Tuesday, 24 May, 2011 9:5 AM
Posted by Kevin Scully
Allgreen Properties, one of my Stock Picks since August 2009, has received a Voluntary Conditional cash offer by Brookvale Investments at S$1.60 per share subject to Brookvale receiving sufficient acceptances to bring its total holdings to 75% of the issued shares.
Based on its FY2010 results, the NAV of Allgreen Properties as at 31 December 2010 was S$1.62 with the company reporting net profit in FY2010 of S$290mn including a fair value gain of S$71.8mn. The offer price is ahead of my original price target of S$1.48 when I first recommended the stock.
As in the case of Sinomem, I would advise investors to wait for IFA (Independent Financial Adviser) Letter on the offer ...