atans1

Posts Tagged ‘Cambridge’

What a bunch of clowns

In Investments, Property on 23/11/2009 at 2:01 pm

I wonder if Cambridge University or its local alumni association will sue Cambridge Reit for bring the name  “Cambridge” into ridicule.

Early last week, righteously angry (and who can blame them), the manager of Cambridge Reit, complained that they were being diluted. It said  that “it was in the process of finalising refinancing arrangements” to offer an alternative. By friday this had become  “it does not have any financing arrangements in place yet for MI-Reit and discussions on alternative options are “only preliminary and exploratory in nature””. The quotes are from MediaCorp’s free sheet.

How did “finalising refinancing arrangements” turn into “discussions on alternative options are “only preliminary and exploratory in nature””?

As an ex-commercial lawyer, the former comments are misrepresentations, if the latter are correct.

That no financing deal was concluded it not surprising. These take time. But for “finalising refinancing arrangements” to morph into” discussions on alternative options are “only preliminary and exploratory in nature”” is not acceptable.

I hope the SGX, MAS, ACRA etc investigate this matter as the first announcement may have led to an ill-informed market.

I wonder how many votes Cambridge will garner today?

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