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I think you have been protected from great losses because of your delay in buying. Missing out is good at times.
You will not lose or gain if you miss out.
Golden rule
Wait and see
You will not lose or gain if you miss out.
Golden rule
Wait and see
GoldenPig ( Date: 24-May-2024 10:42) Posted:
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No. My feel is can buy now. I am just being greedy trying to see if the price can go lower. But I usually miss the boat in the end.
Going by my track record, I guess you should buy since I am greedy & dumb enough not to buy. 😂
Please do your own due diligence. This is just my speculation.
Going by my track record, I guess you should buy since I am greedy & dumb enough not to buy. 😂
Please do your own due diligence. This is just my speculation.
MrBear12 ( Date: 24-May-2024 10:31) Posted:
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With the High Court ruling, the internalisation is more or less fait accompli. There will be a new EGM to pass resolutions to amend the Trust Deed. I will definitely vote for the amendments. Other unitholders will vote for as well.
I held back from buying more Sabana this morning in case ESR Entities dump their units in the near future. If that really happens, maybe we can buy more Sabana at even lower prices. Aside from that, Sabana price should start to recover & go up. Its financial metrics are good in this higher interest rate for longer environment. I think a rate cut this year is unlikely though not impossible.
I held back from buying more Sabana this morning in case ESR Entities dump their units in the near future. If that really happens, maybe we can buy more Sabana at even lower prices. Aside from that, Sabana price should start to recover & go up. Its financial metrics are good in this higher interest rate for longer environment. I think a rate cut this year is unlikely though not impossible.
aragosta ( Date: 24-May-2024 09:57) Posted:
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So Golden, you mean buy later?
GoldenPig ( Date: 24-May-2024 10:29) Posted:
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Should I buy this now?
I think we are quite close to the end now with this Order 32 ruling. ESR can challenge it of course, but if they do my own view (not investment advice/do your own research etc) is that they will fail. I always found it a bit odd that SGX said ESR could vote, given the court not them is the final arbiter. In my mind at least I think it is relatively certain now internalisation will happen.
As to costs, sure, but the benefits far far outweigh the costs. People who can' t see that are not assessing the benefits properly.
As to costs, sure, but the benefits far far outweigh the costs. People who can' t see that are not assessing the benefits properly.
aragosta ( Date: 24-May-2024 09:57) Posted:
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In a way what you are talking about is noise. Quarz, the Trustee and ESR were all jockeying for position in various ways and on various battlefields. Like 3 dimensional chess. It' s just how high stakes business negotiations work. I agree it' s not necessaily pleasant to see how a sausage is made.
The reality is that the key decisions were going to be made by the courts, MAS, SGX, and ultimately shareholders once the other parties have set out the parameters for a vote. We are where we are, no need to cry about how we got here. Where we are now is that internalsation will eventually happen, resulting in a big transfer of value from ESR to all other shareholders (I am surprised how some people on this forum do not appear to understand this basic point) together with the removal of a potential conflict of interest held by those who run the company day to day.
If you want an idea of the value this means to shareholders/the share price, I can point you to the likelihood that Volare bought its initial 10% stake in Sabana at S$0.465 because of the prospect of internalisation. So I think there is a lot of upside once this is all done. And it would not have happened without Quarz.
The reality is that the key decisions were going to be made by the courts, MAS, SGX, and ultimately shareholders once the other parties have set out the parameters for a vote. We are where we are, no need to cry about how we got here. Where we are now is that internalsation will eventually happen, resulting in a big transfer of value from ESR to all other shareholders (I am surprised how some people on this forum do not appear to understand this basic point) together with the removal of a potential conflict of interest held by those who run the company day to day.
If you want an idea of the value this means to shareholders/the share price, I can point you to the likelihood that Volare bought its initial 10% stake in Sabana at S$0.465 because of the prospect of internalisation. So I think there is a lot of upside once this is all done. And it would not have happened without Quarz.
GoldenPig ( Date: 24-May-2024 09:47) Posted:
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Yes， Alignment,
And this momentus event will unite shareholders and give them hope for change.
Thank you Alignment for seeing this through with us.
This Reit has suffered for more than a decade.
CHANGE is necessary!
And this momentus event will unite shareholders and give them hope for change.
Thank you Alignment for seeing this through with us.
This Reit has suffered for more than a decade.
CHANGE is necessary!
Alignment ( Date: 24-May-2024 09:44) Posted:
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To be honest, I am not impressed by Quarz' s conduct in this matter. I heartily agree with what the Tustee said about the impediments to their work & progress. Instead of working with the Trustee, the internalisation committee & Quarz appear to be working against it. They tried to finagle the internalisation with their latest EGM request to stop the Trustee from making the trustee Deed amendments. Come on lah! If the internalisation really went through that way, its legality will be questionable and unitholders will keep losing money in the endless legal battles that will follow. Even a non-professional like me know that.
My plan was to wait for the Trustee to advise the legal impacts if the proposed EGM resolutions were passed. If they were negative, I would have voted against the resolutions. The internalisation must be done properly & legally. Otherwise, unitholders will end up worse off.
My plan was to wait for the Trustee to advise the legal impacts if the proposed EGM resolutions were passed. If they were negative, I would have voted against the resolutions. The internalisation must be done properly & legally. Otherwise, unitholders will end up worse off.
The court ruling that ESR cannot vote when there is a vote to change the trust deed is a seismic event that I think will change the SGX REIT and business trust market forever. The threshold for removing a manager has suddenly fallen significantly. As per the Sabana REIT experience all that is required now is a straight up majority vote in favour where the manager could vote.
This is still not necessarily easy to achieve for retail investors by themselves, given REIT/business trust managers typically have 20% ish stakes, although it is not impossible. But it opens a big door for activist investors like Quarz to repeat the trick with other undervalued REITs/business trusts because they have the firepower to buy a stake to match ESR and then force a process through.
I would expect this to have a significant impact on REIT/business trust share prices once the markets wake up to what has just happened (starting obviously with Sabana). Especially those that a) underperform, and b) are undervalued. You need to have both - a) triggers discontent with a manager, and b) draws in an investor like Quarz that can effect change.
This is still not necessarily easy to achieve for retail investors by themselves, given REIT/business trust managers typically have 20% ish stakes, although it is not impossible. But it opens a big door for activist investors like Quarz to repeat the trick with other undervalued REITs/business trusts because they have the firepower to buy a stake to match ESR and then force a process through.
I would expect this to have a significant impact on REIT/business trust share prices once the markets wake up to what has just happened (starting obviously with Sabana). Especially those that a) underperform, and b) are undervalued. You need to have both - a) triggers discontent with a manager, and b) draws in an investor like Quarz that can effect change.
MrBear12 ( Date: 24-May-2024 09:24) Posted:
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That will set the trend in other REITS
Alignment ( Date: 24-May-2024 09:19) Posted:
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Wow.Internalisation will finally happen.
Congratulations to all shareholders (except ESR) and Quarz in particular.
Congratulations to all shareholders (except ESR) and Quarz in particular.
It shld be that way in the first place. How else can conflicts of interests be avoided?
GoldenPig ( Date: 24-May-2024 08:59) Posted:
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Good news! Go read the Trustee' s statement released this morning.
The High Court (re Order 32 application) has ruled that amendments to the Trust Deed are needed to effect the internalisation and that the ESR Entities are prohibited from voting on the amendments to the Trust Deed.
https://links.sgx.com/1.0.0/corporate-announcements/0OOEK8GDB27NWNQ9/804417_24%20May%20Trustee%20Statement.pdf
The High Court (re Order 32 application) has ruled that amendments to the Trust Deed are needed to effect the internalisation and that the ESR Entities are prohibited from voting on the amendments to the Trust Deed.
https://links.sgx.com/1.0.0/corporate-announcements/0OOEK8GDB27NWNQ9/804417_24%20May%20Trustee%20Statement.pdf
Wasting everyone?s time and efforts. This will be a long drawn out affair. Costly too!
Sabana Reit&rsquo s May 24 EGM to be postponed
Further announcements concerning the postponed meeting would be made in due course
THE manager of Sabana Industrial Reit said late on Thursday (May 23) that an extraordinary general meeting (EGM) requisitioned by unitholders led by Quarz Capital Asia would be postponed.
The manager said that an EGM abeyance application filed by ESR Group was heard in the Singapore High Court on Thursday, and the court ruled that the EGM scheduled for Friday shall not proceed.
The court also ruled that the manager shall issue a notice for the postponed meeting by Jun 6, 2024, unless the requisitionists withdraw their notice calling for the EGM.
Earlier this month, ESR Group filed an application in the High Court, seeking orders for the EGM to be held in abeyance until the Order 32 application filed by the trustee to the High Court is concluded.
The trustee filed an Order 32 application in January to clarify steps for the internalisation of Sabana Reit&rsquo s manager, and had sought declarations on whether trust deed amendments are required, and whether ESR Group entities would be allowed to vote on such amendments.
The manager said further announcements concerning the postponed EGM would be made in due course.
It's obvious that ESR is still reeling from the decision to internalize the manager and is nitpicking to derial process. As unit holders we are committed and is in our interest to make it work.
agree . since we go for internal manager, we should go all the way ... and make this happen ..vote yes ... to all the .. agenda.we should see some progress soon ...
sangsang1 ( Date: 20-May-2024 11:16) Posted:
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not just quartz, all smart shareholders voting yes for all the resolutions as they all know that it will help internalisation to be completed. lol 
by voting yes, that is the only way shareholders can protect themselves and show the trustee what unitholders want - internalisation
Just look at all the share price of this sponsor' s reit, ESR Logos, ARA US etc share price now and think whether you want to be together with this sponsor or leave to have a new indepedent future
last few days already, without a clear yes vote for all the resolutions, we will continue to be stuck in this due to the Trustee!!!!
by voting yes, that is the only way shareholders can protect themselves and show the trustee what unitholders want - internalisation
Just look at all the share price of this sponsor' s reit, ESR Logos, ARA US etc share price now and think whether you want to be together with this sponsor or leave to have a new indepedent future
last few days already, without a clear yes vote for all the resolutions, we will continue to be stuck in this due to the Trustee!!!!
ESR attempts to halt Sabana Reit&rsquo s May 24 EGM
The meeting is to be held by Sabana&rsquo s external manager to consider resolutions raised by activist investor Quarz Capital and four other unitholders of the Reit
SABANA Industrial Real Estate Investment Trust&rsquo s (Sabana Reit) sponsor ESR Group has filed an application to the High Court of Singapore to stop the Reit&rsquo s May 24 extraordinary general meeting (EGM).
On Tuesday (May 14), the Reit manager said this was to allow for the final disposal of HC/OA 19/2024, which is the originating application filed by trustee HSBC Institutional Trust Services to seek a declaration that amendments to the trust deed are required to implement the resolutions approved at last year&rsquo s EGM.
ESR had also sought to block last year&rsquo s meeting, though its application for an interim injunction to do so was dismissed by the High Court.
At the EGM which was eventually held on Aug 7, unitholders of Sabana Reit voted in favour of its internalisation. Two resolutions were passed at the meeting &ndash one to remove Sabana Real Estate Investment Management as the Reit&rsquo s manager, and the other to effect the internalisation of the Reit management function.
The May 24 EGM is to be held by Sabana&rsquo s external manager to consider resolutions set out by a Mar 25, 2024 requisition letter issued by activist investor Quarz Capital and four other unitholders of the Reit.
These resolutions were subsequently revised in an April 18 letter.
As ESR seeks to hold the EGM in abeyance ahead of its scheduled date on May 24, the manager of Sabana Reit said it will provide further updates on ESR&rsquo s application should material developments arise.
ESR has further requested liberty to apply for further directions in respect of the EGM, and for the costs of the court application to be provided.
It also asked for further, or other relief, as the court sees fit.