Its president and CEO Tan Sri Liew has for
the first time exercised the put option granted to him by PNB, a move that sees
him reduce his stake in the company. Liew had on 25 June 2012 transferred 45.19
million SP Setia shares or 2.35% stake to PNB in exercising the put option
extended to him under the management agreement dated Jan 2012 based on a
transacted price of rm3.95 a piece.
The management agreement between Liew and
PNB came about after the latter’s aborted takeover of SP Setia that started in
Nov 2011.
Following Liew’s exercising the option, he
now holds a 5.88% stake in SP Setia while PNB and its unit trust funds under
management collectively hold about 73.06% stake.
When PNB unexpectedly launched its takeover
of SP Setia in 2011, questions abound as to whether Liew would remain with the
property developer. After the resistance from the management, the offer was
upped to rm3.95 in Jan 2012. Liew and PNB also entered into a management
agreement where he would remain at the helm of the company for a three year
period and there be no changes to the board during that time. As part of the
agreement, Liew was also granted the put option to sell its shares in SP Setia
to PNB at rm3.95 each during the period.
Meanwhile the
Battersea project could be a major re-rating catalyst for SP Setia. As
the land acquisition will be partly funded by debt and equity, the group's net
gearing is expected to rise from 0.33 times as at April 30 to 0.45 times
(assuming 70:30 debt-to-equity ratio). There is the possibility of an equity
issue if net gearing goes well above 0.5 times.
While the
company's profitability could enjoy a big boost, contributions to the
bottomline are likely to only start coming through in financial years 2016 to
2017 if it applies the completion policy of profit recognition.
The Battersea Power Station site in London is expected to cost SP Setia and SIme Darby over
rm3 billion taking into account the additional costs to extend the London tube line to the
site and the restoration of a power generation system.
SP Setia’s gearing is expected to rise from
0.33 times to 0.45 times due to fund raising activities for the project.. The
possibility of an equity issue if net gearing goes well above 0.5 times.
Contributions to the bottom line are likely to only start coming in through
financial year 2016 ending October and financial year 2017. As at April 2012,
SP Setia’s cash bank balances and deposits amounted to rm1.22 billion while
borrowings stood at rm2.4 billion.
It also wants to expand its landbank across
the Penang channel to leverage on the Second Penang
Bridge. SP Setia's
presence in the northern region is currently (June 2012) on Penang
island.
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