Fraser & Neave (F99.SG) drops 10.9% to $8.02, extending Monday’s 4.7% drop. “There’s uncertainty on the strategy going forward, but more importantly is the passive shareholder that has to get out,” says Jonathan Foster, director of special situations for Religare Capital. “They will be removed from the MSCI index tomorrow night; there’s going to be quite a lot of index selling.” He also notes there simply aren’t many F&N shares left to trade. With slightly more than 90% of shareholders selling out after TCC Assets’ $9.55/share takeover bid, the remaining holders were either passive or index funds or small retail investors, he notes; “that’s where all the selling is.”
Source : The Edge – 23 Apr 2013
First Real Estate Investment Trust says it has been included in the MSCI Singapore Index with effect from 1 June 2011.
MSCI is a leading provider of investment decision support tools worldwide, including indices, portfolio risk and performance analytics and corporate governance services.
The MSCI indices are among the most widely tracked global equity benchmarks covering companies with good operational results and growth prospects. By being a constituent stock on the MSCI Singapore Index, First REIT can be better tracked by a wider group of institutional investors and funds on a global platform.
MSCI’s indices are market capitalisation-weighted and serve as the basis for over 400 exchanged-traded funds throughout the world. MSCI conducts its index reviews four times each year, with the latest changes being implemented at the close of market on 31 May 2011.
Source : TheEdge – 1 Jun 2011