The Lease Agreement is expected to contribute positively to the future earning of ARREIT since the Properties have been vacant for approximately 8 month.
Can anyone in the know explain the basis for the Silverbird and related parties suing the Trustees and Amana Raya to have the Sale & Purchase and related leases to be declared illegal and therefore cancelled. If the parties win will it mean that there was something not right in the way the transactions were done. The latest announcement says that the case is postponed to January 7 2015. Out of concern I went through the 2013 Annual Report and something does not make sense like; 1. Page 27: Silver Bird Factory is shown at cost - RM92,000,000 whereas valuation and Net Book Value are shown as RM80,000. The Lease period is shown as 10 years commencing from October 2006 whereas in the Manager's Report page 63 item(1) is stated that the lease with Silverbird expired 15 August 2013 and both parties remain in negotiation to renew pending which no rentas are being received. The situation has since evolved into a legal tussle. Page 103: Silver Bird Facatory is shown as RM80,000,000 and cost at RM92,000,000 which is reflected in the Balance Sheet. I hope that the RM80,000 mentioned above is a misprint.
It is time for the Trustees to enlighten the unitholders of the situation and explain in detail the ability of the Tenant to take the Owners to court..the ultimate owners being the unitholders. AmanaRaya has a legal department which should be responsible to do this. It is not enough to state that they are consulting legal advice and will inform unitholders when the price is stumbling.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Bkent
3 posts
Posted by Bkent > 2014-09-26 13:53 | Report Abuse
Buy Buy now! Next week so go up up up!