"Instead, the Board believes that a policy of orderly realisation of the Company's assets over a period of up to three years is a more appropriate approach in order to maximise the value of the Company's assets and returns to Shareholders, both up to and upon eventual liquidation of the Company. Ahead of the 2015 AGM, the Board is considering proposals to amend the Company’s investment policy to enable a realisation of its assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cash to Shareholders and maximising the realisation value of the Company’s investments."
The proposal is to "enable a realisation of its assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cash to Shareholders and maximising the realisation value of the Company’s investments."
It's PERIODICALLY, isn't that echo what the MD said recently? I don't think shareholders need to wait very long, appetizer will come first :D
"Conditional upon approval by Shareholders of the Divestment Investment Policy, the Board and the Manager are committed to realising the Company’s assets in a controlled, orderly and timely manner with a view to achieving a balance between returning cash to Shareholders and maximising the realisation value of the Company's investments.
The Board intends to make distributions of not less than US$20 million in 2015. These anticipated distributions are based on the Board's analysis of the Company’s current cash balances and expected receivables from investments that have been contractually sold at the date of this document.
The Company currently anticipates a first distribution in the third quarter of 2015, subject to lenders’ consent, the receipt of confirmatory certificates from the Company’s reporting accountants and/or auditors to support the Directors’ statement of solvency and any necessary Shareholder authorities.
The Board will target additional cash distributions of US$20 million in 2015, which are predicated on the completion of certain planned additional asset disposals before the end of the year. This additional targeted amount is also subject to lenders’ consents, the receipt of confirmatory certificates from the Company’s reporting accountants and/or auditors to support the Directors’ statement of solvency and any necessary Shareholder authorities."
"...distributions of not less than US$20 million in 2015. Company currently anticipates a first distribution in the third quarter of 2015. ...will target additional cash distributions of US$20 million in 2015."
This is exciting and good news for investors. Thanks to Kai.
even though Ireka receives the cash distribution, they might not give the entire portion to the shareholders ... still do not know how much they will keep and how much they will give to small shareholders .......
some more, it is a lengthy period stretching to more than 3 yrs ......
yalor, agree with firehawk, normally the market is not smart enough to know the Aseana thinging, furthermore the quarters r still on losses, not sure Ireka will pay divvy from the gain of Aseana.
probably, they will give some divd to small sh'holders too, i just point out some cons after many pros ..... judge yrself ..... it might hv continually plays on news .......
I found current price is enough MOS for me and will start accumulate at current level (68.5 to 69), and any price below this level by batch. Target holding for 3 to 5 years if there is no major changes on mgmt and business direction.
there is a 'warrant specialist' ask ppl buy Ireka-WB ..... be careful, if you buy WB, you will not receive any dividend, if declared, dividends are always no good for warrants ...... unless you do the conversion, and the conversion prx is RM1.00 !
Aseana updates on planned distribution to shareholders By StockMarketWire | Fri, 6th November 2015 - 12:08
Aseana Properties (LSE: ASPL), a property developer in Malaysia and Vietnam, has provided a further update on its planned redemption. As previously announced, Ireka Development Management has submitted applications for lenders' consents over a first distribution to shareholders of US$10m ("First Distribution") by way of a redemption of shares, which were expected to be granted before the end of September.
Ireka has been liaising intensively with the lenders and has already obtained some consents. However, at the time of this announcement, consents from the remaining lenders for the first distribution are still outstanding.
The Board are strongly committed to returning cash to shareholders and intends to make the first distribution as soon as possible. As stated in the EGM Circular published in August, the company may consider other methods of returning cash to shareholders, if it is in their best interests to do so.
Aseana says that should the remaining consents over the first distribution not be forthcoming in the near future, the Board will consider alternative methods to return cash to shareholders in a timely manner. It is intended that all shareholders will be treated equally under any distribution.
At 12:08pm: (LON:ASPL) Aseana Properties Ltd share price was -0p at 0.49p
Aseana is listed in UK stock market, ireka control about 23% stake. In the last latest EGM, Aseana already pass resolution to divest all its properties investment within 3 year, and opt to return capital back to shareholder, with initial target to return USD20 m to be payable by these year, follow by next USD 20m next year
It is estimate Ireka will reap total about RM 230m worth of capital back within 3 year. In addition, Ireka is about to declare 3 sen dividend entitlement soon, give rise to yield 4.6% nett
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Posted by pisangbanana > 2015-04-27 11:53 | Report Abuse
yeah, sale of their London-listed Aseana Hldgs should double their market cap...