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NTA is subjective or objective , no one knows , if so good why they reduce their holding ? Action speaks louder than words .
luckyguy3 ( Date: 12-Nov-2024 18:43) Posted:
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hmm.. strange.. saw the annoucement. Valore bought over 2% from Quarz.. 34 cents somemore.. Why har? NTA 60+ cents.. they sell at 34 cents?
run road?
run road?
eddyeddy ( Date: 12-Nov-2024 12:49) Posted:
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Quartz fought for internalization of the manager , Q has made it . Few of the new directors are from Q . But now Q is selling so many sabana shares at only 0.34 , much below the NAV . Just have to be careful , they said one thing buy do another .
Sabana Reit overall portfolio occupancy up 78.8% in Q3
As at end-September, its portfolio had a weighted average lease expiry of 2.6 years, down from 2.7 years in the previous quarter
SABANA Real Estate Investment Trust (Reit) on Friday (Oct 18) reported an increase in overall portfolio occupancy to 84.9 per cent for the third quarter ended Sep 30, 2024, up from 78.8 per cent in the previous quarter.
The improvement was attributed to the signing of new leases covering 313,953 square feet (sq ft) and the renewal of 15,974 sq ft of leases, the Reit&rsquo s manager said in an evening bourse filing.
As at end-September, Sabana&rsquo s portfolio had a weighted average lease expiry of 2.6 years, down from 2.7 years in the previous quarter.
Aggregate leverage stood at 37 per cent with an interest coverage ratio of 3.2 times.
Total borrowings stood at S$353 million as at end-September, up from S$340 million in end-June and S$318 million in end-2023.
In Q3, Sabana also took steps to address earlier disruptions caused by the repossession of two master-tenanted properties.
As part of its strategy, the trust has moved from a master tenancy to an anchor tenancy model, said Donald Han, CEO of the Reit&rsquo s manager.
&ldquo To this end, we have filled up approximately 74 per cent of the net lettable area at 33, 33A and 35 Penjuru Lane with two anchor tenants,&rdquo he added.
&ldquo We are concurrently carrying out a property reconfiguration initiative at 30 and 32 Tuas Avenue 8 to allow maximum leasing flexibil
Sabana Reit&rsquo s unitholders vote for requisitionists&rsquo candidates to be on new internal manager&rsquo s board
The six candidates garner a vote share of slightly more than 60% in favour of their directorship, while the three nominated by the trustee receive under 8% of votes at EGM
SIX candidates proposed by a group of requisitionists were voted by unitholders to be board directors of the newly internalised manager of Sabana Industrial Real Estate Investment Trust (Reit) : M1GU 0% at an extraordinary general meeting (EGM) held on Friday (Oct 18). All six candidates garnered a vote share of slightly more than 60 per cent in favour of their directorship.
The candidates included consultant Lim Hock Chuan corporate finance and investment professional Bhavik Umesh Doshi and Konrad Duttwiler, who is group chief financial officer and board member of investment company Volare Group.
The other three were activist investor Quarz Capital&rsquo s founder Jan Frederic Moermann and director Havard Chi, as well as Saha Anshuman Manabendranath, who previously worked at IT consulting company Pan Asia Resources.
Their final appointment to the board remains subject to approval from the Monetary Authority of Singapore (MAS).
The three candidates nominated by the trustee, on the other hand, received a vote share of under 8 per cent at the meeting, which was held at Hope@New Tech Park in Lorong Chuan.
The trustee&rsquo s candidates were independent real estate and investment consultant Chew Tuan Chiong, New Financial Holdings&rsquo managing director of asset management Jimmy Chan, and independent adviser Sandip Talukdar.
Shareholders question proposed directors&rsquo pledges
The EGM, which lasted more than an hour, had been requisitioned by five unitholders, led by Quarz Capital, which holds a 14 per cent stake in Sabana Reit.
The lead-up to the meeting had been fraught with disagreements between the requisitionists and the trustee on each other&rsquo s choice of candidates.
The disagreements were in relation to the independence of the trustee&rsquo s candidates, and whether the appointment of the requisitionists&rsquo candidates would affect the new Reit manager&rsquo s application for a capital markets services licence. The licence permits companies to conduct regulated activity such as Reit management.
During a question-and-answer segment prior to the voting on resolutions, unitholders also questioned pledges that the requisitionists&rsquo candidates had made.
These included committing to be paid the director&rsquo s fees of less than S$45,000 per year, receive at least 25 per cent of those fees in Sabana Reit units, and maintain a meaningful stake by not selling the units they receive as director&rsquo s fees for at least a year.
In response to a unitholder&rsquo s comment that a year was too short a time to keep the units, as per the pledge, Chi said that the requisitionists&rsquo candidates had informed him that they plan to keep their units for as long as they are directors.
Chi added that if the directors proposed by the requisitionists were to successfully increase the distribution per unit (DPU) and unit price of Sabana Reit, the reward to directors would be &ldquo far in excess&rdquo of their director fees.
Next steps
Chi told The Business Times that once approved by MAS, the board&rsquo s main focus would be to improve the DPU and unit price of Sabana Reit. It will do so by improving the occupancies of the Reit&rsquo s properties for a start, he added.
The board also aims to put a management team for the Reit by next January, said Chi, adding that several people have already stepped forward to be considered for the chief executive officer appointment, including former industrial Reit CEOs.
The trustee said in a statement on Friday that it respected the outcome of the EGM. It added that it will continue to advance the internalisation process &ldquo as expeditiously as possible&rdquo .
The trustee also noted that information on the Reit manager&rsquo s board composition is required for Sabana Reit to qualify for the capital markets services licence.
It added that it had already submitted all the information provided by the requisitionists&rsquo candidates to MAS for its review and consideration prior to the EGM. It will now await the outcome of the capital markets services licence application, including the appointment of the selected director candidates, noted the trustee.
Donald Han, CEO of the Reit&rsquo s manager, thanked unitholders in a statement on Friday for their appreciation of the Reit&rsquo s management team despite ongoing challenges due to the internalisation process.
Business update
Separately on Friday, Sabana Reit reported an increase in overall portfolio occupancy to 84.9 per cent for the third quarter ended Sep 30, 2024, up from 78.8 per cent in the previous quarter.
The improvement was attributed to the signing of new leases covering 313,953 square feet and the renewal of 15,974 sq ft of leases, the Reit&rsquo s manager said in an evening bourse filing.
As at end-September, Sabana&rsquo s portfolio had a weighted average lease expiry of 2.6 years, down from 2.7 years in the previous quarter.
Aggregate leverage stood at 37 per cent with an interest coverage ratio of 3.2 times.
Total borrowings stood at S$353 million as at end-September, up from S$340 million in end-June and S$318 million in end-2023.
In Q3, Sabana also took steps to address earlier disruptions caused by the repossession of two master-tenanted properties.
As part of its strategy, the trust has moved from a master tenancy to an anchor tenancy model, Han said.
&ldquo To this end, we have filled up approximately 74 per cent of the net lettable area at 33, 33A and 35 Penjuru Lane with two anchor tenants,&rdquo he added.
&ldquo We are concurrently carrying out a property reconfiguration initiative at 30 and 32 Tuas Avenue 8 to allow maximum leasing flexibility from early next year.&rdquo
Nice.... out goes the lousy ones....looking forward for better dividend and trading price :)
needed better ones around...
needed better ones around...
asianguy ( Date: 18-Oct-2024 20:47) Posted:
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Sabana Reit&rsquo s unitholders vote for requisitionists&rsquo candidates to be on new internal manager&rsquo s board
The six candidates garner a vote share of slightly more than 60% in favour of their directorship, while the three nominated by the trustee receive under 8% of votes at EGM
https://www.businesstimes.com.sg/companies-markets/sabana-reits-unitholders-vote-requisitionists-candidates-be-new-internal-managers-board
SIX candidates proposed by a group of requisitionists were voted by unitholders to be board directors of the newly internalised manager of Sabana Industrial Real Estate Investment Trust (Reit) : M1GU 0% at an extraordinary general meeting (EGM) held on Friday (Oct 18). All six candidates garnered a vote share of slightly more than 60 per cent in favour of their directorship.
The candidates included consultant Lim Hock Chuan corporate finance and investment professional Bhavik Umesh Doshi and Konrad Duttwiler, who is group chief financial officer and board member of investment company Volare Group.
The other three were activist investor Quarz Capital&rsquo s founder Jan Frederic Moermann and director Havard Chi, as well as Saha Anshuman Manabendranath, who previously worked at IT consulting company Pan Asia Resources.
Their final appointment to the board remains subject to approval from the Monetary Authority of Singapore (MAS).
The three candidates nominated by the trustee, on the other hand, received a vote share of under 8 per cent at the meeting, which was held at Hope@New Tech Park in Lorong Chuan.
The trustee&rsquo s candidates were independent real estate and investment consultant Chew Tuan Chiong, New Financial Holdings&rsquo managing director of asset management Jimmy Chan, and independent adviser Sandip Talukdar.
Shareholders question proposed directors&rsquo pledges
The EGM, which lasted more than an hour, had been requisitioned by five unitholders, led by Quarz Capital, which holds a 14 per cent stake in Sabana Reit.
The lead-up to the meeting had been fraught with disagreements between the requisitionists and the trustee on each other&rsquo s choice of candidates.
The disagreements were in relation to the independence of the trustee&rsquo s candidates, and whether the appointment of the requisitionists&rsquo candidates would affect the new Reit manager&rsquo s application for a capital markets services licence. The licence permits companies to conduct regulated activity such as Reit management.
Only those 6 pro-internalisation director get elected, not the 3 recommended by existing manager.
luckyplate ( Date: 18-Oct-2024 17:38) Posted:
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Got good lunch buffet this time ?
sangsang1 ( Date: 18-Oct-2024 15:13) Posted:
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all the candidates so good ? All passed !!! sure there is some black sheep in there.. ??
asianguy ( Date: 18-Oct-2024 14:17) Posted:
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Lively event with a lot of interesting views exchanged
https://sabana.listedcompany.com/newsroom/20241018_123333_M1GU_SV791195OWX906PV.1.pdf
Results already in website
resolution 1,2,3,4,5,6 passed
resolution 7a, 7b, 7c rejected
https://sabana.listedcompany.com/newsroom/20241018_123333_M1GU_SV791195OWX906PV.1.pdf
Results already in website
resolution 1,2,3,4,5,6 passed
resolution 7a, 7b, 7c rejected
Pls provide update of the 1030am EGM this morning here. thanks
Any update?
Very interesting Questions and Answers:
Question 1: Mr Chew has openly spoken against internalisation with Sabana shareholders and also publicly. This is when internalisation helps shareholders to own the manager, have more rights and more DPU. Now Mr Chew now wants shareholders to vote for him so that he can collect director fees from an internal manager. Isn' t this hypocritical?
Dr. Chew was identified as one of the three (3) Independently Identified Director Candidates by way of an independent search process conducted by the appointed change management advisor. Please refer to the Trustee' s responses to Questions 1 and 2 in Appendix B of the responses to substantial and relevant questions from Unitholders, as released by the Manager on 13 October 2024 (the " Initial Responses" ) for an outline of the general process and criteria against which the Independently Identified Director Candidates were assessed and identified. In addition to showing an open-mindedness towards an internalised management model given the precedents in other jurisdictions where internalised REITs have been successful, and demonstrating an understanding of the nuances, challenges and also opportunities which an internally managed REIT could potentially face throughout his assessment and interview process, Dr. Chew also acknowledged the challenges of an internalised REIT and demonstrated a willingness to address such challenges.
Question 3: Why is the Trustee proposing Mr Jimmy Chun as a director of Sabana REIT even when Mr Jimmy Chun stepped down as a director of CDL H Trust around the same time that the Hong Kong Securities and Futures Commission is investigating him? Question 4: Mr Jimmy Chun is based in HK, has been investigated by Hong Kong Securities and Futures Commission and has shown no past experience in Singapore industrial properties. Why is the Trustee proposing him as a director of Sabana REIT? Why does he want to be a director of Sabana REIT when he has shown no background in Singapore industrial REIT?
Mr. Chan was identified through an independent search process conducted by the appointed change management advisor having regard to amongst others: (a) Mr. Chan' s track record and experience with a number of real estate firms, including his appointment as a director on the boards of the managers of CDL Hospitality Trusts (which is listed on the SGX-ST) between 2007 and 2016 and (b) throughout the assessment process, Mr. Chan demonstrated an understanding of the local market structure and regulatory requirements in Singapore and showcased expertise in relation to the logistics and manufacturing sector. Please also refer to paragraph 2.3(a)(ii) of the Circular dated 3 October 2024, where Mr. Chan has outlined his professional experience
Question 1: Mr Chew has openly spoken against internalisation with Sabana shareholders and also publicly. This is when internalisation helps shareholders to own the manager, have more rights and more DPU. Now Mr Chew now wants shareholders to vote for him so that he can collect director fees from an internal manager. Isn' t this hypocritical?
Dr. Chew was identified as one of the three (3) Independently Identified Director Candidates by way of an independent search process conducted by the appointed change management advisor. Please refer to the Trustee' s responses to Questions 1 and 2 in Appendix B of the responses to substantial and relevant questions from Unitholders, as released by the Manager on 13 October 2024 (the " Initial Responses" ) for an outline of the general process and criteria against which the Independently Identified Director Candidates were assessed and identified. In addition to showing an open-mindedness towards an internalised management model given the precedents in other jurisdictions where internalised REITs have been successful, and demonstrating an understanding of the nuances, challenges and also opportunities which an internally managed REIT could potentially face throughout his assessment and interview process, Dr. Chew also acknowledged the challenges of an internalised REIT and demonstrated a willingness to address such challenges.
Question 3: Why is the Trustee proposing Mr Jimmy Chun as a director of Sabana REIT even when Mr Jimmy Chun stepped down as a director of CDL H Trust around the same time that the Hong Kong Securities and Futures Commission is investigating him? Question 4: Mr Jimmy Chun is based in HK, has been investigated by Hong Kong Securities and Futures Commission and has shown no past experience in Singapore industrial properties. Why is the Trustee proposing him as a director of Sabana REIT? Why does he want to be a director of Sabana REIT when he has shown no background in Singapore industrial REIT?
Mr. Chan was identified through an independent search process conducted by the appointed change management advisor having regard to amongst others: (a) Mr. Chan' s track record and experience with a number of real estate firms, including his appointment as a director on the boards of the managers of CDL Hospitality Trusts (which is listed on the SGX-ST) between 2007 and 2016 and (b) throughout the assessment process, Mr. Chan demonstrated an understanding of the local market structure and regulatory requirements in Singapore and showcased expertise in relation to the logistics and manufacturing sector. Please also refer to paragraph 2.3(a)(ii) of the Circular dated 3 October 2024, where Mr. Chan has outlined his professional experience
Glass Lewis advises Sabana Reit investors to vote against requisitionists&rsquo director candidates at EGM
The proxy adviser says there is a lack of detail provided on why unitholders should support the candidates
PROXY adviser Glass Lewis has recommended that unitholders of Sabana Industrial Real Estate Investment Trust (Reit : M1GU -1.3%) vote against the director candidates put up by requisitioners of an upcoming extraordinary general meeting (EGM) this Friday (Oct 18), citing a lack of detail provided by the requisitionists on the candidates.
Instead, Glass Lewis said unitholders should vote in favour of the candidates put up by the trustee of Sabana Reit at the meeting, where they will decide on the appointment of directors to the board of the newly internalised manager of the Reit.
The recommendation, which was published in a proxy paper on Oct 13, adds to an ongoing debate between the requisitionists and the trustee on each other&rsquo s choice of candidates.
To recap, five unitholders, led by Quarz Capital, requisitioned the manager on Aug 12 to convene the meeting, at which six candidates were nominated.
The six include consultant Lim Hock Chuan, corporate finance and investment professional Bhavik Umesh Doshi, and group chief financial officer and board member of investment company Volare Group Konrad Duttwiler.
The other three are activist investor Quarz Capital&rsquo s founder Jan Moermann and director Havard Chi, as well as Saha Anshuman Manabendranath, who previously worked at IT consulting company Pan Asia Resources.
The trustee&rsquo s candidates are independent real estate and investment consultant Dr Chew Tuan Chiong, New Financial Holdings&rsquo managing director of asset management Jimmy Chan, and independent adviser Sandip Talukdar.
In its proxy paper, Glass Lewis said that there was a lack of detail provided on why unitholders should support the requisitionists&rsquo candidates.
&ldquo In our view, the requisitionists have not provided a detailed rationale for the unitholder to support (their) candidates for the internalised manager. Here, we believe shareholders should support the candidates independently identified by the trustee, at this time.&rdquo
Sabana Reit better off if major unitholders not represented on board of new internal manager
Sabana Reit to vote on proposed internal manager directors at EGM on Oct 18
However, Glass Lewis also noted that the trustee had selected its director candidates based on &ldquo robust criteria&rdquo which took into account several factors, including the candidate&rsquo s industry experience, motivation for the role, and potential contribution towards the newly internalised management structure.
The trustee also factored in the diversity of the board members, considering the gender and functional experience of the candidates, among other criteria, the proxy adviser noted.
It added that the trustee assessed the reputation of each candidate based on the results of independent background checks.
Glass Lewis highlighted the trustee&rsquo s argument that there remains uncertainty over how the appointment of the requisitionists&rsquo director candidates would affect the new Reit manager&rsquo s application for a capital markets services licence.
The proxy adviser also noted how the trustee had indicated that background checks on the requisitionists&rsquo candidates have not yet been completed.
The EGM will be held at 10.30 am at Hope@New Tech Park in Lorong Chuan.
Lights at the end of tunnel, look forward to EGM on Oct 18.
I have bought more shares (6-digits) recently, given its low P/B and potential benefits of internalisation !
I have bought more shares (6-digits) recently, given its low P/B and potential benefits of internalisation !
Internalisation will be very succesful rather than slow death. New board selected by unitholders will be highly motivated, vote in competent managent and approve strategy to revive Sabana. Most important point: Complete alignment of interest of board and unitholders. No more second-guessing of sponsor' s motives.
So vote for candidates selected by unitholders. Vote for Reso 1-6! And vote against Trustee candidates!!
So vote for candidates selected by unitholders. Vote for Reso 1-6! And vote against Trustee candidates!!
luckyguy3 ( Date: 13-Oct-2024 20:33) Posted:
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Sabana Reit better off if major unitholders not represented on board of new internal manager
Would-be directors should commit to purchasing S$1 million worth of units in the market to align interest with unitholders
UNITHOLDERS of Sabana Industrial Real Estate Investment Trust (Sabana Reit) are to vote at yet another extraordinary general meeting (EGM) on Friday (Oct 18).
This time, the matter at hand is the appointment of directors to the board of the internalised manager of the Reit &ndash subject to the requisite approvals from the Monetary Authority of Singapore being obtained.
The requisitionists of the EGM, led by Quarz Capital, have proposed six names.
The trustee of Sabana Reit, which was tasked by unitholders last year with setting up a new internal manager, has put forward three names.
Judging from the series of sharply worded letters between the requisitionists and the trustee in recent weeks, the EGM is shaping up to be a contest of sorts between the two slates of candidates.
Notably, the requisitionists said in a letter dated Sep 18 that the trustee&rsquo s director candidates had been &ldquo unilaterally&rdquo put forward with &ldquo zero input&rdquo from unitholders.
&ldquo As the trustee&rsquo s process to select its director candidates has zero oversight from Sabana unitholders, Sabana unitholders have zero confidence that the director candidates proposed by the trustee are fully prepared to act in the best interest of Sabana unitholders,&rdquo the requisitionists said.
In the same letter, the requisitionists called on the trustee and its proposed directors to publicly commit to the same terms as their proposed slate of directors.
After being asked to clarify these conditions, the requisitionists said in a letter dated Oct 1 that their slate of candidates had each agreed to be paid director&rsquo s fees of less than S$45,000 per year, receive at least 25 per cent of those fees in Sabana Reit units, and maintain a meaningful stake by not selling the units they receive as director&rsquo s fees for at least a year.
Sabana Reit to vote on proposed internal manager directors at EGM on Oct 18
The requisitionists also sparred with the trustee over the need for background checks on their proposed directors and accused the trustee of wasting time and money on matters that &ldquo have been shown to be needless and irrelevant for internalisation&rdquo .
For its part, the trustee said in a letter dated Sep 25 that there were unanticipated developments and complexities in the internalisation process, and that the &ldquo piecemeal, unclear or contradictory actions&rdquo taken by the requisitionists had caused more delays and costs.
The trustee noted that the requisitionists had proposed their six director candidates belatedly, which made further consultations with regulators necessary.
&ldquo It is also not helpful to the identification of key management candidates if the state and composition of the intended board of the new internalised manager is in a perpetual state of flux,&rdquo the trustee said.
Quarz, Volare voting bloc
All the acrimony aside, the requisitionists seem to be in a strong position to install their proposed slate of directors on the board of Sabana Reit&rsquo s new internal manager.
Among the six names they have put forward are Jan Frederic Moermann and Havard Chi, who are, respectively, the chief executive and head of investments at Quarz Capital.
Another candidate the requisitionists have put forward is Konrad Duttwiler, the chief financial officer of Volare Group.
Quarz Capital owns 154.5 million or 13.73 per cent of Sabana Reit&rsquo s units. Volare has an interest in 191.4 million units, equivalent to a 17.01 per cent stake.
This combined voting bloc has proven sufficient to prise Sabana Reit from the grasp of its sponsor group, Hong Kong-listed ESR Group &ndash which holds nearly 235 million units or a 20.88 per cent stake.
In May this year, the courts ruled that amendments to Sabana Reit&rsquo s trust deed were required to effect the internalisation of its management function. This would require a special resolution, with a 75 per cent approval threshold.
The courts also ruled, however, that ESR Group was prohibited from voting on the trust deed amendment. This contradicted an earlier statement by Singapore Exchange Regulation that ESR Group was not required to abstain from voting.
At an EGM on Aug 6, the extraordinary resolution to make the necessary amendments to the trust deed was passed. Of the 466.3 million units that voted, more than 422.1 million &ndash or more than 90.5 per cent &ndash voted in favour.
Even when ESR Group was not barred from voting, Quarz Capital has managed to get its way. Most of its key ordinary resolutions at recent EGMs have passed with the support of between 55 per cent and 60 per cent of votes cast.
For instance, the resolution to remove Sabana Reit&rsquo s external manager at the EGM in August last year was passed with a total of 397.4 million units voting in favour, equivalent to 57.5 per cent of all the units voted.
At the same EGM, the resolution directing the trustee to set up a new internalised manager was passed with nearly 384.5 million units voting in favour, amounting to 55.6 per cent of all the units voted.
Alignment of interests
The big question is whether some minority investors will choose to vote differently now that the biggest obstacles to internalisation have been overcome.
Will they go along with Quarz Capital and Volare Group once more? Or will they demonstrate a preference for a board that is independent of them?
My own view is that Sabana Reit would be better off if its three largest unitholders were not directly represented on the board of its new internalised manager.
For one thing, Quarz Capital&rsquo s activist approach might hamper the new internal manager&rsquo s ability to hire the best talent in the market. Many top executives would baulk at the risk of being constantly second-guessed by their own board members in public.
Conflicts among the board representatives of Sabana Reit&rsquo s major unitholders might also detract from the smooth running of its operations.
Yet, many small investors find the idea of boards and top executives having some skin in the game appealing. This is why the director candidates put forward by the requisitionists have pledged to maintain some exposure in Sabana Reit.
Their commitment to not selling any units received as director&rsquo s fees for at least a year is a rather low bar, though.
It would be far more convincing if all the individuals who have been put forward by the requisitionists and the trustee made a much more significant gesture &ndash such as publicly committing to purchasing S$1 million worth of Sabana Reit units in the market within one month of their appointment and holding on to them until at least the end of their tenure.
This is not a big ask. Sabana Reit is currently trading at an annualised H1 2024 distribution per unit yield of 7.1 per cent, and a nearly 28 per cent discount to its net asset value. This seems undemanding for a Reit with a property portfolio focused on Singapore, and an aggregate leverage of 35.8 per cent.
With the potential cachet that could come with being the first internally managed Reit in the local market, at a time when global interest rates are easing, it could be just a matter of time before it draws a wider investor following.
That is assuming, of course, that the board of its internal manager focuses on creating value with as little drama as possible.
All the best to the 6 proposed candidates... Hope they all get in. Have voted for them. I know Mr Lim and Mr Jerry low personally from other AGms and the 2017 Sabana vote. Both good guys. Standing up for small shareholders 
sangsang1 ( Date: 13-Oct-2024 21:57) Posted:
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ESR has already lost multiple times in court .. Trustee have already made an easy thing very difficult...so the worst is over
Voting in the directors is the last step. Once done, the directors will confirm the new management team. As bad as the Trustee is, they have promised a 4Q2024 completion
Voting in the directors is the last step. Once done, the directors will confirm the new management team. As bad as the Trustee is, they have promised a 4Q2024 completion