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SABANA REIT
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Joelton
Supreme |
07-Jul-2022 09:43
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Sabana Reit&rsquo s manager appoints Elaine Lim as independent director
SABANA Industrial Real Estate Investment Trust&rsquo s (Sabana Reit) : M1GU -1.12% manager announced in a bourse filing on Wednesday (Jul 6) that it has appointed Elaine Lim as an independent non-executive director.
She will also be a member of the audit and risk committee and a member of the nominating and remuneration committee.
The Reit manager noted in a separate release that the nominating and remuneration committee had reached out to its business networks and independent organisations such as the Securities Investors Association (Singapore) (Sias) to source for and identify potential candidates over 2 months. It added that Lim&rsquo s appointment was supported by Sias.
She will remain an independent non-executive director of Combine Will International Holdings and an adviser to Lien Aid.
This comes after Sabana Reit unitholders, led by activist fund manager Quarz Capital Management, voted against the appointment of independent non-executive director Chan Wai Kheong.
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LongXia
Veteran |
02-Jun-2022 10:53
Yells: "BBs never say why when they buy, never tell when they sell!!" |
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Such a troublesome company........ haha, occupancy rate 85% and the troublemakers can blow trumpet here. ESR-Logos occupancy rate 94% also never say anything loud loud. Yes, It' s not too late to switch.... to ESLogos la... |
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Joelton
Supreme |
02-Jun-2022 09:20
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Investors making their voices heard, votes count in AGMs
AFTER months of campaigning on both sides, unitholders of Sabana Industrial Reit : M1GU 0%voted not to endorse the appointment of independent non-executive director Chan Wai Kheong at the company&rsquo s annual general meeting (AGM) in April this year.
A few days later, investors of transport company ComfortDelGro Corp voted not to re-appoint their auditors at the recommendation of proxy advisors.
One of the proxy advisors, Institutional Shareholder Services (ISS), had also recommended voting against the reappointment of a director, Chiang Chie Foo, as he was a member of the audit committee.
But Chiang, a former permanent secretary of the Ministry of Defence, had given notice after the deadline for the submission of proxy voting forms that he did not wish to seek re-election. The resolution for his appointment was therefore withdrawn.
These developments were among several surprises in the most recent AGM season, and corporate governance experts and an investor lobby group told The Business Times these could indicate that investors in Singapore are becoming more active at listed companies&rsquo AGMs and making their voices heard through their votes.
David Gerald, president and chief executive of the Securities Investors Association (Singapore), said these AGM outcomes are a departure from the norm in which most resolutions proposed are passed without being challenged by most shareholders.
&ldquo It demonstrates greater awareness among shareholders of the factors that could have an impact on the value of their shareholdings, as well as a greater willingness to raise issues and questions to managements. There is now greater willingness to hold the board and management to accountability,&rdquo he added.
Shinbo Won, managing director of asset management company BlackRock, said the greater scrutiny of companies&rsquo boards is part of a global trend in capital markets.
&ldquo It isn&rsquo t just about next quarter&rsquo s financial performance or next year&rsquo s earnings. Investors, including shareholders, are increasingly interested in how boards are overseeing the long-term success of their companies, which also explains this wave of sustainability, about climate, about ESG (environment, social and governance). These are all corporate governance-related issues,&rdquo said Won, who also heads BlackRock&rsquo s investment stewardship team in Asia ex-Japan.
In the context of Singapore, specifically, experts say shareholders are generally getting more involved on matters relating to board composition and board diversity in background and experience.
A major contributor nudging this gradual shift to greater investor activism is the activity of institutional investors.
The push for Singapore to be a finance hub has led to more hedge funds setting up shop in the city-state, noted Lan Luh Luh, associate professor of law at the National University of Singapore (NUS) Business School.
Hedge funds tend to be more active investors than pension funds, she said, as they tend to take shorter-term positions on their holdings.
Another reason why some institutional investors are becoming more active is because some asset owners are pushing asset managers to do more, partly as a result of guidelines laid out by the Singapore Stewardship Principles, said David Smith, senior investment director of Asian equities at investment company abrdn, who was commenting on this as a general trend, and not referring to the AGM outcomes of specific companies.
The increased activism among institutional investors is coming as low-cost, passive investments such as exchange-traded funds continue to gain favour. For index constituents such as ComfortDelGro, this means ETF managers have greater say at AGMs than ever.
The vote over ComfortDelGro&rsquo s auditors, for instance, came about because ISS has a proxy voting guideline that applies almost universally. It will not recommend support for the reappointment of an audit firm if non-audit fees exceed half the total fees paid to the external auditor in the latest fiscal year &ldquo without satisfactory explanation&rdquo . And few ETF managers and asset managers would go against the recommendations of the proxy advisors.
Cases of resolutions not being passed are still rare in Singapore, of course. But scrutiny of AGM results and voting patterns also shows voter discernment.
Given that controlling shareholders tend to be the majority shareholders in Singapore listed-companies, a resolution that garners just 70 per cent of the votes, for example, may already point to some desire for change among investors, even if the resolution is passed.
The Business Times looked through the AGM outcomes of some Straits Times Index constituent companies in the past 3 years and found that most directors had been re-appointed with more than 95 per cent of the vote. But there have recently been some who were re-appointed with lower votes.
These included DBS chairman Peter Seah, who got 66.4 per cent of the vote during the bank&rsquo s 2020 AGM. In that same AGM, non-executive director Ow Foong Pheng, who was a former permanent secretary with the Ministry of Trade and Industry and the Ministry of National Development, got 66.3 per cent of the vote. Ow stepped down in March 2021.
At OCBC Bank&rsquo s 2022 AGM, its chairman Ooi Sang Kuang got 74.8 per cent of the vote, while non-executive and independent director Christina Ong got 74.4 per cent of the vote.
With 86 per cent of the vote, former deputy prime minister Wong Kan Seng was re-elected as UOB&rsquo s non-executive and independent director at the bank&rsquo s AGM. He has been UOB&rsquo s chairman since 2018.
Mak Yuen Teen, who is an accounting professor at NUS Business School, said these are growing signs that foreign institutional investors, in particular, are more prepared to vote against resolutions at large companies, including government-linked companies.
&ldquo I don&rsquo t believe that local institutional investors are quite as prepared to vote against resolutions here. They are generally more passive,&rdquo he said.
Attributing the growing dissenting voices to a change in the profile of minority shareholders, Prof Lan said: &ldquo Last time, retail shareholders were too small. They just go for AGMs and eat buffets. But right now, the minority shareholders are more institutional investors so they want to make their voice heard.&rdquo
&ldquo Some board members have been around for too long... It&rsquo s not that they are not good, but people want to see changes,&rdquo said Lan.
While foreign institutional investors used to take a more &ldquo behind the scenes&rdquo approach in Asian markets due to the importance of &ldquo giving face,&rdquo Mak said he had received feedback that institutional investors here are only able to engage with the company&rsquo s management and investor relations personnel, and not so often with the board, unlike in other markets.
He also noted that foreign institutional investors and proxy advisory firms have formal guidelines that have becoming increasingly strict.
&ldquo They may vote against directors due to reasons such as long tenure, concerns over independence or competencies for directors who are politically connected, or where they have conflicts of interest,&rdquo he added.
Smith of abrdn, however, warned against overemphasising the importance of votes. Voting against a resolution is a last resort for abrdn, he said, as it typically reflects a failure of engagement between investors and the company&rsquo s board.
In fact, he noted that it may still be difficult to effect change by vote if a company&rsquo s controlling shareholders hold the majority of its shares, which is quite often the case in Singapore.
Hence, abrdn prefers to have an ongoing dialogue with boards and management on issues relating to governance, structure and credibility.
&ldquo I worry that some voting, some stewardship, is an annual affair. They vote in the AGM and the company doesn&rsquo t hear from the investor for another year on governance issues,&rdquo he said.
&ldquo (Boards) should know what our expectations are. When we have discussions, which eventually lead to a vote, they should not be surprised by our actions.&rdquo
Asset management company BlackRock, too, said it constantly engages with companies it invests in on 5 areas: a board&rsquo s quality and effectiveness, a company&rsquo s overall strategy, how remuneration is structured, its climate and natural capital and its impact on people.
Won noted that remuneration is a very murky area in Asia, including Singapore. &ldquo We don&rsquo t really know why CEOs get paid how much,&rdquo he said.
Another area BlackRock pays attention to is related party transactions, which Won said tended to be higher in markets such as Singapore, Hong Kong and South Korea.
&ldquo If there is a related party transaction, they&rsquo re labelled as related party transactions, because there is an inherent risk that maybe the interest of the related party could potentially have eaten into the interest of the rest, we have different measures to make sure that it is actually done at arm&rsquo s length, it is done on fair terms,&rdquo he added.
As investors make themselves heard, Lan and Mak said companies&rsquo boards should respond to these developments by being more proactive in their engagements.
&ldquo Directors should be prepared to meet them, not just leave it to their management or investor relations folks. But they also need to address the concerns of investors relating to conflicts of interest for independent directors, long tenure, too many directorships, political connections and competencies,&rdquo said Mak.
Lan said boards may want to consider proposals brought up by institutional investors, and give good reasons if they choose to eventually reject them.
&ldquo With good reason given by the market, you might actually create trust and build up our market. Rather than the old way where companies reject but don&rsquo t give reasons,&rdquo she said.
&ldquo At the end of the day, the board of directors are supposed to act in the best interests of the company as a whole.&rdquo
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laksaman57
Supreme |
23-May-2022 21:47
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https://sabana.listedcompany.com/news.html/id/2389559 | ||||||||||||||||
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laksaman57
Supreme |
23-May-2022 09:01
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https://www.google.com/amp/s/www.businesstimes.com.sg/companies-markets/industrial-s-reits-report-positive-rental-reversions%3famp
"Sabana Industrial Reit, in its Q1 2022 business update, reported healthy occupancy of 85.2 per cent and positive rental reversion of 4.0 per cent. The Reit noted that this is the 8th quarter in the past 9 quarters where positive reversion was achieved." |
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mike2867
Member |
12-May-2022 14:51
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Received the $20 voucher from Sabana today. | ||||||||||||||||
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laksaman57
Supreme |
11-May-2022 11:07
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BUSINESSTIME/HOCK LOCK SIEW/11MAY E-Log& rsquo s tepid debut may leave unitholders wondering if being bigger is better ESR-REIT began trading in the local market as ESR-Logos Reit (E-Log) on May 5, beginning a potentially interesting phase of growth after significantly enlarging itself by subsuming Ara Logos Logistics Trust (A-Log).
With some S$5.5 billion in assets, E-Log is now the flagship Singapore-listed asset securitisation platform of ESR Cayman, which recently completed the acquisition of Ara Asset Management.
E-Log& rsquo s manager has said its enlarged sponsor has a US$59 billion portfolio of & ldquo new economy& rdquo assets, and a S$2 billion initial pipeline of & ldquo visible and executable& rdquo assets that will accelerate E-Log& rsquo s growth.
Yet, unitholders of ESR-Reit and A-Log who are now holding units of E-Log may well be wondering when exactly the benefits of increased size and trading liquidity will kick in.
When the merger was first mooted in October last year, ESR-Reit and A-Log were, respectively, trading at S$0.465 and S$0.935.
Under the final terms of the merger, holders of each unit of A-Log received S$0.097 of cash plus 1.7729 units of ESR-Reit.
On May 5, the newly-styled E-Log ended its first trading day at S$0.395.
While the merger created a significantly larger Reit, units of the enlarged Reit haven& rsquo t garnered a higher market value.
An investor who bought ESR-Reit just before the merger announcement last year would have suffered a negative total return of nearly 15 per cent.
Of course, the market values of A-Log and ESR-Reit would probably have fallen even if the 2 Reits had not merged.
Both of them had enjoyed a strong run just before the merger was announced last year, and rising interest rates since then have been a challenge for all Reits, large and small.
But for sceptics of Reit mergers, that& rsquo s precisely the point.
Reit mergers are only & ldquo win-win& rdquo transactions in the sense that the combined Reit would be larger and more diversified & ndash and, hence, better positioned to grow by making acquisitions, assuming the market value of its units holds up.
The combined Reit would arguably be no less susceptible to shifting cyclical and secular economic trends.
Moreover, the terms of these sorts of mergers usually leave unitholders of one Reit or the other feeling shortchanged.
Sponsors drive mergers
The fact is that Reit mergers are often proposed not because they make sense for unitholders, but because of shifting circumstances and priorities at the sponsor groups.
For instance, ESR-Reit and A-Log were left with overlapping mandates when their respective parent groups decided to combine themselves.
Organising a merger that made sense for unitholders of ESR-Reit and A-Log was actually a challenge, the win-win narrative notwithstanding. In fact, the terms of the deal had to be adjusted at the 11th hour to placate proxy advisers on the A-Log side.
It& rsquo s worth pointing out that ESR-Reit and Sabana Industrial Reit, which also suffer from overlapping mandates, failed to make their proposed merger work 2 years ago.
Unitholders of Sabana Reit baulked at the terms of the merger, which priced their units significantly below book value. In the end, it made more sense for unitholders of Sabana Reit to live with the overlapping mandate than to give in.
Since unitholders of Sabana Reit voted against the merger on Dec 4, 2020, their units have delivered a total return of 42.4 per cent (dividends reinvested). ESR-Reit, now E-Log, has returned 7.9 per cent over the same period.
Positive developments
Singapore Exchange Regulation said in a column on May 5 & ndash coincidentally, the same day E-Log began trading in the market & ndash that directors have a duty to act in good faith, avoid conflicts of interest and exercise due care, skill and diligence.
For boards of Reit managers, surely that means not railroading unitholders into mergers with narratives that largely serve the interests of the sponsor groups.
When a sponsor decides to merge Reits within its stable, the managers of those Reits ought to ensure unitholders are treated fairly.
Unitholders of the target Reit ought to be offered a means of realising the full value of their holdings, but unitholders of the acquiring Reit ought not to be unduly burdened by this.
This calls for negotiations not just between the managers of the merging Reits, but also between the Reit managers and decision makers within their common sponsor group.
Some leading property groups are beginning to get it.
On May 23, unitholders of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) will vote on their proposed merger.
Unitholders of MNACT are to receive a consideration of S$1.1949 per unit, which is equivalent to the Reit& rsquo s adjusted net asset value as at Sep 30, 2021.
Unlike preceding merger deals, this consideration will be paid in cash by default. Alternatively, unitholders of MNACT can elect to receive 0.5963 of a new MCT unit priced at S$2.0039 or 0.5009 of a new MCT unit priced at S$2.0039 plus S$0.1912 in cash.
How will MCT come up with the funds for the all-cash consideration for MNACT? MCT will raise some S$2.2 billion through a preferential offering of up to 1,094 million new units priced at S$2.0039 each.
Mapletree Investments & ndash the sponsor of MCT and MNACT & ndash has provided an undertaking to subscribe for the entire preferential offering. The sponsor will also opt for scrip-only consideration with respect to its stake in MNACT.
Consequently, Mapletree Investments& rsquo stake in MCT & ndash which will be renamed Mapletree Pan Asia Commercial Trust (MPACT) & ndash could rise from 32.61 per cent to as much as 57.09 per cent after MNACT is subsumed.
Much like E-Log, MPACT could well end up trading underwater initially. MCT closed Tuesday (May 10) at S$1.83, which is 8.5 per cent below where it traded just before the merger was first announced.
But this will not matter to unitholders of MNACT who accept the default all-cash consideration. MNACT closed Tuesday at S$1.20, up some 8.1 per cent from where it traded before the merger was unveiled.
With continued pressure from investors and some prodding from regulators, E-Log could be the last merged Reit created without leaving at least some unitholders immediately better off.
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laksaman57
Supreme |
10-May-2022 12:45
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If ESR-LOGOS will to drop to 35cts, maybe can buy some ? | ||||||||||||||||
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laksaman57
Supreme |
10-May-2022 10:23
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ESR-LOGOS reit day low 37cts 😱 😱 😱
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Joelton
Supreme |
09-May-2022 09:24
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Sabana Industrial Reit
On Apr 28, Sabana Real Estate Investment Management CEO Donald Han Yong Lee acquired 100,000 units of Sabana Industrial Reit : M1GU 0% at 45.0 cents per unit.
On Apr 21, Han noted that the Reit had renewed 44.1 per cent of leases expiring this year and did so at positive rental reversion, while keeping the portfolio occupancy steady at 85.2 per cent.
For its FY21 (ended Dec 31, 2021) the gross revenue of Sabana Industrial Reit increased by 14.2 per cent year on year to S$81.9 million with net property income increasing 16.4 per cent year on year to S$52.0 million.
Han is an accomplished and respected consultant across most sectors in the property market, including industrial, having spent more than 30 years in various senior management and advisory positions.
His experience ranges from residential agency to collective en bloc, office investment sales to retail leasing, regional hospitality and hotel disposition to international project marketing.
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laksaman57
Supreme |
04-May-2022 11:10
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Quarz led booting out ESR reit low ball offer was clearly GOOD
ALOG acceptance of ESR reit offer is now clearly BAD. |
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laksaman57
Supreme |
04-May-2022 10:41
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Oh wow ESR reit day low 38.5cts
Not working out well for ALOG unit holders.
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Powdyman
Member |
28-Apr-2022 17:04
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Volume high due to Charlie Chan selling after being kicked out. Next one is to remove the reit manager and the 2 remaining independent directors. | ||||||||||||||||
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laksaman57
Supreme |
27-Apr-2022 14:15
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The Manager SHOULD BE REMOVED by a resolution.
https://www.google.com/url?sa=t&source=web&rct=j&url=https://s3-ap-southeast-1.amazonaws.com/investingnote-production-webbucket/attachments/f00e0d3497e747d038064489d076c8096a05a46f.pdf%3F1492643848&ved=2ahUKEwicpPPDy7P3AhXtT2wGHTACCU44HhAWegQIFRAB&usg=AOvVaw2TB4YFY3S4rz3kgi5qHOH0
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laksaman57
Supreme |
27-Apr-2022 11:41
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Quartz can help find a heavy weight NEW MANAGER or go direct to INTERNALIZE MANAGER. We'll vote for either one.
From this latest vote that successfully boot out the director, it's clear Quartz has the trust of unitholders. https://www.theedgemarkets.com/article/3-benefits-reits-internalise-management-religare-0 "Religare believes there are three main advantages that CRT will stand to benefit from following their internalisation move: Savings on management fees CRT will be able to save on most, if not all management fees, after the internalisation ? which in turn offer ?significant savings? for investors, says Religare. It lists acquisition, divestment and performance fees as some aspects which CRT may be able to save on. Aligned interests with unitholders With an internalised management whose remuneration is neither dependent on DPU growth nor NPI performance, Religare believes the interests of the management will become aligned with unitholders. This is because an internal management team is engaged via a service contract, while its remuneration is determined by a committee that is usually headed by an independent director. Stronger corporate governance Since unitholders will gain the ability to vote directors in or out under an ordinary resolution, as a result of the internalisation, Religare says improved corporate governance will follow. ?Considering that other listed companies undergo the same scrutiny (of such a scenario) and given that it is uncommon for directors to be voted out, we believe REIT managers won?t be at an unfair advantage?, adds the research house. "
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LongXia
Veteran |
27-Apr-2022 11:09
Yells: "BBs never say why when they buy, never tell when they sell!!" |
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Never ending...... bad manager, lousy management, divisive shareholders.... such a troublesome company. The vote against resolution was successful because ESR Cayman, major shareholders abstained from voting. It' s like they will stand aside and let the problems continue to roll over, and just watch. |
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mrwise
Supreme |
27-Apr-2022 09:47
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Yes, agree!! remove them!
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laksaman57
Supreme |
27-Apr-2022 08:15
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It's time to revisit 2017's "REMOVE THE MANAGER" resolution 💪
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asianguy
Senior |
26-Apr-2022 22:22
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This line cost my " heart pain" ... Sabana should just go to the door of Capitaland and beg them to adopt her. " the weak M& A track record of the manager (Geo Tele which was sold at S$100m by the Sabana manager is now valued by Capitaland at S$280m, costing unitholders S$0.17 in NAV (32%)? " |
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mrwise
Supreme |
26-Apr-2022 22:21
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Good news!! Sabana can rise again with the good news!!!
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