AllGreen Properties: Announced it has received a cash offer of $1.60/share by Brookvale Invts to privatize Co. Offer represents 39% premium over last traded price and is conditional on Brookvale receiving more than 75% of issued shares of Allgreen, who currently has already secured about 55.6% of share capital…
Privatization price represents a 4% discount to last reported Book Value per Share (BVPS) of $1.67, while offer is 13.4% higher then streets average TP of $1.41 and 20.3% above its last 3 yr high of $1.33. Grp currently trades at 0.69x PB and has not traded above 1x P/B since FY07 …
As a result of transaction, Goldman Sachs believe there may be renewed interest in small-mid cap developers trading below BVPS. Small-mid cap Developer stocks with market cap between $1-4bn, would include UOL group (0.78x P/B), Singapore Land (0.69x P/B), Wheelock Properties (0.76x P/B), Wing Tai (0.68x P/B), and Ho Bee (0.68x P/B).
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