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SABANA REIT
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Jufo23
Member |
16-Apr-2022 14:02
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http://www.youtube.com/watch?v=nohBmr6O_38 Good video!! so many vacant spaces but manager wants issue new units and buy properties to increase management fees. Shows clearly that this director is on their side. Voting against all these. Hehe, I am not going to be foooled...... |
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Jufo23
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16-Apr-2022 09:47
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Once Quarz sink their teeth in, they don' t let go. Were successful in Dec 20 with scuttling ESR merger, shares up > 40% since. Now they work on getting higher NAV and want truly independent directors, better corporate governance. Vote against resolutions 3,4,5!! | |||||||||
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laksaman57
Supreme |
16-Apr-2022 09:37
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Done. Voted AGAINST resolution 3,4 & 5 💪
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laksaman57
Supreme |
16-Apr-2022 09:35
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Indeed support Quarz.
They proven right to kick out ESR reit low ball "merger" offer. Market responded with higher sabana reit price. Even ESR reit successfully gotten ALOG unit holders approval to merge, their share price failed to reach merger swap price.ALOG unit holders will be greatly disappointed.
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laksaman57
Supreme |
16-Apr-2022 09:25
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Sabana reit 45.0cts
ESR reit 41.5cts 🤣
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LongXia
Veteran |
15-Apr-2022 23:46
Yells: "BBs never say why when they buy, never tell when they sell!!" |
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Can an ikan bilis ever grow to be as big as a salmon? Obviously no. once an ikan bilis will always be an ikan bilis. instead of helping the management to grow the company, they just interested in petty stuff. these resolutions are ordinary resolutions, need only 50% plus 1 vote. my little birdie tells me, 100 % all the resolutions will be passed...... if not, below $0.40 awaits |
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Powdyman
Member |
15-Apr-2022 12:46
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Sabana Reit Manager sold Geo Tele Centre for $100m in 2019 to Ascendas Reit, which is now worth $280m. A loss of NTA of 10 cents. Sold wrong asset. I' m sure they will give plenty of excuse for that as usual, knowing them.
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Powdyman
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15-Apr-2022 12:39
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mrwise
Supreme |
15-Apr-2022 12:00
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I will support Quarz!! I do not want another rights issue!!!! Sabana can rise on its own and no need merger!!! Others who wants it, can privatise it at NAV or higher value!!!
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moonsun
Veteran |
15-Apr-2022 11:59
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If truly independent? he should move on and becomes director elsewhere where he think his skillset is more useful? if others can accept his independence.. lol.
SGX really need to step u monitoring of such directors. Dyodd
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Jufo23
Member |
15-Apr-2022 11:44
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Stop being distracted! the main issue is to vote chan out and stop the issue of new shares!! Otherwise a bad merger offer or rights might come!! and unitholders will have to hold the bag again Vote against resolutions 3 4 and 5 and submit soon! closing date is approaching |
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Joelton
Supreme |
14-Apr-2022 09:17
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' I' m not the kingmaker,' says Sabana Reit director whom Quarz wants voted out
SABANA Industrial Real Estate Investment Trust (Sabana Reit) is staring down the barrel of yet another crucial vote that could have a major impact on its plans going forward.
This comes 16 months after its proposed merger with ESR-Reit was voted down by unitholders in December 2020.
Instrumental in that defeat - the first time in the history of Singapore' s real estate investment trust (Reit) market that a proposed merger had been voted down - was activist fund manager Quarz Capital Management.
Quarz is now rallying unitholders to reject 3 of the 5 resolutions that Sabana Reit has tabled for its annual general meeting (AGM) on Apr 26.
At the centre of the storm is hedge fund founder and former Credit Suisse trader Chan Wai Kheong, who was appointed as an independent non-executive director of the Reit in June last year.
Quarz has objected to this appointment and had called on more than one occasion for an extraordinary general meeting (EGM) to be convened to vote on the appointment.
Sabana Reit' s manager had rejected the requests, saying the reasons put forth for the EGM lack grounds. Chan' s appointment will be subject to the endorsement of the Reit' s independent unitholders at the upcoming AGM.
Among other things, Quarz takes issue with Chan' s significant unitholding in Aims Apac Reit (AA Reit), which it calls " a significant Sabana competitor" . Both primarily invest in industrial assets in Singapore.
" As a director of Sabana Reit, Chan will be privy to confidential information regarding Sabana Reit, which would conflict with his personal economic interest and the interest of Aims Apac Reit at the expense of Sabana Reit unitholders," Quarz said in a statement.
" It' s like appointing the biggest shareholder of Samsung as a director in Apple, so he will know all the Apple secrets," Havard Chi, Quarz' s head of research, told The Business Times.
But Sabana Reit' s manager has responded that Chan is neither on the board nor involved in the management of AA Reit.
" I' m not the kingmaker," Chan said in an interview with BT. " I' m only a 5 per cent shareholder, what can I do? There are other people - the owner himself owns quite a big chunk, and there are other institutional shareholders."
Chan is listed among the top 5 largest unitholders of AA Reit, according to Bloomberg data.
Quarz is also asking other minority unitholders to vote against 2 other resolutions. These are the general mandate to authorise the Reit manager to issue new units as well as the approval of the distribution reinvestment plan (DRP).
Quarz argues that Sabana Reit has one of the lowest leverage ratios among the Singapore-listed real estate investment trusts (S-Reits) and has substantial debt capacity to fund any acquisition without having to raise money through the issuance of new units.
It added that the issuance of new units under the DRP also dilutes that value of existing units.
But chief executive officer of Sabana Reit manager Donald Han said the inability to issue new units would " cripple" the Reit' s ability to grow and get to its target of S$1 billion in assets under management.
" (We) will have limited levers for us to manoeuvre we won' t be able to take part in terms of issuance of shares, which is a pity," Han said.
He added: " Ultimately, I think anyone who' s against the idea (of DRP) has got other ulterior motives."
Looking back at the failed merger with ESR-Reit, the manager of Sabana Reit said there are " a lot of valuable lessons to be learned" .
" The merger was meant to leapfrog us from being a very small Reit into the big league," Han said. " Obviously, in hindsight, we could have done better."
Because the proposed merger with ESR-Reit was scuttled, Han said the journey for Sabana Reit to grow " has taken a while" .
Some reasons for the merger failing, the Sabana Reit manager said, were the timing of the proposal, which had come about around the start of the coronavirus pandemic, as well as the pricing of the merger offer.
Another key reason, added Sabana Reit chairman Tan Cheong Hin, was that communication with minority unitholders and other key stakeholders may have fallen short.
" In hindsight, if we had reached out to them, maybe things could have been brought up to sharper focus earlier and differences could have been reconciled," Tan said.
To this end, Sabana Reit and the Securities Investors Association (Singapore), or Sias, is holding a virtual dialogue session with unitholders on Apr 14.
But with just 2 weeks left to the AGM, it remains to be seen whether Sabana Reit can get Quarz - its second-largest unitholder with a nearly 12 per cent stake - on board with its plans.
With the relationship between Sabana Reit and Quarz awash with antagonistic undertones, it could be an uphill battle indeed.
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lukewong82
Master |
13-Apr-2022 14:46
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where is the lawyer letter? source? thanks
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LongXia
Veteran |
13-Apr-2022 14:44
Yells: "BBs never say why when they buy, never tell when they sell!!" |
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Sometimes damage control is more damaging.... the market, black or white, is not stupid.... today price drops.... |
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Powdyman
Member |
13-Apr-2022 14:27
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Quarz Refutes Biased & False Allegations and Reiterates Long-Term and Full Alignment of Interest with Sabana Independent Unitholders ALL RECIPIENTS ARE ADVISED TO READ &ldquo IMPORTANT DISCLOSURE INFORMATION&rdquo AT THE END OF THE ATTACHED LETTER We refer to the article " Amidst Quarz' s demands, a buyer emerges for its stake in Sabana REIT" . We wish to point out several inaccuracies, false and misleading statements in the abovementioned article that, in our view, have the risk of misleading the public and defaming Quarz Capital. We therefore demand an immediate correction of the statements below or a full retraction of the article both in print and the online version on The Edge&rsquo s website. 1) The headline " Amidst Quarz' s demands, a buyer emerges for its stake in Sabana REIT" suggests that Quarz Capital has been approached by a potential buyer or is in talks to sell its stake in Sabana Industrial REIT (&ldquo Sabana REIT&rdquo , &ldquo Sabana&rdquo , &ldquo SSREIT SP&rdquo , &ldquo SGX:M1GU&rdquo or &ldquo Trust&rdquo ). Neither of this is true. We currently have no intention to sell our stake, nor have we been approached by a potential buyer. The article also does not identify any such potential buyer. This headline is highly misleading and is not backed by the content of the article. 2) The first paragraph of the article says that Quarz Capital is " a hedge fund focused on short- term gains" . This is again misleading. The author makes no attempt in the article to explain what &ldquo short-term&rdquo means. Contrary to what she suggests, our corporate presentation shows that we seek " potential upside opportunities of +30% returns over 24 months" . In our view, it is wrong and damaging to our reputation to suggest that we are focusing on &ldquo short-term gains&rdquo . We started engaging with Sabana and the REIT manager as early as in 2019 and it has been more than 2 years since. These efforts can hardly be described as " short-term" . 3) The first paragraph of the article also suggests that we would &ldquo surely have interested buyers&rdquo if we offered our stake to buyers " at a discount" . This claim is completely speculative. Firstly, we never said that we would be interested in divesting our stake, much less sell it at a discount. On the contrary, over the past two years we have constantly reminded the manager of Sabana REIT to take measures to increase Sabana' s Net Asset Value (&ldquo NAV&rdquo ). Since campaigning for the increase in NAV has been front and center of our strategy in order to increase shareholder value, it is misleading and damaging to our reputation to now insinuate we would be willing to sell our stake at a discount. We have repeatedly said in public that we would only consider a full takeover offer if the offer is at or above NAV and made available to all Sabana units, including independent unitholders. 12 April 2022 Pg 1 of 4 4) The article also says: " On June 28, Quarz requisitioned an EGM to put Chan&rsquo s appointment as an independent director to independent unitholders&rsquo vote in order to remove him, and to appoint Jan Moermann, the CIO of Quarz Capital as director. Moermann, as CIO of Quarz, would not be independent." We strongly object to the insinuation in the above passage that we had intended to replace an independent director by a non-independent director. These statements paint an incomplete and false picture of what had actually happened. The truth of the matter is that we had doubts about the independence of Chan Wai Kheong (&ldquo Chan&rdquo ) for reasons further explained below. As such, we suggested putting his appointment as independent director to a vote of unitholders and, in addition, have the unitholders also vote on 2 board appointments: an independent and a non-independent director. To this end, we proposed the nomination of Mr. Moerman as a non-independent director and the nomination of Peter Kennan as an independent director. In the past, we have repeatedly communicated to Chan that we would not be able to vote in favor of his appointment as an independent director due to his prior business dealings with ESR Cayman as well as his significant unitholding in AIMS APAC REIT, which is a key Sabana competitor. As a director of Sabana REIT, Chan will be privy to confidential information regarding Sabana REIT which would conflict with his personal economic interest and the interest of AIMS APAC REIT at the expense of Sabana REIT unitholders. We have also repeatedly communicated to the CEO and the board of directors of Sabana REIT even before Chan was appointed that, due to the above, we do not consider that Chan is suitable for his appointment as independent director. Thus, as a compromise, we proposed to have directors for 2 board seats as the board has seemingly decided on appointing Chan. This is to ensure that independent unitholders are sufficiently represented on the board and that these representatives will act to protect independent unitholders&rsquo interests. We would also like to mention that Mr. Chan called Quarz more than 30 times to sway and persuade us on appointing him as a director and other topics. Finally, we would like to point out that although we are one of the main subjects of the article, we were never approached by Goola Warden nor were we given the opportunity by The Edge to comment on the statements made about us prior to the publication of the article. We are seriously troubled by this and question the journalistic professionalism and ethics of the author and The Edge. We are also shocked that the statements that we have outlined above, in which we are specifically named, have not been verified with us before they were published even though these statements could have the risk of influencing market behaviour. We seriously question the motives of The Edge and the author, Goola Warden for publishing the article in its present form. We therefore reiterate our demand for The Edge to immediately correct the matters in the article as stated above or to fully retract both the print and online versions of the article with immediate effect. Given the severity of the false and misleading information with the Pg 2 of 4 risk of misleading the public and defaming our reputation, we reserve our rights to commence legal action. Jan Frederic Moermann Chief Investment Officer Havard Chi Head of Research |
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LongXia
Veteran |
13-Apr-2022 14:21
Yells: "BBs never say why when they buy, never tell when they sell!!" |
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Altogether? Their altogether means all others aka gullible minority retailers will benefit their agenda.... anyway, such a troublesome company.... now starts to lose its pants. I want to see how great their fund is in propping up the share price. Below 0.40 awaits...... trust the black market.... |
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Powdyman
Member |
13-Apr-2022 14:19
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2022 AGM VOTE
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Jufo23
Member |
13-Apr-2022 13:32
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Cmon la... They already commit in black and white that any offer must be for all shareholders tog | |||||||||
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lukewong82
Master |
13-Apr-2022 13:17
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easy la.. ask Q to give a written commitment in black and white that they will not sell their stakes if any 3rd party approaches them with a good price , eg: 55 cents or 60 cents. If they sell, then minority shareholders can sue them to have their profit distributed among the minority shareholders lo.. If they really mean what they say aka they will not sell unless every minority shareholders are also offered the same buy out, then they have no fear to commit lo :)
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GoldenPig
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13-Apr-2022 12:46
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I have invested in Sabana since 2014. Yes, I am holding at a big loss, so the minimum price that Q might be willing to sell at, and lobby people to sell, likely will not be to my interest. Yes, the inability of a company management or a REIT manager to use funds effectively to grow profits/yield is a key concern. It is a separate/different issue from DRP. Instead of spending time & energy to block the DRP, is it not better to focus efforts on real solutions? Possible options I can think of: 1. Work with the manager to get them to increase the DPU. 2. Lobby for a change to pay structure of manager, so that it is more based on DPU growth than AUM growth. 3. Try to change the manager if you still think the performance has not improved after some time. 4. Failing option 3, just exit Sabana and invest elsewhere. I feel it is more productive to work with the manager and to let the manager focus its time & energy on growing the DPU. |
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