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SABANA REIT
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Alcus-Trader
Member |
22-Jul-2023 08:57
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Yes, I do see the benefits of internalization to save costs and improve DPU. But we cannot dismiss the risks brought out by the ESR side (whether they are using scare tactics or not), that there will be a prolonged transition period of more than 1 year (and potentially maybe dragged on further) after removing the external manager until a new internal one comes on board.
Since Quarz initiated the internalization, I think they should have the obligation to address the risks (like what luckyguy3 suggested of having a backup team ready). Without resolving the concerns, it does not make sense to vote for the internalization to save some cost and risk having the operations of the REIT and subsequently earnings affected negatively for more than 1 year.
As much as I do not like ESR, as an unitholder, I look at my interest. I am quite happy with how Donald Han' s team is doing with the REIT now and contended with the current fundamentals and distribution yield that I am getting, even after letting ESR and the external manager earn their fees. Just my opinion.
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sangsang1
Senior |
22-Jul-2023 02:00
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at the end of the day, shareholders can choose to trust the sponsor and reit manager who wants to continue earning their fees from you and who also wanted to buy sabana at rock bottom price in 2020 or trust a fellow shareholder who also wants to increase dividend and share price just look at the share price of the rest of esr' s managed reits and you know what is the end result if you let them continue shareholders have a choice to finally break out of this and do better 
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sangsang1
Senior |
21-Jul-2023 20:00
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lol, is it same like the last time when they claim the egm is not correct, then kenna dismiss by the court 2 times? hahaah now they seem to try to claim something else again  just vote to remove them la, dont need to waste time once internalise, everyone owns the reit manager and not them |
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Alcus-Trader
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21-Jul-2023 19:43
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Latest ESR' s Response to Quarz Capital' s Statement: General Announcement::ESR' s Response to Quarz Capital' s Statement dated 19 July 2023 and 20 July 2023 (sgx.com) Not sure what ESR is saying. EGM resolution is not for implementing the internalization, but only to get trustee to explore the option of internalization??   |
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Huchin
Member |
21-Jul-2023 18:37
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Unitholder should ask themselves, who put up the bill for failed takeover triggered by ESR? Was it ESR or unitholders? Unitholders paid for ESR mistake. ESR did not assess the ground properly whether they would be able to takeover with that low ball offer! | ||||
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BillionX
Senior |
21-Jul-2023 18:36
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No pain no gain. I feel very positive about this change. We had ESR and it?s time for a change. New manager. New ideas. ESR will do its best to keep things status quo but ultimately it is also in their interest as the major shareholders to ensure a smooth and efficient change over. Vote YES! | ||||
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Huchin
Member |
21-Jul-2023 17:32
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ESR went to the court but failed. Now trying to find anyother means to scare the unitholders! | ||||
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RumbaRambo
Member |
21-Jul-2023 15:06
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That' s a bit of a doomsday scenario and conspiracy theory. Sabana tenants will not jump ship and go to ESR-LOGOS. They are bound by existing contracts, cannot just go now or in near future. Sabana wale is 2.8 years, comparable to other industrial reits. Tenants cannot just quit.
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BillionX
Senior |
21-Jul-2023 14:54
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I am confident the Trustee will employ the most competent manager.But first thing first vote for the resolutions.The risks and concerns have been highlighted and the management team will do their utmost best to mitigate them.Cheers to all unit holders. | ||||
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luckyplate
Member |
21-Jul-2023 13:40
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There is no such thing that if you work for 1 companies , that you cant switch to another one ... basically ,it is just another companies .A
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sangsang1
Senior |
21-Jul-2023 13:13
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the merger between ARA Log and ESR REIT probably already result in alot of surplus personnels.. 2ceo 2 cfos .and now they selling 300m of portfolio, so portfolio also become smaller why would they want to hire even more people? 3 ceos and 3 cfos in 1 reit? dont try to make trouble la this is a sabana problem for sabana shareholders to resolve ultimately staffs at sabana need to decide whether they want to continue what they are doing at sabana, and maybe when some people leave, they will get promoted faster. can also go to esr.. but remember, they probably already have alot of surplus people... besides ara log and esr, a few years ago, they also bought viva manager. |
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BillionX
Senior |
21-Jul-2023 10:50
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Quartz has clarified and confirmed that the existing manager will be around until a new one is found. This should remove some of the anxieties. Vote for the resolutions and make Sabana great again. The Trustee can evaluate if Han is the candidate they want and he is always welcome to apply for the job. | ||||
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luckyplate
Member |
21-Jul-2023 10:21
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A good CEO is tough to find ... Donald been doing great .. But i think he will do greater ...later .
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BillionX
Senior |
21-Jul-2023 09:59
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Now that the legal wrangling is over lets all vote to get the resolutions passed . This is the last hurdle holding Sabana down.It will perform as it should from now on. No more manipulation by ESR and reckless issuing of new units to keep the price down. | ||||
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sangsang1
Senior |
21-Jul-2023 00:15
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if you ask a reit manager if he is needed, of course he tells you he is needed la, and all the dangers of not having him this is his business model and they all need to make money and profit Its like if you ask a car salesman if you need to buy a car, he will say that everyone need 3 cars!!! property loan is backed by property and not manager. Try going to a bank and ask for a property loan backed by the manager with no property as collateral. See if they will laugh their head off. Even if the manager is removed, property and rental income is there. That' s what matter most for the bank, collateral. Any bank will tell you that |
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mrwise
Supreme |
20-Jul-2023 22:13
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Nice one! Lets all do what we should !!! My opinion is to Change a better manager!
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sangsang1
Senior |
20-Jul-2023 20:42
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Ai yo, u have to read carefully. first resolution say the trustee can remove the manager as soon as practicable. trustee already confirm not removing the manager until the new manager is setup, licensed and ready to roll will also invite all the old staffs to the new manager ya, la so we both agree Donald han keeping options to join the new manager open la, *wink* *wink* |
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GoldenPig
Veteran |
20-Jul-2023 20:32
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Umm... sabana manager is NOT resigning. If resolution 1 goes through, it is FIRED. The trustee can only re-employ individual team members, either on a temporary or permanent basis. So it' s up to these individuals. If I were Donald Han, I wouldn' t dare to commit whether I want to join or not the new management team before the EGM outcome is known.
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sangsang1
Senior |
20-Jul-2023 20:18
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there are actually rules stating that that sabana manager cannot resign unless allowed by MAS and Trustee. CEO also confirm during investor day as well that manager will not leave even when it is removed. i think when the CEO cannot confirm whether he wants to join the new manager, it gives a big hint. If he doesnt want to join, he can just say no. I think shareholders want him to join the new manager. but if he doesn' t then have to look for new CEO lo..
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GoldenPig
Veteran |
20-Jul-2023 20:11
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Nice to have higher DPU from saving on manager fees. But that can happen only if internalisation is a success. Sucessful internalisation, to me, means not being forced to sell reit assets in a fire sale to pay bank loans, not suffering huge losses in DPU and NAV as a result, not waiting for 5-10 years for DPU and NAV to recover. If Quarz is really helping minority shareholders, will Quarz step up and offer to be the guarantor for Sabana' s bank loans? Sabana trustee and shareholders may want the current management team staff to stay until an internal manager is set up, to ensure a smooth transition. But the management staff have yet to agree and there is no law to force them to stay during the transition. And I think ESR is more scared of losing their investment in Sabana if/when the Reit ends up being wound-up, than losing management fees. ESR has a 20% share of Sabana. The management fees are peanuts compared to the 20% investment in Sabana.
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