Sell @ $0.415. Contra off as I have some more. Buyer ’70’ – CLSA, looks like they are the one buying in 100-200 lots. Also got seller of 100-200 lots aro’. 😀
Comments
My estimate of their recent foray into MI-REIT will result in no extra realised gains but will have some unrealised losses, assuming they don’t sell all their shares,
Div Collected = (26Mil x 1.939ct) + (13.31Mil x 0.95ct) = $624,695
Realised Losses (Assume buy at $0.40 and sell at $0.35) = 12.69Mil x ($0.40 – $0.35) = $635,500
They sold on 24-Nov where the low was $0.32, so potentially, the losses will be higher. The Nett effect is there’ll be no increase / reduction in DPU payout for the next Q.
On why they sold, it could be to raise $$ for the rights issue (altho’ they have enough $$ raised fm their recent Private Placement, I don’t think they want to be too heavily exposed to MI-REIT, esp. since their stake is not large enough for them to particaipate in the mgmt). My estimate,
Amt fm sale = 12.69Mil x $0.35 = $4,441,500
Amt Required for Rights = 13.31Mil x $0.159 x 2 = $4,232,580
The above estimates is based on a sell price of $0.35 but it could be lower. Anyway, it does explain their recent actions if I’m right. 😉