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SABANA REIT

luckyguy3
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27-Jul-2023 09:05     
 
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 Alert Admin 		Is a different story had Quarz done all it' s homework and prepare all the necessary like getting a reputable internal manager ready to take over after the EGM. Like that the assumptions will be reduced to minimum.

But so far what i read is " plan to do" and " promises" . ALOT OF ASSUMPTIONS and PROMISES.
They plan to find internal manager within 1 year and promise that dpu and nta will increase. So they are ASSUMING they can find a good 
internal manager and they ASSUMING the DPU and NTA will increase and so scary to see people blindly ASSUME 100% the internalisation will work out when there is no internal manager ready.

ASSUMPTION is the mother of all XXXX ups.
 

GoldenPig      ( Date: 27-Jul-2023 08:58) Posted:

Well said. It is scary to see people blindly trust and follow a specific entity, to the extent that when other people lay out other info/facts to give a complete picture, they think these people are biased.

We must remember that Quarz is not an individual risking personal money, like we do.
If the internalisation manages to succeed despite their ill-prepared proposal, it can thump its chest & claim credit.
If the internalisation fails miserably, it can tell its shareholders that risks and losses is part & parcel of investing and they just have to accept this loss. It will likely still thump its chest & claim credit for initiating the internalisation and pushing for change. Just too bad that it didn' t work out.
 

luckyguy3      ( Date: 27-Jul-2023 07:05) Posted:

do you know why some people fail? becos they ASSUME.
So far I read all these beautiful happy ending stories of Sabana reit having higher DPU and NTA are based on ASSUMPTIONS
because Quarz has not found a new manager to take over and has not present a concrete plan. Their plan is simply to find an internal
manager within 1 year. That' s their plan.

So u all are ASSUMING
1)  Quarz will get the job done within the 1 year period.
2) Banks are willing to lend at the SAME INTEREST RATE to the new manager   
3) Donald Han and his team currently under ESR management will do their best to help Sabana reit
    after they are kicked out as part of current ESR management.
    (just like Man-U fans assumed that Ronaldo will help Man-U to the title, u are assuming Donald will help Sabana reit achieve better result)
4) Tenants will not jump ship to ESR after their lease is up when they have a working relationship with the ESR management now
5) Quarz will be faithful and loyal to Sabana reit shareholders and will not sell their shares when there is opportunity to do so and abandon the ship
    when things do not go according to plan after 1 year
6) assuming that Quarz and the trustee can find a GOOD internal manager that can do better than ESR
7) ESR will not dump their huge shares in Sabana reit and cause a sudden huge drop in Sabana reit share price causing panic and margin call and
banks recalling loans 
8) Sabana reit will not be liquidated at firesale price if Quarz not able to carry out their internalisation well

http://www.youtube.com/watch?v=4CKiC6BO8hE



 
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GoldenPig
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27-Jul-2023 08:58     
 
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 Alert Admin 		Well said. It is scary to see people blindly trust and follow a specific entity, to the extent that when other people lay out other info/facts to give a complete picture, they think these people are biased.

We must remember that Quarz is not an individual risking personal money, like we do.
If the internalisation manages to succeed despite their ill-prepared proposal, it can thump its chest & claim credit.
If the internalisation fails miserably, it can tell its shareholders that risks and losses is part & parcel of investing and they just have to accept this loss. It will likely still thump its chest & claim credit for initiating the internalisation and pushing for change. Just too bad that it didn' t work out.
 

luckyguy3      ( Date: 27-Jul-2023 07:05) Posted:

do you know why some people fail? becos they ASSUME.
So far I read all these beautiful happy ending stories of Sabana reit having higher DPU and NTA are based on ASSUMPTIONS
because Quarz has not found a new manager to take over and has not present a concrete plan. Their plan is simply to find an internal
manager within 1 year. That' s their plan.

So u all are ASSUMING
1)  Quarz will get the job done within the 1 year period.
2) Banks are willing to lend at the SAME INTEREST RATE to the new manager   
3) Donald Han and his team currently under ESR management will do their best to help Sabana reit
    after they are kicked out as part of current ESR management.
    (just like Man-U fans assumed that Ronaldo will help Man-U to the title, u are assuming Donald will help Sabana reit achieve better result)
4) Tenants will not jump ship to ESR after their lease is up when they have a working relationship with the ESR management now
5) Quarz will be faithful and loyal to Sabana reit shareholders and will not sell their shares when there is opportunity to do so and abandon the ship
    when things do not go according to plan after 1 year
6) assuming that Quarz and the trustee can find a GOOD internal manager that can do better than ESR
7) ESR will not dump their huge shares in Sabana reit and cause a sudden huge drop in Sabana reit share price causing panic and margin call and
banks recalling loans 
8) Sabana reit will not be liquidated at firesale price if Quarz not able to carry out their internalisation well

http://www.youtube.com/watch?v=4CKiC6BO8hE



 

BillionX      ( Date: 27-Jul-2023 05:30) Posted:

It will be in Donald Han personal and professional interest and reputation that he does not leave behind a Sabana in a mess. The Singapore market is small and I am confident he will do what is best for professional reputation. After all it is a change triggered by unit holders and not a termination of his employ because of incompetence. Let us make the change now that the opportunity has come. To keep things status quo and to expect a better outcome doing the same is nothing short of insanity.Vote YES.
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luckyguy3
Master
27-Jul-2023 07:05     
 
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 Alert Admin 		do you know why some people fail? becos they ASSUME.
So far I read all these beautiful happy ending stories of Sabana reit having higher DPU and NTA are based on ASSUMPTIONS
because Quarz has not found a new manager to take over and has not present a concrete plan. Their plan is simply to find an internal
manager within 1 year. That' s their plan.

So u all are ASSUMING
1)  Quarz will get the job done within the 1 year period.
2) Banks are willing to lend at the SAME INTEREST RATE to the new manager   
3) Donald Han and his team currently under ESR management will do their best to help Sabana reit
    after they are kicked out as part of current ESR management.
    (just like Man-U fans assumed that Ronaldo will help Man-U to the title, u are assuming Donald will help Sabana reit achieve better result)
4) Tenants will not jump ship to ESR after their lease is up when they have a working relationship with the ESR management now
5) Quarz will be faithful and loyal to Sabana reit shareholders and will not sell their shares when there is opportunity to do so and abandon the ship
    when things do not go according to plan after 1 year
6) assuming that Quarz and the trustee can find a GOOD internal manager that can do better than ESR
7) ESR will not dump their huge shares in Sabana reit and cause a sudden huge drop in Sabana reit share price causing panic and margin call and
banks recalling loans 
8) Sabana reit will not be liquidated at firesale price if Quarz not able to carry out their internalisation well

http://www.youtube.com/watch?v=4CKiC6BO8hE



 

BillionX      ( Date: 27-Jul-2023 05:30) Posted:

It will be in Donald Han personal and professional interest and reputation that he does not leave behind a Sabana in a mess. The Singapore market is small and I am confident he will do what is best for professional reputation. After all it is a change triggered by unit holders and not a termination of his employ because of incompetence. Let us make the change now that the opportunity has come. To keep things status quo and to expect a better outcome doing the same is nothing short of insanity.Vote YES.
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BillionX
Senior
27-Jul-2023 06:03     
 
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 Alert Admin 		Assuming if the current manager becomes difficult and the change over is less than ideal and proper, do you really think the major unit holders , ESR and the bankers will allow the worst case for Sabana to occur, wound up and dispose off at a discount.🤔 Change will bring about disruption but as long as it is orderly and managed the change should bring about new and positive outcomes.😊
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BillionX
Senior
27-Jul-2023 05:30     
 
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 Alert Admin 		It will be in Donald Han personal and professional interest and reputation that he does not leave behind a Sabana in a mess. The Singapore market is small and I am confident he will do what is best for professional reputation. After all it is a change triggered by unit holders and not a termination of his employ because of incompetence. Let us make the change now that the opportunity has come. To keep things status quo and to expect a better outcome doing the same is nothing short of insanity.Vote YES.
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GoldenPig
Veteran
27-Jul-2023 02:01     
 
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 Alert Admin 		I think an internalisation, if passed, could succeed but unitholders need to be realistic. Cannot look at it through rose-tinted glasses and expect only the best case scenario. Need to be aware of & be prepared for other possible outcomes, including the worst case scenario of winding-up and getting back only a fraction of the NTA.

I suspect even in the best case scenario, a big part of the management fees saved will go towards paying for the Internal Manager staff cost and related overhead costs such as office premises etc. Won' t know how much the initial setup costs (including professional advisors that the Trustee will appoint) would be. Just hope it will not cause any asset sale at below valuation. And hope we do not need to sacrifice more than 2-3 years of distributions before reaping some benefits.
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GoldenPig
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27-Jul-2023 00:48     
 
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 Alert Admin 		Quarz is saying that the External Manager will only be removed when the new Internal Manager is fully setup, licensed and ready to take over. It said that the Trustee has confirmed that it will only remove the current External Manager when the  new Internal Manager  is fully setup and ready to take over.

These are the actual words from the Trustee' s Final Statement regarding this matter:
" During the transition period, the Trustee will look to ensure the ongoing and stable operations of Sabana REIT. The Trustee will  expect  SREIM to continue to serve as interim manager until a replacement external or internal manager is appointed, including to engage with lenders and regulatory authorities, as required. The  Trustee will have to rely on the existing property manager for continuity  of the operational and day-to-day aspects of Sabana REIT.  If there is any actual or potential disruption  to the management of Sabana REIT, the Trustee will, together with its professional advisers, oversee the management of Sabana REIT in the interests of Unitholders and  work with SREIM (if possible)  to seek to minimise such disruption risks.  In doing so, the Trustee is, and will remain, neutral and independent of any particular group of Unitholders and the lenders of Sabana REIT."

What the Trustee actually said does not tally with what Quarz said.
The Trustee seems to say that once the External Manager is terminated when resolution 1 is passed, the Trustee cannot demand the terminated Manager to remain during the transition period though it expects to rely on the terminated Manager during the transition.

Quarz also said that the External Manager has also confirmed that it will  fully adhere to the Trustee' s instructions. Of course, a Manager has to adhere to the Trustee' s instructions. But a  terminated  Manager does not need to. After you terminate your lawyer or banker or anyone providing professional services, can you still demand that they continue to take your instructions?
 

sangsang1      ( Date: 26-Jul-2023 20:36) Posted:

from the quarz guys, 
VOTE FOR Resolutions 1 and 2 to build a better and stronger Sabana with higher DPU, unit price and corporate governance!
Webinar for all unitholders on 31 July (Monday) at 7.30pm
Link to webinar: https://us02web.zoom.us/j/88970799227
(Meeting ID 889 7079 9227)
YouTube link to video: https://youtu.be/ASC7VqiAo6s
Please contact us: 8684 6968 for any assistance.

Quarz is a unitholder of Sabana REIT. Our interests are fully aligned with all Sabana unitholders which is essentially to improve DPU, unit price and corporate governance.
Similar to the 2020 merger, Sabana External Manager is again using " empty threats" to potentially disrupt unitholders&rsquo confidence, avoid internalization and collect management fees indefinitely. 

The External Manager will only be removed when the new Internal Manager is fully setup, licensed and ready to take over
The Trustee has confirmed that it will only remove the current External Manager when the new Internal Manager owned by all unitholders is fully setup and ready to takeover.
The Trust Deed does not provide for the External Manager to &ldquo resign&rdquo unless approved by MAS or the Trustee. In fact, the External Manager is bound by strict regulations such as the Securities and Futures Act, Code on Collective Investment Schemes, and the Trust Deed. 
The External Manager has also confirmed that it will fully adhere to the Trustee&rsquo s instructions.
As such, any change of control clauses should not be triggered by the 7 Aug 2023 vote.
 
Banks have consistently extended support in cases of REIT Manager and/or manager ownership changes &ndash Bank loans are strongly backed by Sabana&rsquo s ~S$900 million All-Singapore portfolio.
Sabana&rsquo s leverage at ~32.5% is one of the lowest among SGX-listed REITs. It takes Sabana less than 6 years to fully pay off its entire loans due to the strong recurring net property income.
The External Manager has a mere S$5.3million of equity while Sabana REIT has a ~S$900 million All-Singapore property portfolio. It is therefore &lsquo absurd&rsquo for the External Manager to claim that the bank loans are determined by the External manager when it is clear that it is Sabana&rsquo s property portfolio owned by all unitholders which backs the loans.
 
Throughout the 21-year S-REIT' s history, the banks have consistently extended their support to new REIT managers and/or manager ownership changes in the more than 10 change of control situations. This is as the loans are fully backed by the REIT&rsquo s property portfolios. MAS also takes prudent measures to ensure that the leverage levels of REITs are below 50% to facilitate such changes if necessary.
In fact, the new Internal Manager, once appointed, will have even stronger credibility and mandate as it will be backed by all unitholders. 
REITs are evergreen investment vehicles and some of the best clients for the banks as they pay interest to the banks forever. Sabana pays more than S$11 million of interest per year. We believe that Sabana&rsquo s bankers would hate to lose a good client such as Sabana REIT to their more than 15 other competing banks.
As such, we are highly confident that the banks will support the more than 11,000 unitholders whom many are also Singaporeans and their customers as well, the long-term relationship with Sabana REIT.
 
Projected Cost of setting up Internal Manager can potentially be covered by just 2 years of cost savings from internalization &ndash Unitholders enjoy permanent cost savings and might not have to pay any acquisition, divestment and management fees again. 
With more than 50 REIT managers and 1000 CMS fund management licenses being set up and approved by MAS, it is very clear that there is more than sufficient expertise in Singapore to support the Trustee in setting up a new Internal Manager.
The operating profit of Sabana External Manager is ~S$1.9 million in 2021 (including S$400,000 from its wholly owned property management company). Through appropriate adjustment of the salaries and fees of the directors and CEO, who currently receive some of the highest compensation among S-REITs (adjusted for portfolio size), we are highly confident that the projected cost savings of S$2.4million can be achieved.
This projected cost savings will now be permanently enjoyed by unitholders and will potentially boost DPU by more than 7%.
Given that the projected cost of setting up the new Internal Manager is around S$3-5million, it will potentially take less than 2 years of cost savings to fully pay for the new Internal Manager. Post this, unitholders will never have to pay any acquisition, divestment or management fees again.
The potential cost savings become even more significant if Sabana were to grow its portfolio by just 50% over the next 10 years. By not having to pay fees, the internalization would potentially result in more than S$40 million of cost savings for unitholders.
However, the true cost savings for unitholders is the complete alignment of interest of the internal manager.  This ensures that no unitholders&rsquo monies are wasted in potentially value destructive acquisitions and divestments done to potentially boost acquisition, performance and management fees to External Managers. 

Strong support for the Trustee in setting up the new Internal Manager with best-in-class corporate governance and incentive structure to increase unitholder value
Quarz is fully committed and prepared to support the Trustee in establishing the new Internal Manager, which will be wholly owned by all unitholders. Upon the passage of the two resolutions, we will move swiftly to collaborate with all Sabana unitholders and engage with Sabana&rsquo s bankers, MAS, SGX RegCo, and corporate governance experts to support the internalization process

With the backing of unitholders and MAS, and our commitment to support this process, we believe that the entire internalization process could potentially be streamlined to approximately six months.

Main goal of the new Internal Manager is to increase DPU and Unit price above S$0.53 (NAV)
The new Internal Manager will work for the benefit of all unitholders by promptly executing on the following key strategies to potentially increase DPU and unit price by ~30% to more than ~S$0.55 (potential dividend yield of > 9.1% at current price).
We call on all unitholders to unite and  VOTE FOR THE REMOVAL OF THE CURRENT EXTERNAL MANAGER 
VOTE FOR THE SETUP OF A NEW INTERNAL MANAGER THAT IS ALIGNED WITH ALL UNITHOLDERS&rsquo INTERESTS TO INCREASE DPU, UNIT PRICE AND CORPORATE GOVERNANCE
 

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gohmengt
Member
27-Jul-2023 00:08     
 
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 Alert Admin 		guys for once just wake up and judge people by what they do, not what they say?
  • ESR-REIT CEO last year " No Capital raising is coming, promised!" --> This year " ESR-REIT 300m capital raise" ,...
  • Sabana CEO and Board --> please accept ESR-REIT merger offer,...its great!! " fair and reasonable" --> ur shareprice now wld be what? S$30cents lah if u accepted?!
  • ESR REIT & Sabana REIT Management: " Internalization cannot, REIT will collapse lah withour me! Please vote against lah, QUarz is Evil guy,..VOTE NO" (REIT runs on autopilot lah, in reality a monkey can run it!!)
  • ESR CHAIRMAN " Oh I love singapore I love Asia, I love ESR" --> Facts: Will move to New York end of summer to become Warburg chaiman,....LOL
  • remeber 2017? same one, but not enough vote, this time i will vote yes! 
  • AMEN


sangsang1      ( Date: 26-Jul-2023 22:01) Posted:

If you look under the hood of ESR Logos REIT distribution, 18% of the DPU is capital distribution from cash, minus that, distribution is only 1.13 cents for 1H2023. If you annualize x2 , it is 1.26 cents 
Distribution net of capital was 1.37 cents in 1H2022

DYODD  laugh

 

moonsun      ( Date: 26-Jul-2023 21:17) Posted:

The Business Times
ESR-Logos Reit posts 5.6% drop in H1 DPU to S$0.01378 on enlarged unit base
ESR-LOGOS Reit?s distribution per unit (DPU) fell 5.6 per cent to S$0.01378 for its first half year ended June, from S$0.01460 the year before.

Esr gd ?


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sangsang1
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26-Jul-2023 22:01     
 
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 Alert Admin 		If you look under the hood of ESR Logos REIT distribution, 18% of the DPU is capital distribution from cash, minus that, distribution is only 1.13 cents for 1H2023. If you annualize x2 , it is 1.26 cents 
Distribution net of capital was 1.37 cents in 1H2022

DYODD  laugh

 

moonsun      ( Date: 26-Jul-2023 21:17) Posted:

The Business Times
ESR-Logos Reit posts 5.6% drop in H1 DPU to S$0.01378 on enlarged unit base
ESR-LOGOS Reit?s distribution per unit (DPU) fell 5.6 per cent to S$0.01378 for its first half year ended June, from S$0.01460 the year before.

Esr gd ?

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moonsun
Veteran
26-Jul-2023 21:17     
 
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 Alert Admin 		The Business Times
ESR-Logos Reit posts 5.6% drop in H1 DPU to S$0.01378 on enlarged unit base
ESR-LOGOS Reit?s distribution per unit (DPU) fell 5.6 per cent to S$0.01378 for its first half year ended June, from S$0.01460 the year before.

Esr gd ?
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sangsang1
Senior
26-Jul-2023 20:36     
 
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 Alert Admin 		from the quarz guys, 
VOTE FOR Resolutions 1 and 2 to build a better and stronger Sabana with higher DPU, unit price and corporate governance!
Webinar for all unitholders on 31 July (Monday) at 7.30pm
Link to webinar: https://us02web.zoom.us/j/88970799227
(Meeting ID 889 7079 9227)
YouTube link to video: https://youtu.be/ASC7VqiAo6s
Please contact us: 8684 6968 for any assistance.

Quarz is a unitholder of Sabana REIT. Our interests are fully aligned with all Sabana unitholders which is essentially to improve DPU, unit price and corporate governance.
Similar to the 2020 merger, Sabana External Manager is again using " empty threats" to potentially disrupt unitholders&rsquo confidence, avoid internalization and collect management fees indefinitely. 

The External Manager will only be removed when the new Internal Manager is fully setup, licensed and ready to take over
The Trustee has confirmed that it will only remove the current External Manager when the new Internal Manager owned by all unitholders is fully setup and ready to takeover.
The Trust Deed does not provide for the External Manager to &ldquo resign&rdquo unless approved by MAS or the Trustee. In fact, the External Manager is bound by strict regulations such as the Securities and Futures Act, Code on Collective Investment Schemes, and the Trust Deed. 
The External Manager has also confirmed that it will fully adhere to the Trustee&rsquo s instructions.
As such, any change of control clauses should not be triggered by the 7 Aug 2023 vote.
 
Banks have consistently extended support in cases of REIT Manager and/or manager ownership changes &ndash Bank loans are strongly backed by Sabana&rsquo s ~S$900 million All-Singapore portfolio.
Sabana&rsquo s leverage at ~32.5% is one of the lowest among SGX-listed REITs. It takes Sabana less than 6 years to fully pay off its entire loans due to the strong recurring net property income.
The External Manager has a mere S$5.3million of equity while Sabana REIT has a ~S$900 million All-Singapore property portfolio. It is therefore &lsquo absurd&rsquo for the External Manager to claim that the bank loans are determined by the External manager when it is clear that it is Sabana&rsquo s property portfolio owned by all unitholders which backs the loans.
 
Throughout the 21-year S-REIT' s history, the banks have consistently extended their support to new REIT managers and/or manager ownership changes in the more than 10 change of control situations. This is as the loans are fully backed by the REIT&rsquo s property portfolios. MAS also takes prudent measures to ensure that the leverage levels of REITs are below 50% to facilitate such changes if necessary.
In fact, the new Internal Manager, once appointed, will have even stronger credibility and mandate as it will be backed by all unitholders. 
REITs are evergreen investment vehicles and some of the best clients for the banks as they pay interest to the banks forever. Sabana pays more than S$11 million of interest per year. We believe that Sabana&rsquo s bankers would hate to lose a good client such as Sabana REIT to their more than 15 other competing banks.
As such, we are highly confident that the banks will support the more than 11,000 unitholders whom many are also Singaporeans and their customers as well, the long-term relationship with Sabana REIT.
 
Projected Cost of setting up Internal Manager can potentially be covered by just 2 years of cost savings from internalization &ndash Unitholders enjoy permanent cost savings and might not have to pay any acquisition, divestment and management fees again. 
With more than 50 REIT managers and 1000 CMS fund management licenses being set up and approved by MAS, it is very clear that there is more than sufficient expertise in Singapore to support the Trustee in setting up a new Internal Manager.
The operating profit of Sabana External Manager is ~S$1.9 million in 2021 (including S$400,000 from its wholly owned property management company). Through appropriate adjustment of the salaries and fees of the directors and CEO, who currently receive some of the highest compensation among S-REITs (adjusted for portfolio size), we are highly confident that the projected cost savings of S$2.4million can be achieved.
This projected cost savings will now be permanently enjoyed by unitholders and will potentially boost DPU by more than 7%.
Given that the projected cost of setting up the new Internal Manager is around S$3-5million, it will potentially take less than 2 years of cost savings to fully pay for the new Internal Manager. Post this, unitholders will never have to pay any acquisition, divestment or management fees again.
The potential cost savings become even more significant if Sabana were to grow its portfolio by just 50% over the next 10 years. By not having to pay fees, the internalization would potentially result in more than S$40 million of cost savings for unitholders.
However, the true cost savings for unitholders is the complete alignment of interest of the internal manager.  This ensures that no unitholders&rsquo monies are wasted in potentially value destructive acquisitions and divestments done to potentially boost acquisition, performance and management fees to External Managers. 

Strong support for the Trustee in setting up the new Internal Manager with best-in-class corporate governance and incentive structure to increase unitholder value
Quarz is fully committed and prepared to support the Trustee in establishing the new Internal Manager, which will be wholly owned by all unitholders. Upon the passage of the two resolutions, we will move swiftly to collaborate with all Sabana unitholders and engage with Sabana&rsquo s bankers, MAS, SGX RegCo, and corporate governance experts to support the internalization process

With the backing of unitholders and MAS, and our commitment to support this process, we believe that the entire internalization process could potentially be streamlined to approximately six months.

Main goal of the new Internal Manager is to increase DPU and Unit price above S$0.53 (NAV)
The new Internal Manager will work for the benefit of all unitholders by promptly executing on the following key strategies to potentially increase DPU and unit price by ~30% to more than ~S$0.55 (potential dividend yield of > 9.1% at current price).
We call on all unitholders to unite and  VOTE FOR THE REMOVAL OF THE CURRENT EXTERNAL MANAGER 
VOTE FOR THE SETUP OF A NEW INTERNAL MANAGER THAT IS ALIGNED WITH ALL UNITHOLDERS&rsquo INTERESTS TO INCREASE DPU, UNIT PRICE AND CORPORATE GOVERNANCE
 
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luckyplate
Member
26-Jul-2023 13:59     
 
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 Alert Admin 		shareholders wins .... and also ESR also wins in the end. Donald stays as CEO .. and captain .. This is the best case .

BillionX      ( Date: 26-Jul-2023 10:18) Posted:

It is very obvious that ESR is gasping for last breath to salvage their golden goose. By being manager they are guaranteed an income regardless of how the Reit performs .And by paying themselves by issuing new units they are artificially suppressing the price. Ignore the red herrings and vote YES. We need to get rid of the external manager. This opportunity is now.👍

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BillionX
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26-Jul-2023 10:18     
 
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 Alert Admin 		It is very obvious that ESR is gasping for last breath to salvage their golden goose. By being manager they are guaranteed an income regardless of how the Reit performs .And by paying themselves by issuing new units they are artificially suppressing the price. Ignore the red herrings and vote YES. We need to get rid of the external manager. This opportunity is now.👍
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luckyplate
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26-Jul-2023 10:07     
 
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 Alert Admin 		I  just vote yes ....I think it is good for shareholders ...Thanks very much ...

Joelton      ( Date: 26-Jul-2023 09:57) Posted:

Quarz&rsquo s push to internalise Sabana Reit&rsquo s manager &lsquo wilfully ignores&rsquo hurdles: ESR Group 
As the EGM for Sabana Reit' s unitholders to vote on a controversial internalisation plan draws near, ESR Group has reiterated points on the dangers of passing the two resolutions by Quarz Capital. 
 
THE push by Quarz Capital to internalise the management of Sabana Industrial Reit : M1GU +1.16%through the passing of resolutions at an extraordinary general meeting (EGM) &ldquo wilfully ignores&rdquo the &ldquo hurdles that stand in the way of internalisation&rdquo , said ESR Group in a letter to the Reit&rsquo s unitholders.
 
The letter, which was delivered on Tuesday (Jul 25) and seen by The Business Times, stated that there is &ldquo no existing blueprint for an internalised management structure&rdquo for Singapore real estate investment trusts (Reits).
 
Quarz, an activist investor of Sabana Reit, had requisitioned an EGM for unitholders to vote on two resolutions on Jun 7.
 
The first resolution is to remove Sabana Real Estate Investment Management (SREIM) as the Reit&rsquo s current manager. SREIM is owned by ESR Group. The second resolution, if passed, will put into action the internalisation of Sabana Reit&rsquo s management by incorporating a subsidiary wholly owned by the Reit&rsquo s trustee and appointing such a subsidiary to act as the Reit&rsquo s manager.
 
Quarz argued that the internalisation of the manager would bring benefits to unitholders by providing cost savings once the external manager is removed.
 
Since Quarz&rsquo s requisition, there has been a fiery exchange between the activist investor and ESR Group, which also owns a 20.6 per cent interest in Sabana Reit. SREIM is against the exercise, as it would stop receiving fee income from the Reit if its management were to be internalised.
 
The EGM, which was originally slated to be held on Aug 4, will now be held on Aug 7.
 
ESR Group has warned unitholders that voting for internalisation would be casting Sabana Reit into a prolonged period of uncertainty, which could result in a loss of confidence in the Reit by investors and lenders. 
 
This is because the lack of an internalised management structure for Reits means considerable time and costs will be needed to identify and establish one before getting it approved by unitholders.
 
As the EGM for unitholders to vote on a controversial internalisation plan draws near, ESR Group&rsquo s latest letter reiterated similar points on the dangers of passing the two resolutions. It specifically noted that the passing of the second resolution would not automatically lead to internalisation.
 
&ldquo It should now be clear to unitholders that the passing of the second resolution only means that the trustee is directed to take steps, including engaging advisers, on the process for internalisation. This is only logical where there is no clear proposal from Quarz on the way forward,&rdquo read the letter.
 
&ldquo All parties agree that the process of internalisation would be unprecedented in the history of Singapore Reits. The trustee (HSBC Institutional Trust Services) has said that this process will take 12 months, or &lsquo potentially significantly longer&rsquo . Nobody knows how long that would be.&rdquo
 
ESR Group added that the future of Sabana Reit has been &ldquo thrown up in the air&rdquo , urging unitholders to &ldquo restore certainty and stability&rdquo by voting against both resolutions.
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Joelton
Supreme
26-Jul-2023 09:57     
 
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 Alert Admin
Quarz&rsquo s push to internalise Sabana Reit&rsquo s manager &lsquo wilfully ignores&rsquo hurdles: ESR Group 
As the EGM for Sabana Reit' s unitholders to vote on a controversial internalisation plan draws near, ESR Group has reiterated points on the dangers of passing the two resolutions by Quarz Capital. 
 
THE push by Quarz Capital to internalise the management of Sabana Industrial Reit : M1GU +1.16%through the passing of resolutions at an extraordinary general meeting (EGM) &ldquo wilfully ignores&rdquo the &ldquo hurdles that stand in the way of internalisation&rdquo , said ESR Group in a letter to the Reit&rsquo s unitholders.
 
The letter, which was delivered on Tuesday (Jul 25) and seen by The Business Times, stated that there is &ldquo no existing blueprint for an internalised management structure&rdquo for Singapore real estate investment trusts (Reits).
 
Quarz, an activist investor of Sabana Reit, had requisitioned an EGM for unitholders to vote on two resolutions on Jun 7.
 
The first resolution is to remove Sabana Real Estate Investment Management (SREIM) as the Reit&rsquo s current manager. SREIM is owned by ESR Group. The second resolution, if passed, will put into action the internalisation of Sabana Reit&rsquo s management by incorporating a subsidiary wholly owned by the Reit&rsquo s trustee and appointing such a subsidiary to act as the Reit&rsquo s manager.
 
Quarz argued that the internalisation of the manager would bring benefits to unitholders by providing cost savings once the external manager is removed.
 
Since Quarz&rsquo s requisition, there has been a fiery exchange between the activist investor and ESR Group, which also owns a 20.6 per cent interest in Sabana Reit. SREIM is against the exercise, as it would stop receiving fee income from the Reit if its management were to be internalised.
 
The EGM, which was originally slated to be held on Aug 4, will now be held on Aug 7.
 
ESR Group has warned unitholders that voting for internalisation would be casting Sabana Reit into a prolonged period of uncertainty, which could result in a loss of confidence in the Reit by investors and lenders. 
 
This is because the lack of an internalised management structure for Reits means considerable time and costs will be needed to identify and establish one before getting it approved by unitholders.
 
As the EGM for unitholders to vote on a controversial internalisation plan draws near, ESR Group&rsquo s latest letter reiterated similar points on the dangers of passing the two resolutions. It specifically noted that the passing of the second resolution would not automatically lead to internalisation.
 
&ldquo It should now be clear to unitholders that the passing of the second resolution only means that the trustee is directed to take steps, including engaging advisers, on the process for internalisation. This is only logical where there is no clear proposal from Quarz on the way forward,&rdquo read the letter.
 
&ldquo All parties agree that the process of internalisation would be unprecedented in the history of Singapore Reits. The trustee (HSBC Institutional Trust Services) has said that this process will take 12 months, or &lsquo potentially significantly longer&rsquo . Nobody knows how long that would be.&rdquo
 
ESR Group added that the future of Sabana Reit has been &ldquo thrown up in the air&rdquo , urging unitholders to &ldquo restore certainty and stability&rdquo by voting against both resolutions.
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BillionX
Senior
25-Jul-2023 14:25     
 
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 Alert Admin 		Is this a last minute effort by Sabana to confuse unit holders and to muddy the water . 🤔
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RumbaRambo
Member
25-Jul-2023 14:21     
 
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 Alert Admin 		I also think SIAS should make public who paid for this event. Also, since Quarz says they are acting in unitholders' interest, why doesn' t SIAS invite Quarz to be one of the speakers. Would be a fair, public and open debate. Or SIAS does a similar event with Quarz Capital. 

MambaFinancial89      ( Date: 24-Jul-2023 22:51) Posted:

Hi bro, just sharing only as I saw this post on SIAS' LinkedIn page and thought it would be good to share in case unitholders wanted to attend and speak with management. I have no insights into whether SIAS was paid but SIAS is supposed to be a champion for minority shareholders, from my understanding. Regardless, feel that it is good that they have arranged this session for the benefit of minorities to have an avenue for discussion and clarify any doubts. Cheers   

Seventy      ( Date: 24-Jul-2023 20:02) Posted:

Will SIAS be objective or not? Are they paid by Sabana Manager or not? You must say properly first. So is this dialogue arranged for unitholders to understand the resolutions or is this dialogue arranged for sabana manager to warn unitholders of the danger of internalisation.
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BillionX
Senior
25-Jul-2023 12:14     
 
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 Alert Admin 		Will be nice if Quartz attend this SIAS arranged dialogue. But never impressed with SIAS. A lot of talk but no results.
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mrwise
Supreme
25-Jul-2023 12:11     
 
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 Alert Admin 		Voted yes for Resolution 1 and 2!!!

Time for a change!

Powdyman      ( Date: 25-Jul-2023 11:24) Posted:

MARK TO MARKET ·  
SUBSCRIBERS

Analysts, investors must challenge status quo to unlock value, forge a more vibrant market



The widespread undervaluation of Singapore stocks may have reduced the incentive to run companies for the benefit of minority investors

Ben Paul

Published Mon, Jul 24, 2023 · 5:00 am
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bechaotic
Member
25-Jul-2023 11:43     
 
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 Alert Admin 		Got free makan?blush

MambaFinancial89      ( Date: 24-Jul-2023 17:48) Posted:

SIAS-SABANA INDUSTRIAL REIT DIALOGUE WITH UNITHOLDERS

Mark your calendars, Sabana Industrial REIT Unitholders! Join us for an upcoming dialogue session held in-person on 31 July 2023, Monday, where you will have a chance to interact directly with the Board and Senior Management. Gain valuable insights into the Resolutions to be tabled at the upcoming EGM. 

Limited seats available, so register today at:    https://sias.org.sg/event/sias-sabana-industrial-reit-dialogue-with-unitholders-jul2023/?utm_campaign=ds-sabana-july-2023& utm_medium=social-post& utm_source=linkedin
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