Aldar Properties (ALDAR) disclosure on ADSM website says it has approval from ESCA to list an additional 22.2 million shares on the ADSM.
Capital is up from AED 1.725 billion to AED 1.75 billion from the conversion of the shares (par value of 1 dh). Not a huge increase. There may be more to come. Exchange terms were 645.161 shares for each $1000 worth of Sukuk (Islamic bond). Total Sukuk value in the end was $2.53 billion I think, so there's a potential 1.6 billion additional shares to be converted, which almost doubles share capital, will dilute earnings by a factor of 2.
Aldar share price was down 2.1% to 8.77 today, while the ADSM index stormed up by just over 3%.
Aldar 23 October 2007:
Aldar Capital Increase
In reference to SCA's letter ref: 2336/2007 dated 22nd October 2007 and the Ministerial resolution ref: 520 for the year 2007 on the above mentioned subject and based on the board of directors of ALDAR Properties PJSC Resolution concerning the increase in the share capital of the company by issuing 22,225,804 shares through the conversion of Sukuk that the company has agreed to convert.
Kindly arrange to process the listing of the shares resulting from the conversion based on the attached excel sheet by Sunday 28th Oct 2007. Taking into consideration the foreigner's percentage in the company's capital.
Yours Sincerely,
Majd Maaitah
Senior Manager
Securities Services Department
ADSM 23 October 2007:
(ALDAR) Aldar Properties increase share captial through the conversion of Sukuk
...Capital is up from AED 1.725 billion to AED 1.75 billion from the conversion of the shares (par value of 1 dh). Not a huge increase. There may be more to come. Exchange terms were 645.161 shares for each $1000 worth of Sukuk. Total Sukuk value in the end was $2.53 billion I think, so there's a potential 1.6 billion additional shares to be converted, which almost doubles share capital, will dilute earnings by a factor of 2.
ALDAR has crossed 10 and hit a high of 10.25 on 01/11/2007.
In the mean time it seems to have developed a Hidden Divergence which may cause a potential fall in prices in the coming sessions.
In the mean time it seems to have developed a Hidden Divergence which may cause a potential fall in prices in the coming sessions.
The market is not listening . Another 176m shares to dilute the total will list tomorrow, and Aldar share price keeps rising.... up to 11.00 dhs today.
ADSM 05 November 2007:
(ALDAR) Al Dar increase capital through conversion Sukuk to 175,967,727 shares
Aldar 21 October 2007:
(i) 175,967,727 shares in the Company shall be issued through the conversion of sukuk that the Company has agreed to convert.
(ii) The share capital of the Company shall be increased to become AED 1,923,193,531 and Article 6-1 of each the Memorandum of Association and the Articles of Association of the Company shall be amended to read as follows:
"The capital of the Company has been set at the amount of AED 1,923,193,531 divided into 1,923,193,531 shares, having a nominal value of one Dirhams (Dhs 1) for each share, all of which are nominal shares and paid in full."
Not sure what's different in the documents today compared to previous disclosures. The numbers are the same. It must be just some formality, just as well though - it reminded me to do this calculation .
ADSM 07 November 2007:
(ALDAR) Aldar Properties increase capital through conversion Sukuk
Aldar Properties had 1,725,000,000 shares outstanding.
As of 28 October 2007, add 22,225,804 => 1,747,225,804 shares
As of today, add 175,967,727 => 1,923,193,531 shares
(ALDAR) Aldar Properties increase capital through conversion Sukuk 19 November 2007
(ALDAR) ADSM Listed the increase of Aldar Properties - 22 November 2007
Three disclosures today, above 2 relate to a 45m share increase, the third for another 148m shares (next post).
ADSM 22 November 2007:
ADSM Listed the increase of ALDAR
ADSM Listed the increase of ALDAR by converting SUKUK to shares amouted of 44748382 share added to investors account on 22/11/2007
Previous outstanding amount was 1,923,193,531 shares (after last conversion in October)
As of today, 22 November 2007, add 44,748,382 => 1,967,941,913 shares. An increase of about 2.3%.
Aldar share price fell 2.9% today.
Aldar 19 November 2007:
(i) 44,748,382 shares in the Company shall be issued through the conversion of sukuk that the Company has agreed to convert.
(ii) The share capital of the Company shall be increased to become AED 1,967,941,913 and Article 6-1 of each the Memorandum of Association and the Articles of Association of the Company shall be amended to read as follows:
"The capital of the Company has been set at the amount of AED 1,967,941,913 divided into 1,967,941,913 shares, having a nominal value of one Dirhams (Dhs 1) for each share, all of which are nominal shares and paid in full."
(ALDAR) Aldar Properties Request approval to increase its capital
Previous outstanding amount was 1,967,941,913 shares (requested earlier this week and listed today).
Also today, 22 November 2007, add (not listed yet?) another 148,187,087 => 2,116,129,000 shares. An increase of about 7.5%.
Aldar 22 November 2007:
(i) 148,187,087 shares in the Company shall be issued through the conversion of sukuk that the Company has agreed to convert.
(ii) The share capital of the Company shall be increased to become AED 2,116,129,000 and Article 6-1 of each the Memorandum of Association and the Articles of Association of the Company shall be amended to read as follows:
"The capital of the Company has been set at the amount of AED 2,116,129,000 divided into 2,116,129,000 shares, having a nominal value of one Dirhams (Dhs 1) for each share, all of which are nominal shares and paid in full."
See previous post for more details of this tranche of convertible shares for Aldar Properties (ALDAR). Aldar shares closed flat today at 11.00 dhs.
ADSM 10 December 2007:
(ALDAR) Aldar Properties Increase capital through conversion Sukuk
NBAD 10 December 2007:
Aldar Capital Increase
In reference to SCA's letter ref: 2617/2007 dated 10 Dec. 2007 and the Ministerial resolution ref: 617 for the year 2007 on the above mentioned subject and based on the board of directors of ALDAR Properties PJSC Resolution concerning the increase in the share capital of the company by issuing 148,187,087 shares through the conversion of Sukuk that the company has agreed to convert.
Kindly arrange to process the listing of the shares resulting from the conversion based on the attached excel sheet on Wednesday 12th Dec 2007.
Taking into consideration the foreigner's percentage in the company's capital.
Yours Sincerely,
Majd Maaitah
Senior Manager
Securities Sevices Department
National Bank of Abu Dhabi
(i) 30,419,353 shares in the Company shall be issued through the conversion of sukuk that the Company has agreed to convert.
(ii) The share capital of the Company shall be increased to become AED 2,146,548,353 and Article 6-1 of each the Memorandum of Association and the Articles of Association of the Company shall be amended to read as follows:
"The capital of the Company has been set at the amount of AED 2,146,548,353 divided into 2,146,548,353 shares, having a nominal value of one Dirhams (Dhs 1) for each share, all of which are nominal shares and paid in full."
Several disclosures from Aldar Properties (ALDAR) and Abu Dhabi Securities Market (ADSM), with changing numbers of share conversion due to foreign ownership maxed out at 40%. As of today, they're down to 6 million shares converted, down from the 30 million that were supposed to be converted.
What happens to the other 24 million shares then? Maybe they get converted as the foreign ownership proportion drops when foreigners sell their shares?
ADSM 24 December 2007:
ALDAR Increase in Capital throgh conversion SUKUK. 24/12/2007
Looks like a repeat of the previous documents from 17 December 2007 ie
Who wrote this:
(i) 30,419,353 shares in the Company shall be issued through the conversion of sukuk that the Company has agreed to convert.
(ii) The share capital of the Company shall be increased to become AED 2,146,548,353 and Article 6-1 of each the Memorandum of Association and the Articles of Association of the Company shall be amended to read as follows:
But a couple of days later the number of shares is actually 16.5 million....
ADSM 27 December 2007:
ADSM issues a circular regarding listing ALDAR convertible SUKUK. 27/12/2007
ADSM 27 December 2007:
Date: 27 December 2007
Circular (L.C/01/2007) Increasing Al Dar's Capital
MIS Brokers & Investors.
With reference to Al Dar disclosure dated 24/12/2007 regarding increasing Al Dar Capital by issuing 30,419,353 shares through convertible sukuk.
Please be informed that the actual increase was 16,451,612 shares as requested by the company due to the fact that the foreign ownership allowed in the company shares reached its maximum (almost 40%) according to the company's article of association, therefore the new capital listed in ADSM is 2,132,580,612 Dirhams as of 27/12/2007.
Bearing in mind that the remaining shares issued by the approval of ESCA can be listed for trading prior the date of 03/01/2008 according to the Sukuk prospectus.
Best regards,
Khalid Khalfan Al Suwaidi
Senior Manager, Listed Companies Department
Which got changed again today to just 6.7 million?
ADSM 30 December 2007:
ADSM issues a circular regarding listing ALDAR convertible Sukuk 30/12/2007
ADSM 30 December 2007:
Date: 30 December 2007
Circular (L.C/02/2007) Increasing Al Dar's Capital
MIS Brokers & Investors.
With reference to Al Dar disclosure dated 29/12/2007 regarding increasing Al Dar Capital by issuing 30,419,353 shares through convertible sukuk.
Please be informed that the actual increase was 6,703,556 shares as requested by the company due to the fact that the foreign ownership allowed in the company shares reached its maximum (almost 40%) according to the company's article of association, therefore the new capital listed in ADSM is 2,139,284,168 Dirhams as of 30/12/2007.
Bearing in mind that the remaining shares issued by the approval of ESCA can be listed for trading prior the date of 03/01/2008 according to the Sukuk prospectus.
Best regards,
Khalid Khalfan Al Suwaidi
Senior Manager, Listed Companies Department
Ah, this is a tad confusing. Today's letter from ADSM refers to a 29 December disclosure from Aldar, which I don't see on the ADSM website. And the number of shares to convert is the same as the 24 December disclosure. So presumably Aldar have another 30m shares to convert?
ADSM 27 December 2007:
With reference to Al Dar disclosure dated 24/12/2007 regarding increasing Al Dar Capital by issuing 30,419,353 shares through convertible sukuk.
ADSM 30 December 2007:
With reference to Al Dar disclosure dated 29/12/2007 regarding increasing Al Dar Capital by issuing 30,419,353 shares through convertible sukuk.
On 27 Dec 2007, ADSM said the increase was 16,451,612 shares, and new capital was 2,132,580,612 Dirhams as of 27/12/2007.
Today (30 Dec 2007), ADSM said the increase was 6,703,556 shares, and the new number of outstanding shares was 2,139,284,168 ie those 6.7m shares have been added to the previous total.
Which means what I wrote in today's market report was incorrect. Sorry ...
sharewadi.blogspot.com 30 December 2007:
Aldar Properties released another convertible share statement, correcting the number of shares issued to 6.7 million, down from 16 million on Thursday which was down from 30 million earlier last week. Perhaps by the end of the this week they'll be cancelling shares.
Another one of these letters from the ADSM, with the same original number of shares (30,419,353) converted but an additional 3.1 m shares added to get a total of 2,142,384,168.
So was the actual increase 3.1m, or 6.7m shares as in the disclosure this morning? Or a total of 10.8m? Which is what has been added to the number of outstanding shares for Aldar. And where is this disclosure from Aldar (dated 30 Dec 2007) that ADSM keep referring to?
Bah. I don't understand.
ADSM 30 December 2007:
(ALDAR) ADSM issues a circular regarding listing ALDAR convertable SUKUK 30/12/2007
ADSM 30 December 2007:
Date: 30 December 2007
Circular (L.C/O3/2007)
Increasing Al Dar's Capital
MIS Brokers & Investors.
With reference to Al Dar disclosure dated 30/12/2007 regarding increasing Al Dar Capital by issuing 30,419,353 shares through convertible sukuk.
Please be informed that the actual increase was 3,100,000 shares as requested by the company due to the fact that the foreign ownership allowed in the company shares reached its maximum (almost 40%) according to the company's article of association, therefore the new capital listed in ADSM is 2,142,384,168 Dirhams as of 31/12/2007.
Bearing in mind that the remaining shares issued by the approval of ESCA can be listed for trading prior the date of 03/01/2008 according to the Sukuk prospectus.
Best regards,
Khalid Khalfan Al Suwaidi
Senior Manager, Listed Companies Department
Yet again some shares converted. Now is it possible, they're issuing one of these letters everytime some more foreign shares get converted? Until the new total of 2,146,548,353 shares is reached? That would explain all the different numbers then...
The last letter was for another 1,200,000 shares bringing the total outstanding to 2,143,584,168 shares.
Still no disclosure from Aldar though.
ADSM 31 December 2007:
(ALDAR) ADSM issues a circular regarding listing ALDAR convertable SUKUK 31/12/2007
ADSM 31 December 2007:
Date: 31 December 2007
Circular (L.C/O4/2007)
Increasing Al Dar's Capital
MIS Brokers & Investors.
With reference to Al Dar disclosure dated 31/12/2007 regarding increasing Al Dar Capital by issuing 30,419,353 shares through convertible sukuk.
Please be informed that the actual increase was 1,200,000 shares as requested by the company due to the fact that the foreign ownership allowed in the company shares reached its maximum (almost 40%) according to the company's article of association, therefore the new capital listed in ADSM is 2,143,584,168 Dirhams as of 2/1/2008.
Bearing in mind that the remaining shares issued by the approval of ESCA can be listed for trading prior the date of 03/01/2008 according to the Sukuk prospectus.
Best regards,
Khalid Khalfan Al Suwaidi
Senior Manager, Listed Companies Department
Ok, I think I got it now. Aldar Properties (ALDAR) issues a disclosure saying how many shares are to be converted. Then the Abu Dhabi Securities Market (ADSM) issues disclosures as the shares are issued - the amount restricted by the 40% foreign ownership limit being reached. So I guess new shares are only issued when foreign shares are sold.
ADSM 03 January 2008:
ADSM issues a circular regarding listing convertable SUKUK. 03/01/2008
2,964,185 shares issued to bring total to 2,146,548,353 shares which means the 30,419,353 share allotment from 17 December 2007 is complete (letter is same format as the previous ones from ADSM).
ADSM 06 January 2008:
ALDar Increase in capital through conversion Sukuk 06/01/2008
Aldar 31 December 2007:
(i) 76,548,376 shares in the Company shall be issued through the conversion of sukuk that the Company has agreed to convert.
(ii) The share capital of the Company shall be increased to become AED 2,223,096,729 and Article 6-1 of each the Memorandum of Association and the Articles of Association of the Company shall be amended to read as follows:
A new issue of 76,548,376 shares bringing the total to 2,223,096,729 shares, a 3.57% dilution. There seems to be a deadline date of 21 Jan 2008 according to ADSM disclosures today.
ADSM 08 January 2008:
Bearing in mind that the remaining shares issued by the approval of ESCA can be listed for trading prior the date of 21/01/2008 according to the Sukuk prospectus.
And two share increase notifications, the second one looks like it takes effect from tomorrow.
ADSM 08 January 2008:
ALDAR increase in capital through convertible SUKUK 08/01/2008
ADSM 08 January 2008:
Please be informed that the actual increase was 17,806,451 shares as requested by the company due to the fact that the foreign ownership allowed in the company shares reached its maximum (almost 40%) according to the company's article of association, therefore the new capital listed in ADSM is 2,164,354,804 Dirhams as of 8/1/2008.
ADSM 08 January 2008:
ALDAR Inceasing In Capital through convertibiel SUKUK 08/01/2008
ADSM 08 January 2008:
Please be informed that the actual increase was 3,885,028 shares as requested by the company due to the fact that the foreign ownership allowed in the company shares reached its maximum (almost 40%) according to the company's article of association, therefore the new capital listed in ADSM is 2,168,239,832 Dirhams as of 9/1/2008.
(ALDAR) ADSM Issue a circular regarding the increasing in Aldar Properties' capital through convertible sukuk
I've missed updating this topic with some of the share conversion notices but according to this latest one, the total outstanding shares is now up to 2,377,474,769 shares, which I've used for the Aldar 2008 Q1 results summary. _________________ UAE IPO list | posting guidelines
(ALDAR) Increase in Al Dar Properties capital Through convertible sukuk
More shares converted, or will be as foreigners sell shares presumably, or something. Disclosure has two amendments to Aldar share capital.
Shares increased by 15,167,739 shares to 2,406,996,053 from convertible sukuk (dated 06 May 2008)
Shares increased by 65,246,445 shares to 2,472,242,498 from convertible sukuk (dated 18 May 2008)
(ALDAR) Aldar Properties capital increase through the conversion of Sukuk
According to this disclosure from the Abu Dhabi Securities Exchange (ADX):
1. They are still called the ADSM .
2. Going from 2.47 bn shares (18 May 2008 figure) to 2.45 bn shares (05 June 2008) is an increase. My math teacher taught me that when numbers go down, we call it a decrease
ADX 05 June 2008:
Please be informed that the actual increase was 1,600,000 shares as requested by the company, therefore the new capital listed in ADSM is 2,449,100,563 as of 05/06/2008.
Confusing for a Bear of Very Little Brain such as myself ...
I'm just going back over previous disclosures to see when the actual change went down instead of up, or to see if I made an error. Will update later (ADX site not available just now).
[edit] I am indeed of Very Little Brain. I got Authorised Share Capital (AED 2.47 billion) and Issued Share Capital (AED 2.45 billion) mixed up. Sorry [/edit] _________________ UAE IPO list | posting guidelines
Yet even after first issue of bonds has been converted and the no of share outstanding reach 3.3b, Aldar would still be a good buy (based on P/E and potential) if they can replicate or improve 1Q performance in 2Q and onwards
But, Aldar will be mostly at the foreign ownership limit...which could have some negative effect on the share price. Already declined 5% in the last two trading sessions
Aldar share capital increased to AED 2,472,242,498, from today, with the addition of another 23,141,935 shares from the convertible sukuk. An increase of 0.95%. Aldar share price was up 0.41% to AED 12.30 per share today (one would have expected it to go down due to share dilution, it did fall 1.2% yesterday though).
ADX 11 June 2008:
(ALDAR) ADX issue a circular regarding increase in Aldar Properties Capital
ADX 11 June 2008:
Date: 11 June 2008
Circular (L.C/25/2008)
Increasing Al Dar's Capital
MIS Brokers & Investors.
With reference to Al Dar disclosure dated 10/06/2008 regarding increasing Al Dar Capital by issuing 23,141,935 shares through convertible sukuk.
Please be informed that the actual increase was 23,141,935 shares as requested by the company, therefore the new capital listed in ADSM is 2,472,242,498 as of 11/06/2008.
Best regards,
Khalid Khalfan Al Suwaidi
Head of Listed Companies Department
Hi
sharewadi
can you tell me about aldar convertable sukkuks profits
is they count a sukuk sell profits in there books every quarter or only in the end of year or at the time when they sell or at maturity time?
its suppose to be a huge profit 1dhm p/value shares they sold at around 7 or 8 dhms last year
if you have any idea plz explain
Lala
can you tell me about aldar convertable sukkuks profits
Er, a Sukuk is effectively a loan so Aldar won't make profit from it, there will be associated costs - Profit Rate that Aldar pays out if Sukuk not converted to shares. I presume all Sukuk converted though so what that means is Aldar has received money from Sukuk buyers - Assets increased but money not included in P & L statement. And Share Capital increases as Sukuk is converted. Again, no direct effect on P & L statement.
Where you do see profit is from use of new capital - to buy land / property, or to develop property, or acquire other assets / companies.
For the details of conversion etc, you'd have to check the Sukuk Terms & Conditions - some are in previous post or topics I think . _________________ UAE IPO list | posting guidelines
Hi
sharewadi
thx for reply
i understand if its non convertable bonds then its just loan with interest
but if its convertable sukkuks its same like i m giving a partnership to new comer in my running business.
then my old partners should get a benifit from this new comer investment,s,if not its means this step against my old partners benifit,s
bec capital increase and profit share divide in more partners
if not then better i just take an loan from banks?
or they are selling there sukuk,s against assets not cash?
maybe my eng is not good bec i don,t understand
but this what i think
play safe
Lala
then my old partners should get a benifit from this new comer investment,s,if not its means this step against my old partners benifit,s
That's exactly why new share issues (convertible bonds, rights issues, capital increases) are not always popular with current shareholders - their ownership is diluted, so they receive a smaller proportion of profits.
However if the company uses the capital injection such that profits increase by a greater amount, then everyone is happy. _________________ UAE IPO list | posting guidelines
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. Another 176m shares to dilute the total will list tomorrow, and Aldar share price keeps rising.... up to 11.00 dhs today.
?
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