Corporate digest

Eagle Hospitality Trust

EAGLE Hospitality Trust (EHT) will not hold a further extraordinary general meeting (EGM) to vote on a rights issue and a proposal to retain or reappoint the current manager of Eagle Hospitality Reit (EH-Reit).

This is because the appeal by the Reit manager's shareholder against the Monetary Authority of Singapore's directive to remove Eagle Hospitality Reit Management and appoint a new manager for the Reit within a month from Nov 30, has not been accepted.

As a result, the Reit manager considers there to be no legitimate basis for the proposed EGM and the resolutions proposed to be voted on, it said in a bourse filing on Wednesday.

EHT will proceed with its scheduled EGM on Dec 30 as planned, and no additional resolutions will be tabled besides the ones set out in the circular despatched to stapled security-holders.

ARA Logos Logistics Trust

ARA Logos Logistics Trust has launched a preferential offering to raise gross proceeds of about S$50 million. The net proceeds will be used to partially finance its proposed acquisition of five logistics properties in Australia and investments into two of the sponsor's funds.

The preferential offering to unitholders will carry an issue price of S$0.5525 per new unit. This represents an 8 per cent discount to the volume-weighted average price of S$0.6008 per unit of all trades in ARA Logos units on Dec 21, up to the time the preferential offering was announced.