In today’s briefing:
- Large Potential S-REIT Flows in the Next Two Weeks
- Hwa Hong Confirms No Competing Offers
Large Potential S-REIT Flows in the Next Two Weeks
- Given recent corporate events in S-REIT land, there could be some considerable money to be allocated to the sector near-term
- These flows come at a time when prices are down off highs and liquidity is low.
- There could be some price impact on certain types of S-REITs near-term.
Hwa Hong Confirms No Competing Offers
- The Ong directors tried every trick in the book to derail the Hwa Hong Corp (HWAH SP) offer. The trump card was hiring Evercore to attract competing offers by 25 July.
- The Board confirmed today that there are no competing offers. This is a catalyst for shareholders sitting on the fence to accept the S$0.40 per share offer.
- The offer closes on 1 August. While meeting the 50%+ minimum acceptance condition will be a close-run, we think it will be met. The gross spread is 5.3%.
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