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why the share price is not displayed here like other counters??
wierd!!
wierd!!
Has the ceo left ?
It's a bad idea to let the exiting ceo to stay so long within the coy.
Starship ( Date: 29-Dec-2017 16:07) Posted:
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Such Change-of-Control clauses (in Bold below) doesn' t give investors any confidence to hold their shares:
S$100.0 MILLION NEW COMMODITY MURABAHAH FACILITIES AND DISCLOSURE PURSUANT TO RULE 704(31)
28 December 2017
The Board of Directors of Sabana Real Estate Investment Management Pte. Ltd., as manager of Sabana Shari&rsquo ah Compliant Industrial Real Estate Investment Trust (&ldquo Sabana REIT&rdquo and the manager of Sabana REIT, the &ldquo Manager&rdquo ), wishes to announce that HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of Sabana REIT (the &ldquo Trustee&rdquo ), has on this day, entered into a financing arrangement (as customer) with CIMB Bank Berhad, Singapore Branch (&ldquo CIMB&rdquo ) (as bank) for new Commodity Murabahah facilities of up to S$100.0 million (the &ldquo New Facilities&rdquo ), comprising a three-year Commodity Murabahah facility of up to S$70.0 million (Facility A) which will be used to partially refinance the trust certificates under the S$500.0 million Multicurrency Islamic Certificates Issuance Programme of Sabana REIT and to refinance all outstanding financial indebtedness under the S$50.0 million commodity murabahah facility granted by CIMB pursuant to a murabahah facility agreement dated 4 September 2015 (the &ldquo Existing Murabahah Agreement&rdquo ), and a three-year revolving Commodity Murabahah facility of up to S$30.0 million (Facility B) which will be used for Sabana REIT&rsquo s general investments and corporate funding purposes. The New Facilities were effected by a new S$100.0 million Murabahah Facility Agreement entered into on 28 December 2017 by the Trustee and CIMB (the &ldquo New Murabahah Agreement&rdquo ).
Under the terms and conditions of the New Murabahah Agreement, the New Facilities shall be mandatorily prepaid if Sabana Real Estate Investment Management Pte. Ltd. ceases to be the manager of Sabana REIT or if Sabana Property Management Pte. Ltd. ceases to be the property manager of certain properties of Sabana REIT (collectively, the &ldquo Change of Control Clauses&rdquo ). The scope of these Change of Control Clauses is substantially similar to those in the Existing Murabahah Agreement.
Assuming the triggering of a Change of Control Clause and that such occurrence would cause a cross default under other financial indebtedness of Sabana REIT, the aggregate level of facilities that has been utilised and the outstanding trust certificates of Sabana REIT that may be affected is, as at the date of this announcement, approximately S$365.0 million. The aggregate amount of facilities (which comprises both the amounts which have been utilised, and the amounts which have not been utilised and which remain available for utilisation) under the existing facilities, the trust certificates and the New Facilities is approximately S$506.9 million.
http://infopub.sgx.com/FileOpen/SGX%20Announcement%20for%20S$100m%20Murabahah%20Facilities%2028December2017.ashx?App=Announcement& FileID=483517
S$100.0 MILLION NEW COMMODITY MURABAHAH FACILITIES AND DISCLOSURE PURSUANT TO RULE 704(31)
28 December 2017
The Board of Directors of Sabana Real Estate Investment Management Pte. Ltd., as manager of Sabana Shari&rsquo ah Compliant Industrial Real Estate Investment Trust (&ldquo Sabana REIT&rdquo and the manager of Sabana REIT, the &ldquo Manager&rdquo ), wishes to announce that HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of Sabana REIT (the &ldquo Trustee&rdquo ), has on this day, entered into a financing arrangement (as customer) with CIMB Bank Berhad, Singapore Branch (&ldquo CIMB&rdquo ) (as bank) for new Commodity Murabahah facilities of up to S$100.0 million (the &ldquo New Facilities&rdquo ), comprising a three-year Commodity Murabahah facility of up to S$70.0 million (Facility A) which will be used to partially refinance the trust certificates under the S$500.0 million Multicurrency Islamic Certificates Issuance Programme of Sabana REIT and to refinance all outstanding financial indebtedness under the S$50.0 million commodity murabahah facility granted by CIMB pursuant to a murabahah facility agreement dated 4 September 2015 (the &ldquo Existing Murabahah Agreement&rdquo ), and a three-year revolving Commodity Murabahah facility of up to S$30.0 million (Facility B) which will be used for Sabana REIT&rsquo s general investments and corporate funding purposes. The New Facilities were effected by a new S$100.0 million Murabahah Facility Agreement entered into on 28 December 2017 by the Trustee and CIMB (the &ldquo New Murabahah Agreement&rdquo ).
Under the terms and conditions of the New Murabahah Agreement, the New Facilities shall be mandatorily prepaid if Sabana Real Estate Investment Management Pte. Ltd. ceases to be the manager of Sabana REIT or if Sabana Property Management Pte. Ltd. ceases to be the property manager of certain properties of Sabana REIT (collectively, the &ldquo Change of Control Clauses&rdquo ). The scope of these Change of Control Clauses is substantially similar to those in the Existing Murabahah Agreement.
Assuming the triggering of a Change of Control Clause and that such occurrence would cause a cross default under other financial indebtedness of Sabana REIT, the aggregate level of facilities that has been utilised and the outstanding trust certificates of Sabana REIT that may be affected is, as at the date of this announcement, approximately S$365.0 million. The aggregate amount of facilities (which comprises both the amounts which have been utilised, and the amounts which have not been utilised and which remain available for utilisation) under the existing facilities, the trust certificates and the New Facilities is approximately S$506.9 million.
http://infopub.sgx.com/FileOpen/SGX%20Announcement%20for%20S$100m%20Murabahah%20Facilities%2028December2017.ashx?App=Announcement& FileID=483517
"...SREIM says the supplementary lease for 10 Changi South St 2 between HSBC Institutional Trust Services, in its capacity as trustee of Sabana REIT and Adviva Distribution has taken effect this month. This supplementary lease which is part of the master lease agreement for the property will give the REIT an additional annual rent of about $1 million."
https://www.theedgesingapore.com/sabana-reit-appoints-aw-wei-been-acting-ceo-supplementary-lease-10-changi-south-street-2-takes
Same old group of people...
"The Board of Directors of Sabana Real Estate Investment Management Pte. Ltd., as Manager (the
?Manager?) of Sabana Shari?ah Compliant Industrial Real Estate Investment Trust, would like to
announce the appointment of Mr Aw Wei Been as Acting Chief Executive Officer (?CEO?) with
effect from 1 January 2018. Mr Aw is currently the Chief Operating Officer and Head of Asset
Management of the Manager."
?Manager?) of Sabana Shari?ah Compliant Industrial Real Estate Investment Trust, would like to
announce the appointment of Mr Aw Wei Been as Acting Chief Executive Officer (?CEO?) with
effect from 1 January 2018. Mr Aw is currently the Chief Operating Officer and Head of Asset
Management of the Manager."
http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=RSSAnnouncementToday&F=7XWXGJCUJOI7GMEQ&H=10a8a56ac6e09552985f326df8253120a3a54bd2a606d9c0c6846556da75542c
CEO last day is on 31dec BUT will he leave or continue staying bcos can't find replacement ?
ShowMeMoneyp ( Date: 16-Dec-2017 12:38) Posted:
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There was nothing new from the so-called strategic review. No action plan, no nothing. Only the CEO quietly leaving.
Let' s wait for next report and see how far down it can go.
Let' s wait for next report and see how far down it can go.
Looks ugly now, close 39 cents.
Goldfinger ( Date: 15-Dec-2017 21:30) Posted:
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This one sink like a rock - jialat!!!
Probably they supported the mgmt in good faith during the "remove mgr" vote but looks like they got played too.
HVRRVH ( Date: 15-Dec-2017 16:52) Posted:
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Sad for the retailers because don&rsquo t know what are ESR and Tong up to. They can play waiting game or even collect more at lower price but retailers suffer.
Heng arh .....didn't acquire Vibrant property .....https://www.theedgesingapore.com/vibrants-2q-earnings-fall-604-36-mil
Will mgmt keep quiet and hope this change-of-CEO event will just passed unnoticed ? Business as usual ?
The reit manager must carry out due diligence to announce timely update on the status of finding a new ceo, before the present ceo last day (end this month) because it can influence share price movement.
19 more days, for ceo to walk out of office and DON'T COME BACK !