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wah so fierce, play until Singapore High Court.
Dunno whether trustee is " friend" with anyone. But I have impression that trustee has no intention of making internalisation happen quickly, swiftly and easily. Could all be faster and trustee a bit more transaprent, responsive and forthcoming.....
luckyguy3 ( Date: 31-Mar-2024 13:11) Posted:
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how about re-appoint Ernst and young ? any benefits ??
And the report adopt by HSBC ?? Not sure what report will it affect ??
And the report adopt by HSBC ?? Not sure what report will it affect ??
sangsang1 ( Date: 31-Mar-2024 12:39) Posted:
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all singapore properties unlike other reits...so easy to monitor
still performing well compared to other reits if you compare to share price before and after covid.
still performing well compared to other reits if you compare to share price before and after covid.
Most cock up reits in recent times. Would not even want to touch. no eye see
very easy question for u..
is the trustee friend with ESR or Q? U do know that trustee has worked with ESR for many years liao right
is the trustee friend with ESR or Q? U do know that trustee has worked with ESR for many years liao right
RumbaRambo ( Date: 27-Mar-2024 18:51) Posted:
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usually when the REIT is trading at discount to NAv, i vote no to new share issue or dividend reinvestment scheme as it is money losing to existing shareholders when manager issue new shares when share price is below nav.
Sabana leverage also very low at 34% only.
So in sabana case, i will vote no to both resolutions to new share issue and dividend reinvestment
Sabana leverage also very low at 34% only.
So in sabana case, i will vote no to both resolutions to new share issue and dividend reinvestment
Do advise on how you will vote on coming AGM
Ordinary resolutions .. Item1 and Item 2. Not sure what to vote .. ??
Special resolutions ..Item 1 and Item 2. i will vote No ..
Ordinary resolutions .. Item1 and Item 2. Not sure what to vote .. ??
Special resolutions ..Item 1 and Item 2. i will vote No ..
Agree. Q really fighting hard to push through internalisation. Comittee members work on a voluntary basis. Why doesn' t trustee allow free conversation on controversial issues. Seems trustee wants to dictate agenda. Let Q do their job as they are doing a good job for Sabana unitholders and are trailblazers for internalisation in Singapore.
sealTeam3 ( Date: 27-Mar-2024 15:50) Posted:
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isn' t it scary that the trustee got nothing to lose? they can just do whatever shit they want la.. not their money anyway...
aiya, you think they will resign such cushy jobs? reit ceo easily few hundred thousands lei.. anything, just get lawyers to defend la.. lawyers also not paid by them
on the othe rhand, the committee is not even paid to do this. they are defending their own money and stake in the reit... fully align with all unitholders. i think prettyy clear to me who i' m supporting
aiya, you think they will resign such cushy jobs? reit ceo easily few hundred thousands lei.. anything, just get lawyers to defend la.. lawyers also not paid by them
on the othe rhand, the committee is not even paid to do this. they are defending their own money and stake in the reit... fully align with all unitholders. i think prettyy clear to me who i' m supporting
aragosta ( Date: 27-Mar-2024 11:04) Posted:
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it says " many of the important correspondences between the trustee and the internalisation committee have been conveniently left out" . I think trustee just reports what it wants to report la..
and it makes sense for the committee to ask to discuss the most important matters like the amendments.. what' s the point of discussing other matters when the most important ones are not ironed out?
i think the committee is in the right direction.. hope they stay strong and continue to fight for all unitholders imagine they are fighting againts big shot lawyers, paid by unitholders somemore..
and it makes sense for the committee to ask to discuss the most important matters like the amendments.. what' s the point of discussing other matters when the most important ones are not ironed out?
i think the committee is in the right direction.. hope they stay strong and continue to fight for all unitholders
imagine they are fighting againts big shot lawyers, paid by unitholders somemore..
These committee members so arrogant and cocky , meeting date fixed with trustee manager but did not turn up . Big shot !
Joelton ( Date: 27-Mar-2024 10:24) Posted:
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Sabana Reit trustee&rsquo s first meeting with internalisation committee fails unitholders requisition EGM
HSBC Institutional Trust Services&rsquo first meeting with the internalisation committee of Sabana Industrial Real Estate Investment Trust (Sabana Reit : M1GU 0%) did not take place as intended on Monday (Mar 25), as the committee members did not attend the event.
HSBC Institutional Trust Services, which is Sabana Reit&rsquo s trustee, said on Tuesday that the committee members instead wished to focus discussions on proposed amendments to the trust deed, as well as an ongoing court application filed on Jan 9 regarding the Reit&rsquo s internalisation process.
The internalisation committee was set up last week by HSBC Institutional Trust Services and includes several employees from activist investor Quarz Capital. This came about after unitholders of the Reit voted for eight out of the 10 resolutions proposed by Quarz, which relate to how the trustee should handle the internalisation of Sabana Reit.
To recap, certain unitholders &ndash including Quarz and members of the internalisation committee &ndash disagree on whether proposed trust deed amendments are required to implement the internalisation, and whether an extraordinary general meeting can be convened to consider such proposed amendments.
On Jan 9 this year, HSBC Institutional Trust Services filed an application to seek the court&rsquo s guidance on the issue of whether the Reit manager, its shareholders, and related parties ought to be permitted to vote on any resolution to amend the trust deed.
In its statement, Reit trustee said its proposed Mar 25 meeting with the newly-established internalisation committee was meant to be &ldquo open and constructive&rdquo .
Its purpose was to seek the committee members&rsquo views on various work streams affecting the progress of the implementation of Sabana Reit&rsquo s ongoing internalisation process.
In its latest announcement dated Mar 26, the trustee reiterated that the Jan 9 application was meant to clarify such key issues and steps for the internalisation process, and to &ldquo ensure that the views of all unitholders are properly considered in an appropriate forum&rdquo .
Therefore, it urged unitholders to &ldquo respect the ongoing court process&rdquo , and to allow for these issues to be &ldquo appropriately heard by the court and decided in an orderly manner&rdquo .
&ldquo A decision by the court on the Order 32 Application will provide clarity for all unitholders,&rdquo it added.
Meanwhile, HSBC Institutional Trust Services said it remained &ldquo ready and willing to engage in a constructive manner with the internalisation committee in respect of the ongoing internalisation process&rdquo .
It further requested that members of the internalisation committee ink non-disclosure agreements to &ldquo safeguard the confidential information&rdquo of Sabana Reit.
&ldquo Until such non-disclosure agreements are entered into by the members of the internalisation committee, the trustee is only able to discuss public information in meetings with the internalisation committee.&rdquo
Over the midday trading break on Tuesday, the Reit manager announced it received a requisition notice from several unitholders to table a set of seven resolutions in its upcoming April 2024 annual general meeting (AGM), or alternatively hold an extraordinary general meeting (EGM) right after the AGM at the same venue.
These unitholders &ndash who include Quarz&rsquo s chief investment officer Jan Frederic Moermann and the activist investor&rsquo s head of research, Havard Chi &ndash collectively own over 10 per cent of Sabana Reit.
Chi and Moermann are also members of the internalisation committee.
Among the seven resolutions, the requisitioners are requesting for HSBC Institutional Trust Services to be directed to consult with, and seek regulatory waivers or directions from regulatory authorities such that the trustee may provide written certification for new proposed amendments to the trust deed.
Other resolutions sought to prevent the trustee from incorporating any amendment to the trust deed relating to external borrowings, or the establishment or acquisition of subsidiaries held by the manager, unless it provides written certification for the proposed amendments.
The requisitioners further called for the trustee to be directed to &ldquo provide a clear timeline for when internalisation can be completed&rdquo &ndash as well as to consult with the Monetary Authority of Singapore (MAS) on all proposed amendments and seek regulatory waivers or directions from MAS &ldquo such that internalisation can be successfully implemented&rdquo .
&ldquo We believe that this would result in cost savings and be in the best interests of all unitholders,&rdquo wrote the requisitioners in their Mar 25 notice.
The Reit manager said it is considering the requisition notice as well as the Mar 26 trustee statement, and is seeking legal advice.
&ldquo As the trustee has been directed by unitholders to effect the internalisation exercise, the manager will be discussing with the trustee on their next steps,&rdquo it added.
Units of Sabana Reit were down S$0.005 or 1.4 per cent at S$0.36 as at 4.07 pm on Tuesday, after the latest announcement.
The internalisation committee has separately reached out to The Business Times (BT) claiming it was &ldquo surprised to learn that many of the important correspondences between the trustee and the internalisation committee have been conveniently left out&rdquo in the trustee&rsquo s Mar 26 statement.
Contrary to the trustee, the internalisation committee said the Mar 25 meeting&rsquo s failure to take place came as both parties were unable to agree on an agenda, the format, as well as appropriate terms and conditions of the meeting.
In a WhatsApp message seen by BT, the committee maintained that any proposed trust deed amendments by the trustee should be &ldquo discussed openly with all unitholders with the support of the regulators&rdquo .
Not allowing the internalisation committee to address and discuss key matters with the trustee would be in &ldquo full contradiction to the resolutions passed and voted in by unitholders&rdquo at the Reit&rsquo s Mar 8 EGM, it added.
Addressing the trustee&rsquo s court application filed on Jan 9, the committee opined that initiating the Order 32 Application was &ldquo worse still&rdquo as legal fees would be &ldquo ironically&rdquo borne by unitholders.
&ldquo The Singapore law encourages parties to resolve their disputes without court intervention and consider litigation to be the &lsquo last resort&rsquo . However, the trustee insists on &lsquo locking itself&rsquo into an opposing position to the unitholders when these issues could have been discussed through an open dialogue and discussion,&rdquo said the committee.
&ldquo It seems that the trustee is highly insistent on &lsquo being right&rsquo about its position and having the court to &lsquo approve&rsquo its position even after MAS stepping forward to provide various waivers and clarifications, and forgetting that the ultimate objective of all these efforts is to work towards the success of internalisation.&rdquo
The trustee has been working with ESR for so many years. So easy to figure out ...
sealTeam3 ( Date: 26-Mar-2024 18:29) Posted:
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well, with so much nonsense from the Trustee, who knows if internalization will succeed or not right? they seem to be working so hard towards its failure than its success, wasting unitholders $$$ along the way
luckyguy3 ( Date: 26-Mar-2024 18:26) Posted:
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U use the word " IF" and not " WHEN" ...
sealTeam3 ( Date: 26-Mar-2024 18:25) Posted:
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The internalisation committee has separately reached out to The Business Times (BT) claiming it was &ldquo surprised to learn that many of the important correspondences between the trustee and the internalisation committee have been conveniently left out&rdquo in the trustee&rsquo s Mar 26 statement.
Contrary to the trustee, the internalisation committee said the Mar 25 meeting&rsquo s failure to take place came as both parties were unable to agree on an agenda, the format, as well as appropriate terms and conditions of the meeting.
In a WhatsApp message seen by BT, the committee maintained that any proposed trust deed amendments by the trustee should be &ldquo discussed openly with all unitholders with the support of the regulators&rdquo .
Not allowing the internalisation committee to address and discuss key matters with the trustee would be in &ldquo full contradiction to the resolutions passed and voted in by unitholders&rdquo at the Reit&rsquo s Mar 8 EGM, it added.
Addressing the trustee&rsquo s court application filed on Jan 9, the committee opined that initiating the Order 32 Application was &ldquo worse still&rdquo as legal fees would be &ldquo ironically&rdquo borne by unitholders.
&ldquo The Singapore law encourages parties to resolve their disputes without court intervention and consider litigation to be the &lsquo last resort&rsquo . However, the trustee insists on &lsquo locking itself&rsquo into an opposing position to the unitholders when these issues could have been discussed through an open dialogue and discussion,&rdquo said the committee.
&ldquo It seems that the trustee is highly insistent on &lsquo being right&rsquo about its position and having the court to &lsquo approve&rsquo its position even after MAS stepping forward to provide various waivers and clarifications, and forgetting that the ultimate objective of all these efforts is to work towards the success of internalisation.&rdquo
If internalization succeeds, all unitholders will benefit from it.. not any particular party..
it is rididulous the amount of fights the ' good side' needs to get through do the right thing
hope Q continues to fight for unitholders!
it is rididulous the amount of fights the ' good side' needs to get through do the right thing
hope Q continues to fight for unitholders!
Just want to be a new warlord replacing ESR !
aragosta ( Date: 26-Mar-2024 11:54) Posted:
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HSBC Institutional Trust Services? first meeting with the internalisation committee of Sabana Industrial Real Estate Investment Trust (Sabana Reit : M1GU 0%) did not take place as intended on Mar 25, as the committee members did not attend the event.
This was because the committee members wished to focus discussions on proposed amendments to the trust deed, as well as an ongoing court application filed on Jan 9 regarding the Reit?s internalisation process.
This was because the committee members wished to focus discussions on proposed amendments to the trust deed, as well as an ongoing court application filed on Jan 9 regarding the Reit?s internalisation process.