Portfolio Review 1Q11

One transaction completed:

1. Saizen warrant
   
   • Buy
     Probable DPU resumption in 2010 -> possible share price re-rating by market
   • Sell
     See Portfolio Review 4Q10
     

Currently holding on to 8 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4 and Portfolio Review 4Q10 for 5-7):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
   
6. Pacific Shipping Trust
   
7. Sabana
   
8. Cambridge
   
   • Buy
     Gearing has been progressively lowered through periodic repayment of debt and is around 33.4% after the latest round of paying down approximately S$20.0 million on 17 February 2011 (cf. gearing level of >40% in the early part of 2010, see From the Beginning...), but continues to offer high yield of >9% at ~50cents
     Cessation of Distribution Reinvestment Plan -> no DPU dilution resulting from DRP ("Distribution Reinvestment Plan
     The Manager has been informed by the Ministry of Finance on 17 December 2010 that the Distribution Reinvestment Plan (“DRP”) for REITs will not be extended beyond 31December 2010.")
     

Next portfolio review due after 30 June 2011.

Note to self: no P/L and NAV calculations due to ongoing rights issue by Cambridge