Shares & Derivatives
Allgreen Properties – one of my Stock Picks receives a Voluntary Conditional cash offer for the remaining shares at S$1.60……
By Kevin Scully-Financial Blog  •  May 24, 2011
Allgreen Properties - one of my Stock Picks receives a Voluntary Conditional cash offer for the remaining shares at S$1.60......
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 ...

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By Kevin Scully-Financial Blog
Kevin began his working life in the regional and economics division of the Ministry of Foreign Affairs. He then moved to the private sector analyzing equities before venturing out to start NRA Capital. After 25 years of watching stocks and living through financial disarray during the Pan Electric Crisis, the 1987 Crash, the Barings debacle, the Gulf War, Asian financial crisis - what can sub-prime do but add another scar to already bruised wounds. Ever since starting his blog, Kevin has been enthusiastically giving his personal views on the market. He discusses about equities, the market turmoil, and the broad economy.
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