Phew, it’s been another busy month, and I was involved in my military reserve training at the start of the month (i.e. “NSmen ICT” or “reservist training” in the local lingo), so with my completion of that, I am free to write about the two cash calls which I participated recently, on Croesus Retail Trust and Mapletree Commercial Trust.

Croesus Retail Trust issued a preferential offer as they wanted to internalize their trustee-manager. According to what I’ve seen on various blogs and online forums, the sentiment seems to be that the major shareholders/managers of the business trust are attempting to cash out their initial investment and risk taken. The initial plan was to use most of the cash raised from the PO to pay for the “purchase” (i.e. a cash-out), but it has somehow scaled back to a ......