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Farmer Master	19-Feb-2008 18:52        Farmer About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	Here comes the news...but why they need to halt trading for this kind of announcement? SGX-ST Announcement STRATEGIC REVIEW OF MACQUARIE MEAG PRIME REAL ESTATE INVESTMENT TRUST Macquarie Pacific Star Prime REIT Management Limited (?Macquarie Pacific Star?), the Manager of Macquarie MEAG Prime Real Estate Investment Trust (?MMP REIT?), wishes to announce that it will sponsor a strategic review with the specific objective of enhancing value for unitholders of MMP REIT (?Unitholders?). The review will consider both corporate and asset level strategies, including the potential to provide Unitholders with a proposal to acquire 100% of MMP REIT units (?Units?). The review is being initiated following the receipt of a number of unsolicited approaches made to Macquarie Real Estate, a Unitholder beneficially holding approximately 26% interest in MMP REIT, with an associated entity indirectly holding a 50% interest in Macquarie Pacific Star. Macquarie Real Estate has advised it will cooperate with the Board of Directors of Macquarie Pacific Star in order to maximise value for all Unitholders. The strategic review will be undertaken in the context of strong underlying propertyfundamentals in the Singapore market. The quality of MMP REIT?s portfolio of real estateassets is supported by MMP REIT?s recent announcement of an increase in its net asset value, as at 31 December 2007, to S$1.61 per Unit. MMP REIT is trading at a substantialdiscount to its net asset value and the strategic review will be designed to explore the means by which this gap may potentially be closed. Macquarie Pacific Star intends to appoint Macquarie Securities (Asia) Pte Limited of Singapore to advise it in the course of the strategic review. In making this announcement, Macquarie Pacific Star cautions that there is no assurance that the strategic review will result in any specific transaction. Further announcements will be made at the appropriate time in compliance with the listing rules of the SGX-ST, if there are material developments regarding MMP REIT. There will be no disruption to the business or operations of Macquarie Pacific Star, Macquarie Pacific Star Property Management Pte. Ltd. or MMP REIT during the strategic review process. Macquarie Pacific Star wishes to advise Unitholders to exercise caution when dealing in their Units until the outcome of the strategic review is announced. Macquarie Pacific Star would also like to advise that it will defer the implementation of the unit buyback scheme which was approved by Unitholders on 8 January 2008, until further notice. By Order of the Board Macquarie Pacific Star Prime REIT Management Limited (Company Registration No. 200502123C) as Manager of Macquarie MEAG Prime Real Estate Investment Trust Christine M. Chan Company Secretary 19 February 2008
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nickyng Supreme	19-Feb-2008 11:07        nickyng About Contact  Quote this Post!
x 0   x 0  Alert Admin	ehh...my guess is 1.70 ?!?! since NAV is 1.60 ?!?! normally some premium rite? hee...mabbe i short ard 1.70+ ?!?!? hee.... hmm...still suspend leh...argghh...getting on my nerves !! :P
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Farmer Master	19-Feb-2008 10:39        Farmer About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	When most major local brokers yesterday reported similarly that there'll be divestment by its major share holder, I'll chose to follow the flow. The key here is how much will be its transaction price....anyone wanna make a guess? I hope it will be close to its NAV...hehehe!
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jasonongsc Senior	19-Feb-2008 09:48        jasonongsc About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	yalor.... yawn :)
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nickyng Supreme	19-Feb-2008 09:15        nickyng About Contact  Quote this Post!
x 0   x 0  Alert Admin	WAH!! STILL halt !??!?! ayo..like dat....how to play??!?! contra or SHORT ?!??! hee.. nevermind..i am patience...i will WAIT !!!...hee.. say...any speculation on wat's going on har??? :P
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Farmer Master	18-Feb-2008 16:18        Farmer About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	DBS Gp said :..... Who will mine the Orchard Gold ? Story: According to news reports today, it has been quoted that sponsor Macquarie Group could be reviewing its 26% stake in MMP with a possible divestment in the works. The news report also cited that there could also be potential differences between Macquarie and other main shareholders within the MMP REIT manager in terms of strategic direction that may also see some resistance for any potential divestment. Point: The above piece of news is likely to cast doubts on the cohesiveness of the REIT manager. In the near term, this piece of news may also result some overhang on the unit price. However, this supports our earlier view that M&A could emerge as a positive catalyst for the stock and MMP to be a likely target due to the following : i) MMP has a relatively fragmented ownership structure; ii) its position as an independent REIT without a developer as a sponsor; iii) Attractive yield spreads of c.200 bps compared to its Singapore-listed peers which supports MMP?s attractiveness as a takeover target; and iv) MMP?s portfolio is backed by prime assets in Singapore such as Wisma Atria (41% of portfolio value) and Ngee Ann City (47% of portfolio value) and is currently trading at an attractive 34% discount to NAV. Relevance: We are maintaining our BUY on MMP which is currently trading at an attractive 7.0% FY08 yield and 7.3% FY09 yield and at an attractive 34% discount to NAV backed by prime retail assets. Target price is S$1.63 based on DCF.
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nickyng Supreme	18-Feb-2008 16:12        nickyng About Contact  Quote this Post!
x 0   x 0  Alert Admin	nah...prefer something familiar = KEPCORP !!...shorted this morning !! have covered since...i told ya !! this burger is gd SHORTING play ! :P
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cyjjerry85 Elite	18-Feb-2008 15:13        cyjjerry85 About Contact  Quote this Post! Style: Technical   Mood:
x 0   x 0  Alert Admin	gEez Nicky, u gonna short this counter? sounds a bit risky leh
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Farmer Master	18-Feb-2008 14:37        Farmer About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	Dun short this one ma.. i offer u singtel instead, so that i can load up if prices do fall by your action..hehe.
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nickyng Supreme	18-Feb-2008 13:20        nickyng About Contact  Quote this Post!
x 0   x 0  Alert Admin	i think if the "disposal" of REIT's properties asset to "encash" because of REIT share value "huge" diff of it's NAV...i think it shld hv positive impact of REIT trading price..hee..let's see what will be announced.....i m ready for SHORT as usual just in case..hee... :D
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Farmer Master	18-Feb-2008 11:38        Farmer About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	Courtesy of DMGPartner.... trading price is vastly under value to its NAV of $1.61. Macquarie may sell Reit stake after review MACQUARIE MEAG Prime Reit is expected to undergo a strategic review soon that may result in the Macquarier group selling its 26 per cent stake in the Singapore-listed Reit, industry sources said. The move is believed to be prompted by the trust trading at a steep discount to its net asset value (NAV). MMP last traded at $1.06, compared with its NAV of $1.61 as at Dec 31, 2007. Among MMP's current assets are Wisma Atria and Ngee Ann City. Macquarie, it seems, has floated the 'strategic review' proposal to the other twoÃ? shareholders of the Reit's manager Macquarie Pacific Star Prime Reit Management -Ã? MEAG Munich ERGO Asset Management GmbH and Investmore Enterprises LtdÃ? - both of which are likely to have reservations aboutÃ? the move. MEAG is part of the Munich Re group, one of the largest reinsurance groups in Germany, while InvestmoreÃ? belongs to the fast-growing Pacific Star group founded by Singaporean entrepreneur Jeff Tay. Industry observers said that since Macquarie bought into the Reit during the IPO, it has been calling the shots at the Reit and its strategy for growing the Reit's footprint in Asia does not always agree with those of the other two shareholders. In the event of a sale, unitholders may raise the question of a potential conflict of interest as Macquarie is the single largest unit holder of the Reit, as well as manager of the Reit and its properties. Also, some feel that if Macquarie wishes to divest, it should get its own investment bank to carry out a private tender rather than have the Reit manager do so in a public manner that may create uncertainty for tenants, employees and business associates during the review period, expected to take a few months.
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Farmer Master	18-Feb-2008 11:00        Farmer About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	Trading Halt!!! Mmmm...... should be good news looking at the trading price prior to the halt - up 2cts. Hope to be a M&A announcement..Cheers!
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nickyng Supreme	13-Feb-2008 13:42        nickyng About Contact  Quote this Post!
x 0   x 0  Alert Admin	this wan is slow and steady at 1.09 siah !!! how to SHORT ?!?!!?!? :P
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walker Member	12-Feb-2008 22:09        walker About Contact  Quote this Post!
x 0   x 0  Alert Admin	Period DPU   Liabilities ($'000) Net Assets ($'000) Net asset value per unit ($) Gross Revenue ($'000) Property operating expenses ($'000)     NA / L Ratio Expenses in Revenue %       20 Sep to 31 Dec 05 1.58       422,041     931,490 0.99     25,209      5,772     2.21      22.90                           1Q 06 1.44       417,880     929,303 0.98     22,464      5,148     2.22      22.92 2Q 06 1.44       419,007     928,666 0.98     22,404      5,064     2.22      22.60 3Q 06 1.44       421,994     927,838 0.98     22,425      5,020     2.20      22.39 4Q 06 1.47       427,293  1,098,461 1.16     22,583      5,392     2.57      23.88 Total for FY 06 5.79             89,876     20,624            22.95                           1Q 07 1.47       428,451  1,096,583 1.16     23,378      6,128     2.56      26.21 2Q 07 1.50       557,243  1,205,970 1.27     23,633      5,690     2.16      24.08 3Q 07 1.54       742,618  1,201,726 1.26     26,119      6,685     1.62      25.59 4Q 07 1.68       740,384  1,537,167 1.61     29,830      7,642     2.08      25.62 Total for FY 07 6.19           102,960     26,145            25.39     Spend some free time over the CNY. Hope it usefully to all. enjoy
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walker Member	08-Feb-2008 22:11        walker About Contact  Quote this Post!
x 0   x 0  Alert Admin	XD over. Good time to get in after chinese new year? can see that this stock is already back to mid dec 06 level. Happy Chinese New Year All !!
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Farmer Master	30-Jan-2008 16:18        Farmer About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	Off course not now lah....dun tell me u dare to short now right? By knowing its NAV at least we'll know when to take action.
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nickyng Supreme	30-Jan-2008 14:19        nickyng About Contact  Quote this Post!
x 0   x 0  Alert Admin	har? does it mean is worth 1.60 ?!??! haha..if u DARE u buy-in now & start collecting loh :PP
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Farmer Master	30-Jan-2008 10:13        Farmer About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	This REIT is grossly under value....its new NAV $1.61? MMP REIT REPORTS DPU OF 1.68 CENTS FOR 4Q 2007 NAV RISES 27.8% ON HIGHER PROPERTY VALUATIONS Acquisitions, tenancy remix and asset enhancement initiatives and strong office rental reversion drive continuous organic growth HIGHLIGHTS ? 4Q 2007 DPU of 1.68 cents exceeds 4Q 2006 DPU of 1.47 cents by 14.3% ? Valuation of properties rises 18.1% to S$2.2 billion; NAV per unit increases 27.8% to S$1.61 ? Ungeared portfolio IRR since IPO is approximately 47% ? Establishment of Unit Buy-back Scheme and S$2 billion multicurrency MTN Programme aimed to boost NAV per unit and DPU ? Low gearing of 29.0% and average interest rate of 2.69% result of prudent capital management
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nickyng Supreme	09-Jan-2008 15:13        nickyng About Contact  Quote this Post!
x 0   x 0  Alert Admin	wah!! after AGM mandate to buy back units..this burger no one DARE TO SHORT liao ?!?!? hee... wow...bravo that mandate !!! ok switch to DELONG...seems quite badly battered ! :P
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Pinnacle Master	26-Dec-2007 08:43        Pinnacle About Contact  Quote this Post!
x 0   x 0  Alert Admin	Pro: Improved the EPS, hence returned higher value to shareholder. In this case, higher dividend yield. Especially if they retired the shares they bought. Con: One of the reason for the proposed buy back is because they can't find any suitable property to add on into their portfolio. This should be a better long term approach since property price is still heading north and the major cities are still booming with many activities going on, especially in emerging market like China and India etc. How the management distribute the shares that are bought back will also affect the share price performance.
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