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Alpha Integrated RE
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SABANA REIT
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eddyeddy
Master |
17-Mar-2024 14:53
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If fail , still can change the manager ?
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luckyguy3
Master |
17-Mar-2024 14:33
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I dun get what u mean by internalisation fails?? So fails means the same ESR management continues? Then what is the whole purpose of internalisation?
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RumbaRambo
Member |
17-Mar-2024 10:14
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Agree. Internalisation is a a win-win situation. DPU will go up even if it fails. Good job by Quarz by pushing that through in Singapore, especially as trustee, MAS don' t seem very supportive.... | ||||
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sangsang1
Senior |
13-Mar-2024 20:14
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you are right, so cost already charged.pain alr incurred. Hence if internalisation complete, then cost will drop off.. DPU will go up. alternatively, if internalisation fail, then cost will also drop off as well. DPU go up so win win for shareholders buying in now |
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GoldenPig
Veteran |
13-Mar-2024 18:25
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Umm.. internalisation cost incurred already... more than $3m already... and still counting
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sangsang1
Senior |
13-Mar-2024 17:15
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IMO, sabana is a win win situation at current price - 1) if internalisation works, hurrah, project complete, no internalisation cost, dpu goes higher than before due to the cost savings and better manager. > 9% dividend yield 2) if internalisation fails, also no internalisation cost, dpu goes back to normal and we vote in new external manager. - around 9% divd yield at current price...all reits which have divd yield of less than 6% will have to trade with higher dividend yield cos we now know cannot remove manager 3) portfolio can also be sold at 10% discount to NAV of 52 cents = 47 cents. its SG assets so i not scare. so i am dipping to buy abit everyday, when people fear, the bold gets their opportunity  |
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pkli899
Supreme |
13-Mar-2024 10:30
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Agree with your point. I was the first to mentioned Croesus at the very beginning of the saga. I am not suggesting to follow paying good money to buy the manager. It is how the process was done in double quick time that all can look into. Anyway, the very first post I already mentioned circumstances different between Croesus & Sabana. Hence it will not be as smooth sailing but at least can gain on how to expedite.
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eddyeddy
Master |
13-Mar-2024 09:39
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If Q is serious , Q should engage a lawyer to ask the trustee for the questions they asked but did not get the satisfactory replies. If a legal letter is issued , the trustee has no choice but to reply . Is Q really serious about this action ? | ||||
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eddyeddy
Master |
13-Mar-2024 09:14
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You did not seem to get.my hint ?
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GoldenPig
Veteran |
13-Mar-2024 08:14
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Someone posted about about Croesus before. I think Croesus took the easy way by paying $50m (or $30m? Cannot remember the amount exactly) to buy over the external manager. You want to pay ESR say $30m to take over the REIT manager? I don' t want.... So I already expected Sabana to spend a few million $ at least to do all these due diligence to set up our own internal manager. HSBC is just doing its job as the trustee. But it deserves the flak at the EGM for its failure to communicate its action plan and to update unitholders in a more timely manner. Yes, it is impossible to quantify progress exactly in terms of percentage. But it should be possible to give a tentative budget and an indicative timeframe with key milestones. Unitholders are not idiots. We know that response time by the authorities etc are largely beyond the control of the trustee.
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luckyguy3
Master |
13-Mar-2024 05:17
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I blame it on Q.. Why did Q not sit down with the trustee and have some PROPER PLANNING FIRST before having the EGM to approve the internalisation? Last year Q should have worked with Trustee to work out a detailed plan for shareholders to vote aka do first vote later instead of vote first do later. Now is really sinking deeper and deeper into quicksand. |
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eddyeddy
Master |
12-Mar-2024 19:23
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Money belongs to
Unit holders, but not the trustee ! They know nothing the.unit holders can do to them ， not happy with me , but what can you all do to me ?
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sealTeam3
Member |
12-Mar-2024 19:17
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during the egm, one unitholder asked trustee to give itemized breakdown of the costs incurred but they openly refused citing rubbish reasons.. they should be investigated.. how on earth can you spend 3.2mil in 3-4 months??! | ||||
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sealTeam3
Member |
12-Mar-2024 19:12
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trustee is completely useless... wasted so much of unitholders $$.. engaged the most expensive lawyers in town but cannot get things done.. MAS now already give waivers, let' s see what other excuses the trustee gonna come up with | ||||
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eddyeddy
Master |
12-Mar-2024 17:15
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Few millions had been spent on this and still have to spend millions to have one or more EGM to get a mandate , still hanging in the air after spending so many millions . Trustee had said need to have EGM , and hope trustee do not resign as trustee ， if trustee resigns , more problems and more expenses.
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pkli899
Supreme |
12-Mar-2024 14:12
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Croesus was a very good example. If the management of Croesus is still contactable, actually can approach them to learn a thing or two. They did it in a very short time. |
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RumbaRambo
Member |
12-Mar-2024 13:46
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I agree 100%. We should not lose sight of what' s important (despite all the twists and turns in the Sabana saga, which will eventually lead to internalisation I am sure): Singapore REITs need a proper way to make internalisation possible!! Internalisation should be a straightforward and easy decision by unitholders and easy to implement. (Please, regulators, step in and do something.......)
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pkli899
Supreme |
12-Mar-2024 13:14
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Internatisation is the way to go, like it or not. Definitely cost saving, no two ways about it. |
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eddyeddy
Master |
12-Mar-2024 12:43
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MAS was the one who approved the trust deeds when REITs and trust were listed on SGX . | ||||
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sangsang1
Senior |
12-Mar-2024 12:13
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What is interesting was that even MAS now step in to provide waivers to support internalisation. Very strong sign that regulators also understand that internalisation is good for the market and want it
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