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For some people who are confused, the resolutions by the facebook group is different from mr Low' s resolutions of simply removing the manager without any specific plans what happen next. Please note that Mr. Low is a short term investor, and I am a long term investor of Sabana REIT for more than 6 years.
The problem for Mr. Low' s approach is that it will create chaos to the Reit. The manager is a company, not a person, meaning that all the staffs managing the Reit will be gone when you remove the manager. In other words, you need to form a company with experience on running the industrial properties business to run the whole Reit. There are rules and restrictions by MAS who are qualified to head the company, and they are strict. And the moment you pass the resolution, the manager is gone, and you don' t even have a staff to help u to collect the rentals and to renew the leases. Some of the loans are tied to the manager and your creditors could request you to pay the loans immediately. Even if you want to sell your properties, the sale price strongly depends on the lease (Not like selling a house). If your lease is not renewed because no manager to do so (the average lease time is 2.7 years only), the value of the properties can drop by 30% or more easily.
Another issue is that if the lenders lost confidence, they can request an immediate repayment of the loans. So, any choatic situation may lead to real adverse consequence to the REIT.
I don' t understand why Mr. Low refused to wait for another 2 weeks to iron out the details and insisted on his timeline to push his half-baked resolutions. We cannot afford to have a failure on the first attempt and we won' t even have another chance, since it is such an uphill battle. So, let' s wait for another 2 weeks while we iron out the details, before we present a workable plan that will give confidence to all the lenders, unit holders and the government.
So if you are interested to sign my resolutions (as outlined below), please email me at [email protected] and not attend the meeting by mr Low. You can also join the facebook group https://www.facebook.com/groups/1661599120805998/
Proposed Resolutions:
1) Removal of the Manager of Sabana REIT.
2) Setting up of a Special Committee to ensure smooth transition and develop a transition plan, to be voted in an Extraordinary General Meeting, within 3 months.
3) Name xx, yy, zz as the members of the Special Committee.
4) In the event of a transition plan is not approved by the unit holders within 3 months, the REIT will be divested by the Special Committee. Sale of the properties must be above 95% of the assessed values, unless separately approved in an EGM.
5) A new fee structure that ties to the DPU and the total income will be proposed here.
Should have no problem with resolution 2. Good one
Where0666 ( Date: 31-Jan-2017 17:22) Posted:
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This is not valid! Please read the role of the Trustees. The role of the Trustees is only to ensure that the properties are not stolen from the unit holders and everything is according to the laws. The Trustees have no experience and under no obligation to help you to find a qualified candidate and the whole team. Remember that the Manager is not one person, but a company. So, on the day that the Manager is removed, there is even not one staff left to collect the rentals for you, to manage the properties, to renew the leases etc. The Trustees is not in any position to build a team for you. Even if they want to, they don' t have the expertise to do that!
Where0666 ( Date: 31-Jan-2017 17:22) Posted:
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https://www.youtube.com/watch?v=RlKUg-0Tj6g
Under the rules and regulations of the CIS - Collective Investment Scheme, what are the further rules and procedures after a REIT Manager has been succesfully removed ?
And there is this clause pertaining to ' Change of Control' :-
http://infopub.sgx.com/FileOpen/20160825_Announcement_CMF.ashx?App=Announcement& FileID=418923
In short, the debts must be cleared first before this Sabana manager can run off.
Since we all agree on the removal of the current Sabana manager better act fast do remember that the current Manager still have Rights to buy more property for us!!!
I personally think resolution 2 is able to overcome... most of our worry.
RESOLUTION 2 :
(i) DIRECT SABANA REIT TRUSTEE TO INCORPORATE A NEW WHOLLY OWNED SUBSIDIARY TO REPLACE SABANA REAL ESTATE MANAGEMENT PTE LTD AS THE MANAGER FOR THE PURPOSE OF INTERNALISATION OF THE MANAGER FUNCTION.
(ii) DIRECT SABANA REIT TRUSTEE TO SEARCH FOR QUALIFIED CANDIDATES TO ASSUME THE ROLE OF DIRECTORS FOR THE INTERNALISED MANAGER.
Fangqq ( Date: 31-Jan-2017 17:05) Posted:
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As unitholders, we should just exercise our rights to remove the Manager, and leave the execution of resolution to the professionals.
Fangqq ( Date: 31-Jan-2017 17:05) Posted:
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If MAS allows unitholders option to remove the Manager, MAS must be aware of the consequences of removing the Manager without a replacement. Do you think MAS allows this to happen?
I am more concern on unitholders like us do not have the expertise, yet want to lead/dictate in the process of removing the Manager.
kohyeekan ( Date: 31-Jan-2017 10:07) Posted:
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For some people who are confused, the resolutions by the facebook group is different from mr Low' s resolutions of simply removing the manager without any specific plans what happen next. Please note that Mr. Low is a short term investor, and I am a long term investor of Sabana REIT for more than 6 years.
The problem for Mr. Low' s approach is that it will create chaos to the Reit. The manager is a company, not a person, meaning that all the staffs managing the Reit will be gone when you remove the manager. In other words, you need to form a company with experience on running the industrial properties business to run the whole Reit. There are rules and restrictions by MAS who are qualified to head the company, and they are strict. And the moment you pass the resolution, the manager is gone, and you don' t even have a staff to help u to collect the rentals and to renew the leases. Some of the loans are tied to the manager and your creditors could request you to pay the loans immediately. Even if you want to sell your properties, the sale price strongly depends on the lease (Not like selling a house). If your lease is not renewed because no manager to do so (the average lease time is 2.7 years only), the value of the properties can drop by 30% or more easily.
This is what I meant by chaotic situation when we do not plan carefully to remove the manager. Then, the price of the shares will drop to very very Low, if this chaotic situations happen. Everyone loses. I am not going to gamble my money with that...
So if you are interested to sign my resolutions (as outlined below), please email me at [email protected] and not attend the meeting by mr Low. You can also join the facebook group https://www.facebook.com/groups/1661599120805998/
Proposed Resolutions:
1) Removal of the Manager of Sabana REIT.
2) Setting up of a Special Committee to ensure smooth transition and develop a transition plan, to be voted in an Extraordinary General Meeting, within 3 months.
3) Name xx, yy, zz as the members of the Special Committee.
4) In the event of a transition plan is not approved by the unit holders within 3 months, the REIT will be divested by the Special Committee. Sale of the properties must be above 95% of the assessed values, unless separately approved in an EGM.
5) A new fee structure that ties to the DPU and the total income will be proposed here.
Shareholders are " Automatic Teller Machines" (ATM). Anytime the mgmt needs money, they just do right issues, notes, etc. No need to borrow money from bank. Money will automatically comes out of you and is always available.
mepkoh ( Date: 31-Jan-2017 08:56) Posted:
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why managers buy properties....???
they get .5% of properties value in their port forlio as mgt fees..
thats why..buy more they are paid more..so buy n buy..shareholders keeps on paying managers for just buying assets..i also want to be manager...hahaha..
shares tanked?? no worries...payment against asset valus not share price
ehclim ( Date: 30-Jan-2017 22:48) Posted:
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You have my support. Our objective is clear, boot out the incapable manager and worry about next move.
ACTIVIST_SPEAKS ( Date: 30-Jan-2017 08:36) Posted:
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one arrangement that is bad for small reits holder is that reits issue new units to pay the managing agent.
if fee is $x. number of units equal to $x is issue. ie lower reits price means more units issue. ie small holders share are diluted by a larger percentage.
agreed they never performed
I only know one thing...God know exactly what they plan and do...so stop sucking ppl money....!
Others reits know that and make money for the general interest....
We shall see how long they wana suck...!
Btw, Happy CNY to all! Hope this year will HUAT big big for us!
Those who know the back ground of the top executives of the manager , shouldn' t be surprised with this outcome .
this is like saying if you like sgp you can always migrate to other country.
this argument is unfair and irresponsible.
this argument is unfair and irresponsible.
Unsatisfied shareholders have an option to divest their investment and to stay away from any non-performing stock. Just move on, if things could not be changed. Why carries pain everyday holding something you don' t like.
In the case of Sabana, one must question why the manager could not retain the existing tenants, and why could not attract NEW tenants, while other reits are still doing reasonably well, given the same economic challenges. Clearly, it shows a lack of vision and competence.
Hi ACTIVIST, may i request that you start a separate, dedicated thread on STOCK ACTIVISM. Anyone who has knowledge on accounting, MAS regulations and policies can post there. It' s time we build knowledge on our rights as investors.
It' s time we small voices speak up against listed companies that take us retail investors for a ride. Sick of their wayang wayang as they continue to fail in their performance. Stop these ' highly qualified, experienced' people sitting on the Boards and executive positions from doing damage, if they are not competent enough to add value to the corporate profits and growth.
Thank you for enlightening us. We must gather ourselves and push for an EGM to vote.
In Singapore, Sabana Reit may become the first stock that unhappy retail shareholders organise together and take action against unperforming management.
In general, most retail shareholders have been suffering losses and disappointments when the stocks they invest in don' t perform due to poor management. The root cause is poor management, which fail to deliver good profits, yet enrich themselves with high executive salary and bonuses. Public-listed companies have moral and ethical responsibilities to take care of the collective small, retail investors who pool in their hard earned money. If the Board and management are incompetent, and lack good corporate governance, then investors will suffer. No wonder less and less people are investing money in the stock markets. Only a handful of listed companies have good management and promising prospects, while the majority companies... i don' t even know why they remain listed and cause suffering to the ordinary man on the street.
ACTIVIST_SPEAKS ( Date: 29-Jan-2017 01:50) Posted:
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