Minority. Units Drop Hard.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>’s scheme just fell shy of clearing the value test as 74.88% of the total votes cast approved the scheme resolution vs the 75% requirement.</li>
<li>The shares were trading tight to terms as <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property Ltd (FPL SP)</a>’s offer of S$0.714 comprising of S$0.70 cash per share + permitted distributions (estimated 1.356 cents) was attractive.  </li>
<li>We estimate that the surprising deal break will likely lead to a 15-20% share price fall. The last close price is around 24% higher than the undisturbed price (S$0.57).</li>
</ul>



Frasers Hospitality Trust (FHT SP)’s scheme just fell shy of clearing the value test as 74.88% of the total votes cast approved the scheme resolution vs the 75% requirement.
The shares were trading tight to terms as Frasers Property Ltd (FPL SP)’s offer of S$0.714 comprising of S$0.70 cash per share + permitted distributions (estimated 1.356 cents) was attractive.  
We estimate that the surprising deal break will likely lead to a 15-20% share price fall. The last close price is around 24% higher than the undisturbed price (S$0.57).


Frasers Hospitality Trust’s Scheme Votes Unexpectedly Falls Short

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>’s EGM and trust scheme meeting will take place on 12 September. The effective date is 12 October with a payment date of 19 October.</li>
<li>The offer comprises S$0.70 cash per share + permitted distributions (estimated 1.356 cents). The IFA considers the scheme consideration to be fair and reasonable.  </li>
<li>This is a done deal. For a 19 October payment, the gross and annualised spread of the offer (inc. permitted DPU) S$0.714 per unit is 1.9% and 12.1%, respectively. </li>
</ul>



Frasers Hospitality Trust (FHT SP)’s EGM and trust scheme meeting will take place on 12 September. The effective date is 12 October with a payment date of 19 October.
The offer comprises S$0.70 cash per share + permitted distributions (estimated 1.356 cents). The IFA considers the scheme consideration to be fair and reasonable.  
This is a done deal. For a 19 October payment, the gross and annualised spread of the offer (inc. permitted DPU) S$0.714 per unit is 1.9% and 12.1%, respectively. 


Fraser Hospitality Trust’s Scheme Meeting on 12 September

<ul>
<li>A little long in the tooth but the Scheme Doc for <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> was released this morning. </li>
<li>It is the standard multi-hundred page document (in this case 502 pages). And it does little other than tell the same weak story as the announcement did.</li>
<li>But the price is unchanged and the Scheme Meeting is 10 September 2022. This looks like it will be a done deal. </li>
</ul>


A little long in the tooth but the Scheme Doc for Frasers Hospitality Trust (FHT SP) was released this morning. 
It is the standard multi-hundred page document (in this case 502 pages). And it does little other than tell the same weak story as the announcement did.
But the price is unchanged and the Scheme Meeting is 10 September 2022. This looks like it will be a done deal. 


Frasers Hospitality Trust - Scheme Doc Out

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Far East Hospitality Trust / Equity Bottom-Up

<ul><li>REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics S-Reits and business trusts see an improvement in their Singapore Governance and Transparency Index (SGTI) 2022 scores, increasing marginally to 85.3 points from 85.0 last year.</li><li>Overall, the mean score of the Reits and business trust category increased by 0.3 points year on year and the mean bonus points for good disclosure practices increased by 0.7 points to 19.2 points.</li></ul>

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics S-Reits and business trusts see an improvement in their Singapore Governance and Transparency Index (SGTI) 2022 scores, increasing marginally to 85.3 points from 85.0 last year.Overall, the mean score of the Reits and business trust category increased by 0.3 points year on year and the mean bonus points for good disclosure practices increased by 0.7 points to 19.2 points.

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics

Singapore

Far East Hospitality Trust is a hospitality stapled group comprising Far East H-REIT and Far East H-BT. Far East H-REIT is a Singapore-based real estate investment trust, which invests in hospitality assets and Far East H-BT, a Singapore-based business trust which will be dormant as of the Listing Date.

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Far East Hospitality Trust (FEHT SP)

Frasers Hospitality Trust Scheme Vote Fail - Minority Apathy Meets Vocal Minority. Units Drop Hard.

The FHT SP take-private deal was probably a bit light. A large pre-announcement runup caused a low premium, but the Scheme Vote failed because an...

Travis Lundy

Frasers Hospitality Trust’s Scheme Votes Unexpectedly Falls Short

The scheme failed to clear the 75% scheme resolution voting requirement. We estimate that the surprising deal break will likely lead to a 15-20%...

Arun George

Fraser Hospitality Trust’s Scheme Meeting on 12 September

This is a done deal. For a 19 October payment, the annualised spread of the offer (inc. permitted DPU) S$0.714 per unit is 12.1%.

Arun George

Frasers Hospitality Trust - Scheme Doc Out

The Frasers Hospitality Trust Scheme document is out. Scheme Meeting is 12 September. Payment is in two months. Still opportunistic, and light. At...

Travis Lundy

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics S-Reits and business trusts see an improvement in their Singapore...

Singapore Exchange Ltd (SGX)

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