End Date25 Sep 2013 18:07
The end date is next year, but I understand they are planning to ask Shareholder's to vote on an extension. I would read the accounts carefully-very detailed info on each property, exit routes etc. Sniper are very good at replying to emails, by the way as long as allowed to depending on question. I have discussed with experts in China re the relationship mainland and Macau/Hong Kong. These are important economic areas and am not sure they will do that much to restrict.
They have a healthy cash balance and think they have been re-puchasing recently-no doubt it will be announced in due course. The sale proceeds will be available in Feb on completion, but they have plenty of cash to buy in at the moment.
The Asset Value has performed well over the last 3 years, and whilst growth may slow, the share buy back should continue to move the share price up.
Since Macau gambling industry is now bigger than Nevada-and when the bridge opens from HK , I would expect more tourism traffic.
That's my take. No investment is 100%, but I have been unable to find anything on a macro or micro level do cause me concerns.
I am not a fan of the Unit Trust Industry. Charges are high, spread is high on buy and sell, and can be forced to make sales if in a net redemption situation. Also good funds can grow to such a size with new money that it becomes harder to manage with regard original aims. I would rather invest in a Closed end fund or Investment trust-though I only hold one I.T at the moment invested in Japan, because I do not have the research capability to invest directly in Japan. Also like buying assets at a good discount, though compared to the 1980's there are few on the 30% discount that was common then.But I have not worked in a Unit Trust fund group since the early 1980's, so well out of touch I am afraid.
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