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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » 08-Apr-2013 East West Properties - Private Placement of Weligama Hotel Properties Ltd

08-Apr-2013 East West Properties - Private Placement of Weligama Hotel Properties Ltd

+4
CSE.SAS
UKboy
ccsentha
sriranga
8 posters

Go down  Message [Page 1 of 1]

sriranga

sriranga
Co-Admin

08-Apr-2013 East West Properties - Private Placement of  Weligama Hotel Properties Ltd East10


http://www.cse.lk/cmt/upload_cse_announcements/2431365415014_.pdf

http://sharemarket-srilanka.blogspot.co.uk/

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics

Does this mean share holders of east west properties will be invited to take part in the private placement?

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

As per Annual Report 2011/2012, Weligama Hotel Properties Limited (WHPL) had only 5.5 million shares but the recent announcement shows 195 million shares equivalent to 43.34%.

Total number of shares = 450million

Their initial estimate of the project was Rs 2.135 billion & looks like they will issue a 43.34% stake for 1.755 billion.

Nahil is a clever chap..!

Weligama Hotel Properties Limited. Scheduled to open in 2014 & Marriott will be in charged of the management for next 25 years.

Note: I recently purchased East.

Cons. Not too sure how they will utilise the money from PP. Hope they will use at least 65% to repay the bank borrowings.

CSE.SAS

CSE.SAS
Global Moderator

To part finance the construction of Marriott Weligama Bay Resort & Spa, Weligama Hotel Properties Ltd. yesterday announced plans to raise Rs. 1.75 billion equity capital by a private placement to be followed by an IPO.

The company plans to issue 195 million new ordinary shares at Rs. 9 each and the issue is to be open next month, according to Bank of Ceylon, the managers to the private placement.

Subsequent to the private placement, East West Properties Plc will hold 56.66% of the issued capital of Weligama Hotel Properties Ltd.
http://www.ft.lk/2013/04/09/east-west-subsidiary-weligama-hotel-goes-for-rs-1-75-b-pre-ipo-private-placement/

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

ccsentha wrote:Does this mean share holders of east west properties will be invited to take part in the private placement?

Normally it will be handled by a broker house.

They offer application forms to their clients / anybody.

I think this offer will be a hot one because of the fair pricing and due to the brand involved. Hence they may go in the way you suggested at-least a % before giving the chance to others.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Chinwi wrote:
ccsentha wrote:Does this mean share holders of east west properties will be invited to take part in the private placement?

Normally it will be handled by a broker house.

They offer application forms to their clients / anybody.

I think this offer will be a hot one because of the fair pricing and due to the brand involved. Hence they may go in the way you suggested at-least a % before giving the chance to others.

Note: about Fair pricing : Sorry. I did not see all the details to determine this. As per the data given in UKBoy's comment now I want to see what is more valuable , WHPL or EAST at current prices.

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Given the speculative nature of the stock in addition to its recent developments will give some short term trading opportunities. I added few more thousands to my portfolio after seen this news. By the way, there is some interest on counters in the property sector.

EAST seems to be less risky at below 14 when looking at its historical data.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

I would like to know how this type of hotel management works between the international chain who runs a hotel and the hotelier.

Does the parent company need to pay a fix annual management fee or does it base on profit?
Or the international chain needs to pay a fix amount to the hotelier alone with a % of profits?

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

It is a % of sales + a fixed cost

But this may happen??

http://hotellaw.jmbm.com/2013/03/marriott_v_eden_roc.html

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Thanks rainmaker. I have found your link, especially that site is interesting.

As far I digest, time to time these long term Hotel management agreements (HMAs) should be renegotiated.

skipper


Stock Analytic
Stock Analytic

Check out the link:

http://www.marriott.lk/

interesting!! Didn't see this kind of thing from any others who did private placements and IPOs to build hotels. Smile

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