Post Reply
621-640 of 1692
U all very solid. That time The Edge u all also say they side with ESR. Now u saying DBS advice is clueless.
Alamak.. so u mean u the expert, u more expert than The Edge and DBS is it?
Alamak.. so u mean u the expert, u more expert than The Edge and DBS is it?
sangsang1 ( Date: 08-Aug-2023 17:15) Posted:
|
Well, I think any takeover will take place when Sabana reit reaches 30 cents target price set by DBS lo..
Especially if the internalisation fails to work and Sabana reit is in a mess, then Sabana reit will be taken over at low ball price of say 30 cents lo as tenants all stop renewing their leases etc...
Many hungry vultures circling around Sabana reit waiting for the internalisation to fail then can take over at firesale price.
Of course shareholders of Sabana reit will want the internalisation to work while some parties want it to fail so that they can
scoop up Sabana reit for dirt cheap price.
Especially if the internalisation fails to work and Sabana reit is in a mess, then Sabana reit will be taken over at low ball price of say 30 cents lo as tenants all stop renewing their leases etc...
Many hungry vultures circling around Sabana reit waiting for the internalisation to fail then can take over at firesale price.
Of course shareholders of Sabana reit will want the internalisation to work while some parties want it to fail so that they can
scoop up Sabana reit for dirt cheap price.
sangsang1 ( Date: 08-Aug-2023 17:28) Posted:
|
yes.. i mentioned/predicted in this thread before that ESR-LOGOS share price will be higher than Sabana reit share price within 6mth to 1 year.
It seems that DBS target price for Sabana share price to be 30 cents. If DBS is right, then my prediction will be on track liao lo.
It seems that DBS target price for Sabana share price to be 30 cents. If DBS is right, then my prediction will be on track liao lo.
sangsang1 ( Date: 08-Aug-2023 17:28) Posted:
|
Me fear mongering??.. No la, I just post DBS target price for Sabana reit of 30 cents ma.. Not my prediction, is DBS one..http://www.businesstimes.com.sg/companies-markets/brokers-take-dbs-downgrades-sabana-reit-fully-valued-near-term-uncertainties
sealTeam3 ( Date: 08-Aug-2023 17:32) Posted:
|
Eh i thought we wont be seeing you until 3-6 months later?! Cant help but continue the fear mongering is it.. what a sore loser kekeke
luckyguy3 ( Date: 08-Aug-2023 16:50) Posted:
|
Luckyguy maybe you should go check your esr logos reit. Today even got 31.5 cents.
You think maybe got takeover for sabana? Book value is 53 cents?
Huat ah 😀 😀
You think maybe got takeover for sabana? Book value is 53 cents?
Huat ah 😀 😀
Maybe should do a correlation between how high dbs target price is and how many placement and rights the reit do with dbs 😄
Lol, anyone who just trade using dbs advice must be probably totally clueless. They gave esr logos a target price of 50 cents in oct 2022. Guess where is the share price now?? Lol
They probably very angry cannot do any rights and placement anymore with sabana because internal manager now.
Sorry la, this kind of business, maybe you want to ask esr logos better, they do once every 1-2 years and at discount to market price =)
They probably very angry cannot do any rights and placement anymore with sabana because internal manager now.
Sorry la, this kind of business, maybe you want to ask esr logos better, they do once every 1-2 years and at discount to market price =)
Current DPU about 3 cents. Share price 40 cents = 3/40 = Yield: 7.5%
Target: 30 cents will mean DPU to be around 2.25 cents to give 2.25/30 = Yield: 7.5%
So DBS is expecting the DPU to drop to around 2.25 cents because of the additional costs that will cause the share price to
adjust downwards to 30 cents.
So very interesting. Next half result will determine the share price. VERY IMPORTANT set of results. If DBS is correct, DPU will drop to
around 1.1 to 1.2 cents 2H/23 , then share price will drop to 30 cents. Will DBS be right? We should see
Target: 30 cents will mean DPU to be around 2.25 cents to give 2.25/30 = Yield: 7.5%
So DBS is expecting the DPU to drop to around 2.25 cents because of the additional costs that will cause the share price to
adjust downwards to 30 cents.
So very interesting. Next half result will determine the share price. VERY IMPORTANT set of results. If DBS is correct, DPU will drop to
around 1.1 to 1.2 cents 2H/23 , then share price will drop to 30 cents. Will DBS be right? We should see
luckyguy3 ( Date: 08-Aug-2023 15:08) Posted:
|
anyone knows when trading to commence thanks
http://www.businesstimes.com.sg/companies-markets/brokers-take-dbs-downgrades-sabana-reit-fully-valued-near-term-uncertainties
Brokers&rsquo take: DBS downgrades Sabana Reit to &lsquo fully valued&rsquo on near-term uncertainties
THE upcoming internalisation of Sabana Industrial Real Estate Investment Trust : M1GU 0%&rsquo s (Sabana Reit) management could signal potential overheads that could impact overall returns, according to DBS Group Research.
On Tuesday (Aug 8), the research house downgraded its call on Sabana Reit to &ldquo fully valued&rdquo from &ldquo hold&rdquo , while reducing its price target to S$0.30 from S$0.48.
The downgrade came after an extraordinary general meeting (EGM) on Monday, where unitholders of Sabana Reit voted to remove Sabana Real Estate Investment Management and kick off the process of internalising the Reit&rsquo s manager.
Sabana REIT&rsquo s unitholders vote to remove managerThe unitholders of Sabana Industrial REIT have spoken.At its extraordinary general meeting (EGM) on Aug 7, some 691 million votes were cast, of which unitholders holding 57.5% of them voted to remove the REIT&rsquo s current manager, Sabana Real Estate Investment Management (SREIM).Unitholders holding 55.6% of the 691 million votes cast also voted in favour of the REIT&rsquo s trustee, HSBC Institutional Trust, to effect the internalisation of the REIT management function. This will be done by incorporating a subsidiary wholly-owned by the trustee to act as the REIT&rsquo s manager.The EGM concludes two months of open letters fired from opposing sides &mdash Hong Kong-listed ESR Group, which is the sponsor of Sabana REIT, and activist investor, Quarz Capital Asia (Singapore). Quarz had requested the manager to convene an EGM on June 7 to effect the internalisation of the REIT manager. Both parties had penned open letters in a bid to convince unitholders of their respective arguments.One of the arguments brought forward by Quarz is the potential saving of over $40 million of fees paid to the external manager over the next 10 years, a point that ESR Group has since refuted.Strangely, a spokesperson for Quarz asked the staff of SREIM to stay on, promising to reward them with improved remuneration. The spokesperson also told unitholders that it costs $3 million to $5 million to set up a new manager and that the banks are unlikely to trigger a change of control covenants as the loans are collateralised. Sabana REIT&rsquo s portfolio is 100% unsecured. Collateralising the portfolio may require the lead lenders to cherry-pick the best assets.During the EGM, Donald Han, CEO of SREIM had indicated that the land lease is around 27 years. A unitholder says that if Sabana REIT is liquidated, he is looking at getting around 83 cents to the dollar.Sabana REIT&rsquo s largest asset is New Tech Park. During Han&rsquo s tenure, he added NTP+, a retail mall to New Tech Park.
Jialat, not only the couunter halted, the SGX page on Sabana also " halted" ? Load halfway stuck already.
May be request suspension becos the internalisation takes up to 1 year so it may require suspension of trading due to the long period. We will see
let it win win ...everyone wins ...and sabana gets to retain its manager ... ESR do not want to sink the ship.. so ..pls ensure ..No hiccups
sangsang1 ( Date: 07-Aug-2023 23:43) Posted:
|
wow.. with the big gap between For and Against votes, the only way for ESR to salvage this may be a takeover.
otherwise they might lose control of the situation. is this why elog sold the 300m portfolio?
otherwise they might lose control of the situation. is this why elog sold the 300m portfolio?
Sabana Reit unitholders approve removal of manager, with 57.5% of vote in favour
https://www.businesstimes.com.sg/companies-markets/sabana-reit-unitholders-approve-removal-manager-575-vote-favourUNITHOLDERS of Sabana Industrial Real Estate Investment Trust : M1GU 0% (Sabana Reit) voted to remove Sabana Real Estate Investment Management (SREIM) and kick off the process of internalising the Reit&rsquo s manager.
At an extraordinary general meeting (EGM) on Monday (Aug 7), unitholders voted on two resolutions. The first was to remove SREIM as the Reit&rsquo s manager as soon as practicable. Out of 691 million votes cast, 57.5 per cent were in favour of the resolution. The Reit has nearly 1.1 billion units in issue.
The second resolution was to effect the internalisation of the Reit management function by incorporating a subsidiary wholly owned by the trustee, and appointing it to act as Sabana Reit&rsquo s manager. For this resolution, 55.6 per cent were in favour.
Their decision is a landmark for the Singapore Reit market, which has never seen an internally managed Reit. Netlink NBN Trust : CJLU 0%, which is internally managed, is a business trust.
The EGM had been requisitioned in June by activist investor Quarz Capital, which has a 14 per cent interest in the Reit.
Hong Kong-listed ESR Group, which owns SREIM and has a 20.6 per cent interest in Sabana Reit, had been against the internalisation.
At the EGM, SREIM had reiterated points previously made: That the removal of an external Reit manager and internalisation of the management function was unprecedented in Singapore, and that the Reit&rsquo s trustee had said such a move could take at least 12 months or longer to complete.
After the manager&rsquo s presentation, Quarz encouraged unitholders to vote in favour of the resolutions and reminded them that SREIM had also previously recommended unitholders give the green light for a merger of Sabana Reit with ESR-Reit (now ESR-Logos Reit) at an unfavourable price.
After the results were announced to some cheers from investors, Quarz urged staff of SREIM to stay on and join the internalised management team.
Several investors present at the EGM told The Business Times they believed that an internalised manager would be cheaper and thus boost distributions per unit.
&ldquo Although there will be a turbulent (period) this year or so, we can overcome it. We have gone through a lot of troubled waters in Sabana Reit,&rdquo said one investor who has been a Sabana Reit unitholder since its 2010 initial public offering.
Some investors also pointed to the example of Croesus Retail Trust, a retail business trust that internalised its manager in 2016, as an example of an internally managed trust that gave good returns to its unitholders. Croesus was delisted in 2017 when it was acquired by US private equity giant Blackstone.
They were also hopeful the current management team would continue to work with Sabana Reit. One investor, Louis Lee, said SREIM&rsquo s management had done a reasonable job and there should be no reason for them to fear losing their jobs.
&ldquo It&rsquo s most heartening to know that (Quarz) extended the olive branch to all those people who want to stay behind and contribute to the better success of Sabana Reit,&rdquo he added.
Another retail investor, who gave his name as Benjy, suggested that the Reit could also take the opportunity to buy SREIM &ldquo at an acceptable price&rdquo . This would smooth the transition, he said.
&ldquo Internalising is definitely a plus. Every unitholder will gain. The devil is in the details (of the) implementation,&rdquo he added.
In a statement following the EGM, Donald Han, chief executive of SREIM, said Sabana Reit proved &ldquo small but significant&rdquo with its &ldquo landmark EGM outcome&rdquo .
&ldquo The Reit will now commence the internalisation process and re-define the S-Reit landscape,&rdquo he said.
Tan Cheong Hin, chairman of SREIM&rsquo s board of directors, said the manager respects the removal decision. Both Tan and Han thanked members of SREIM&rsquo s management team and board.
ESR Group said in a statement it was disappointed that the resolutions were passed. It now expects the Reit trustee to appoint appropriate advisers and come up with a plan to safeguard the interests of all unitholders.
Quarz, in its statement, said it is &ldquo highly confident that Sabana&rsquo s bankers will support the more than 10,000 unitholders, many of whom are Singaporeans and also their customers&rdquo .
The trustee of Sabana Reit had on Jun 30 entered into a facility agreement with UOB for up to S$100 million in sustainability-linked term and revolving facilities. The facility agreement had contained provisions relating to ESR&rsquo s shareholding and places restrictions on any change of the manager or property manager of the Reit.
Then we will all take umbrage at it !
luckyguy3 ( Date: 07-Aug-2023 14:57) Posted:
|
Those non-performance manager in other reits shall face the same outcome if they dont buck up!!!
WongKheeKai ( Date: 07-Aug-2023 13:50) Posted:
|
https://www.straitstimes.com/business/in-first-such-move-sabana-reit-unitholders-vote-to-remove-manager-and-go-for-internal-management#:~:text=The%20vote%20to%20remove%20the,44.4%20per%20cent%20in%20opposition.
SINGAPORE - In a surprise outcome and an unprecedented move, Sabana Industrial Real Estate Investment Trust (Sabana Reit) unit holders voted on Monday in favour of ousting its existing external manager and replacing it with an internal one.
Up to now, all 42 Reits and trusts listed on the Singapore Exchange have had an external manager.
Removing the manager and appointing an internal management alternative were the two key resolutions put forward at a contentious extraordinary general meeting (EGM) on Monday.
The EGM had been requisitioned by activist investor and unit holder Quarz Capital Asia on June 7.
Sabana Reit&rsquo s current manager is owned by its sponsor and largest unit holder ESR Capital, which holds a 20.6 per cent stake in the Reit.
An internal manager is generally owned by the Reit and its unit holders, while an external manager is owned by a third party, such as the Reit&rsquo s sponsor.
The vote to remove the manager was passed with 57.46 per cent in favour and 42.54 per cent against, while the second resolution to appoint an internal manager was approved by a 55.6 per cent majority, with 44.4 per cent in opposition.
A key unit holder, Swiss-based conglomerate Volare Group, voted in favour of the resolutions.
Quarz and other critics have argued that an internally managed Sabana Reit would more closely align the interests of the Reit with its investors and prevent serious conflicts of interest.
They point to, among other grievances, the manager&rsquo s attempt in 2020 to push through a merger with ESR-Reit (now ESR-Logos Reit) on &ldquo lowball&rdquo terms for Sabana Reit&rsquo s unit holders.
The manager had countered that internalising the management function is an uncertain and potentially expensive process that could destroy value for unit holders.
Sabana Reit may also end up in breach of its loan covenants, it said.
The EGM was held at New Tech Park in Lorong Chuan, a flagship Sabana Reit property, and lasted for just over an hour.
Employees of the Reit manager appeared shocked following the unexpected outcome of the meeting, but Quarz invited them to stay on and work for the new internal manager to build up the business together.
The outgoing manager &ndash Sabana Real Estate Investment Management (SREIM) &ndash is expected to continue its duties while an internalised management structure which does not currently exist is identified, established and then approved by unit holders.
This could take at least 12 months and involve at least two more EGMs, according to the Reit&rsquo s trustee in a July 21 statement.
The fees, costs and expenses of professional advisers will be reimbursed out of the trust&rsquo s assets.
SREIM has also warned that it cannot guarantee that it can retain its staff, while at least one executive has already resigned.