SABANA Industrial Real Estate Investment Trust (Sabana Reit) will convene a requisitioned extraordinary general meeting (EGM) on Oct 18.
The meeting, slated to take place at 10.30 am, will be at Hope@New Tech Park, said the manager on Thursday (Oct 3).
This is to vote on the proposed internal manager directors recommended by the requisitionists and the trustee.
To recap, five unitholders requisitioned the manager on Aug 12 to convene the meeting, at which six candidates were nominated to be voted on.
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’s founder Jan Moermann and director Havard Chi, as well as Saha Anshuman Manabendranath, who previously worked at IT consulting company Pan Asia Resources.
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The trustee’s candidates are independent real estate and investment consultant Dr Chew Tuan Chiong, New Financial Holdings’ managing director of asset management Jimmy Chan, and independent adviser Sandip Talukdar.
If none of the resolutions were passed, the board of the new internalised manager cannot be formed, noted the Reit manager.
“In such circumstances, the independent search process will have to be recommenced to identify qualified candidates to be appointed as directors and senior management of the new internalised manager,” it added.
However, if one or more of the requisitionists’ and/or trustee’s resolutions were passed, the candidates can be appointed to the board after obtaining approvals from the Monetary Authority of Singapore (MAS).
The latest announcement comes weeks after the requisitionists dismissed the trustee’s proposal to postpone the meeting and withdraw their amended resolutions.
The revised resolutions included further directions for the trustee to obtain “the necessary certifications and declarations to be provided to MAS by the internal manager or otherwise”, in order to seek approval and carry out the appointment of the director candidate.
The trustee had previously pointed out that it is unclear what “certifications and declarations” refer to and who it should obtain them from. It also questioned whether such directions are actionable. It had also queried what “otherwise” in the amended resolutions referred to.
In response, the requisitionists said it is clear that the resolutions are “solely intended for the trustee to obtain whatever is necessary” to get MAS’ approval and appoint the director.
Units of Sabana Reit ended Wednesday 1.4 per cent or S$0.005 higher at S$0.36.
