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Sabana REIT EGM to happen in person on March 8

Felicia Tan
·1-min read

The EGM will take place in person at Hope@New Tech Park at 10.30am.

The manager of Sabana REIT will be convening an extraordinary general meeting (EGM) at 10.30am on March 8.

The EGM will take place in person at Hope@New Tech Park.

In the circular released on Feb 22, the EGM revealed a total of 10 resolutions proposed by several of the REIT’s unitholders, who hold a collective stake of over 10% of all the REIT’s units.

Some of the resolutions proposed include a monthly written update provided by the trustee to the REIT’s unitholders on the internalisation process including the costs incurred for advisors, consultants and so on, among other things.

Unitholders should also agree as to whether the REIT’s trustee be put on notice that unitholders reject any proposal to acquire the existing REIT manager for an all-in offer price exceeding $10 million as well as “any such transaction after one month” upon the passing of the resolution. The resolution also proposes that the trustee should be notified if and when unitholders reject any proposal to acquire any assets of the existing manager at any price.

The EGM is also proposing that the trustee be directed to disclose a list of all “correspondence, emails, letters, meetings, calls, timing and dates” with each owner or beneficiary of the REIT manager since Aug 7, 2023, together with a summary of matters discussed.

As at 4.35pm, units in Sabana REIT are trading 1 cent lower or 2.70% down at 36 cents.

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